Sending money abroad can be a complex process, especially if you’ve never done it before. But with the help of knowledgeable foreign exchange experts, transferring your money online can be a simple task.
Whether you want to make an international payment on a property or send money to your child studying overseas, being able to send your money online at the best exchange rate, with no hidden fees, as quickly as possible, is critical. Here’s what you need to know about exchanging and sending your currency online.
What Do You Need To Know Before Sending Money Internationally?
Familiarizing yourself with the requirements of an international money transfer is a necessity if you want to save the most money. Before embarking on any transfer, you need to understand three important factors:
- Exchange rates
- Transfer fees
- Speed of delivery
When transferring money internationally, understanding exchange rates is imperative. With the rates fluctuating dramatically, especially in recent years, gaps between exchange rates offerings have only increased. As such, finding an international payments provider that operates with a low exchange margin can ensure you get the most bang for your buck.
Knowing the interbank, or mid-market rates can help do just that. Interbank rates are the mid-point between what banks are willing to pay for a currency and what they’re willing to sell it for. With that said, interbank rates are not available to consumers. However, they serve as a great baseline to understand how much a currency is worth.
Transfer fees are another major factor to look into before committing to any service. Whether it’s a flat rate or a percentage of the amount you plan on transferring, transfer fees can sometimes be a lot higher than expected. If you don’t check out the required transfer fees first, you're liable to pay more than what's necessary to make the transfer.
That being said, with moneycorp, transfer fees are a thing of the past. When you send money online through your Moneycorp international payments account, your funds arrive safely and securely – with zero transfer fees.
When shopping around for a money transfer service, looking into transfer speeds is just as important as exchange rates and transfer fees. Transfer speeds can vary depending on a number of different factors, such as which currencies are traded and the delivery method used to send those funds. In almost every case, the quickest way to send your money abroad is by using an online international payments provider.
When sending common currencies like EUR, GBP, USD, and CAD with moneycorp, you can typically expect to receive your funds within 24 hours of them being sent. Other, less common currencies, may take 1-2 working days for the funds to arrive, with the payment being sent out the following day after booking.
How Do I Send Money Abroad for Free?
The requirements and regulations in place to make an international bank transfer vary from country to country. However, most overseas payments require the holder name and BIC/SWIFT code of the beneficiaries account. Some countries, like Europe, may require that you also provide your recipients IBAN.
With changing requirements and multiple transfer platforms to choose from, deciding on a transfer service can be a headache. In fact, many people use their bank to transfer finances simply because they believe it’s more secure and convenient. When looking for the most efficient, and cheapest way to send your money online, working with international payment providers is often the best bet.
With Moneycorp, sending payments abroad is easy with our quick three-step process:
- Sign up for a Moneycorp online account. Signing up for an account is quick, easy, and best of all free!
- Tell us which foreign currency you need. Once you add the funds and recipient information to your account, you can make payments to 190 countries in 120 different currencies.
- Leave the rest to Moneycorp! We’ll exchange and deliver your money in 2-3 days – safely and securely.