If you have friends and colleagues or family members abroad, you’re quite likely to want to send them money at some time: for a wedding ceremony, a medical bill or just to assist with day-to-day expenditures. Here are some tips to help you pay lower fees and eliminate issues when you transfer money to another country.
For larger transfers, it’s worth searching for a good quality exchange rate. A modest difference in the currency exchange rate could mean a great deal more or a lot less cash in your recipient’s bank account.
Also find out if the currency exchange rate is guaranteed. Not all companies guarantee the rate but if they do, you’ll know exactly how much money your recipient will get.
Using your deposit account, you can wire cash straight into an overseas deposit account. It is also called an international money transfer, a telegraphic transfer, or a wire or SWIFT transmittal.
Some banking institutions also have on-line money transfer services that permit you to transmit money on your own to an overseas current account.
This could be a more pricey option and it could possibly take 2 to 5 days.