How To Reduce Foreign Transaction Fees When Buying Online

If you have friends or family overseas, you’re very likely to want to send them money at some time: for a wedding, a medical bill or just to assist with everyday expenditures. Here are some recommendations to assist you pay

Here are some recommendations to assist you pay less fees and prevent problems when you move money abroad.

For much larger transactions, it’s worth shopping around for a good quality rate of exchange. A small difference in the foreign exchange rate could mean a lot more or a lot less cash in your recipient’s account.

Also ask if the exchange rate is guaranteed. Not all companies guarantee the rate but if they do, you’ll know exactly the amount of cash your recipient will get.

Using your bank account, you can move cash straight into an overseas savings account. It is also referred to as an overseas money transfer, a telegraphic transfer, or a wire or SWIFT transmittal.

Some banking institutions also have online money transfer services that permit you to transmit money by yourself to an overseas deposit account.

This could be a more costly option and it could possibly take 2 to 5 days.