If you have friends and colleagues or relatives abroad, you’re very likely to choose to send them funds at some time: for a wedding ceremony, a medical expense or just to help with everyday expenditures. Here are some tips to help you pay less fees and prevent challenges when you move funds offshore.
For much larger transfers, it’s worth searching for a good exchange rate. A small difference in the foreign exchange rate could mean a lot more or a lot less money in your recipient’s deposit account.
Also find out if the foreign exchange rate is guaranteed. Not all services guarantee the price but if they do, you’ll understand precisely just how much money your recipient will get.
Using your deposit account, you can transmit cash straight into an overseas deposit account. It is also called an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transmittal.
Some banking institutions also have online cash transfer services that allow you to transmit money on your own to an overseas bank account. This might be a more pricey option and it could possibly take 2 – 5 days.