If you have friends or family members in other countries, you are quite likely to want to send them funds at some time: for a wedding, a medical expense or just to aid with everyday expenditures. Here are some suggestions to help you pay much less fees and avoid problems when you transfer money offshore.
For larger transfers, it’s worth searching for a good rate of exchange. A modest variation in the rate of exchange could mean a great deal more or a lot less cash in your recipient’s account.
Also find out if the foreign 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 bank account. It is also referred to as an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transfer.
Some banking institutions also have on-line funds transfer services that allow you to send money by yourself to an overseas checking account.
This could be a more costly choice and it might take 2 to 5 days