There are many reasons to make an international money transfer; from paying international invoices, sending funds to stranded family members, paying holiday balances etc. There are several options out there, it’s important to understand how they work and there differences; how, what and where to send the money in a secure fashion.
Key concerns
- You'll want to try and get the best deal with assurance your money will arrive safely with little hassle.
- That you have a good understanding of workings to an international transfer, the options available and how to choose the best method for your needs
How do international money transfers work?
- Sending money to someone in another country and currency. Due to it being a different currency it is subject to an exchange rate, which fluctuates every day. This determines how much is actually paid.
- However you choose to transfer your money, the intermediary will take a commission to do so. These rates vary a lot between providers, so shop around.
What are your options?
- International transfers were traditionally provided by banks, foreign exchange brokers and high-street companies such as Western Union. Alternative methods now include TransferWise, PayPal as well as your usual debit/credit cards.
- It's important to do some research before aligning yourself with a provider. This includes security, exchange rates and commission
How to make a smart international money transfer
There is a helpful guide from Sainsbury's Bank provides useful information for selecting the best provider, the associated risk, understanding the fees, and the required information for sending and receiving an international payment. Even if you want to send money to Mexico online, there is always a way.
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