If you have close friends or family in another country, you’re likely to choose to send them money at some time: for a wedding ceremony, a medical expense or just to help with day-to-day expenditures. Here are some suggestions to help you pay lower fees and eliminate problems when you move funds abroad.
For more substantial transfers, it’s worth looking around for a good rate of exchange. A modest variation in the currency exchange rate could mean a lot more or a lot less money in your recipient’s deposit account.
Also find out if the exchange rate is guaranteed. Not all services guarantee the rate but if they do, you’ll understand exactly just how much cash your recipient will get.
Using your current account, you can transmit money directly into an overseas checking account. It is also known as an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transmittal. Companies like this one can help with the transaction.
Some banks also have on-line funds transfer services that enable you to send money yourself to an overseas deposit account.
This could be a more expensive choice and it might take 2 to 5 days.