If you have colleagues or relatives in another country, you are likely to want to send them funds at some time: for a wedding, a medical bill or just to assist with day-to-day expenditures.
Here are some tips to assist you pay much less fees and prevent problems when you move money to another country.
For more substantial transfers, it’s worth shopping around for a good quality currency exchange rate. A modest difference in the foreign 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 precisely the amount of money your recipient will get.
Using your savings account, you can transfer money directly into an overseas financial account. It is also known as an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transfer.
Some banks also have on-line money transfer services that permit you to transmit money yourself to an overseas bank account. This can be a more costly choice and it might take 2-5 days.