If you have friends or family overseas, you’re likely to want to send them money at some point: for a wedding, a medical expense or just to help with everyday expenses.
Here are some tips to help you pay less fees and avoid problems when you transfer money abroad.
For larger transfers, it’s worth shopping around for a good currency exchange rate. A small difference in the exchange rate could mean a lot more or a lot less money in your recipient’s bank account.
Also find out if the 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 bank account, you can transfer money directly into an overseas bank account. It is also called an international money transfer, a telegraphic transfer, or a wire or SWIFT transfer.
Some banks also have online money transfer services that allow you to send money yourself to an overseas bank account.
This can be a more expensive option and it could take 2 to 5 days.