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Today, sending money abroad can be done in a matter of minutes no matter where you are. In fact, with the development of online money transfers and digital banking, you can transfer money internationally and exchange multiple currencies without leaving your home. But if you’re not careful, you might end up paying more than you should for the convenience of a fast money transfer, which is not always necessary nor the best option for large or regular money transfers. Fees charged for international transfers can be high, which is why it’s worth investigating various providers to make sure you get the best deal when sending money abroad. This guide should help you choose the best ways to transfer money internationally, by helping you understand the different exchange rates and fees you’d get from different providers. Find the best international money transfer provider When you send money abroad, you want to get the mid-market exchange rate, stay away from hidden fees and ensure your money is safe.
The mid-market rate You may wonder why you need to find the best exchange rate — shouldn’t there be one fixed exchange rate that everyone uses to make international money transfers? In fact, there is, it’s called the mid-market rate and is used by banks to trade money among themselves. Hidden fees Most banks and providers, however, will give you a higher exchange rate when you exchange holiday money or transfer your money internationally. Essentially, you pay their transaction fee plus an exchange rate fee — but they don’t tell you about that exchange rate fee, which is why it’s called a hidden fee. Safety It’s important to make sure that the provider you choose fully complies with the regulations of the countries in which they operate. They should also meet the global standards that protect against money laundering, as well as any other international requirements.