If you have friends or relatives overseas, you are quite likely to choose to send them funds at some time: for a wedding ceremony, a medical expense or just to aid with everyday expenditures. Here are some tips to help you pay less fees and prevent challenges when you move funds to another country.
For much larger transfers, it’s worth searching for a good quality currency exchange rate. A small variation in the foreign exchange rate could mean a lot more or a lot less money in your recipient’s account.
Also find out if the currency exchange rate is guaranteed. Not all services guarantee the rate but if they do, you’ll know exactly the amount of money your recipient will get.
Using your bank account, you can wire money right into an overseas current account. It is also called an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transfer.
Some banks also have on-line funds transfer services that permit you to send money yourself to an overseas deposit account.
This might be a more costly option and it could possibly take 2 to 5 days.