What is the cheapest way to transfer money abroad?
The cheapest way to wire transfer money abroad may not be with your bank. Specialist money transfer brokers provide better rates and better service than the major banks and your funds will often arrive faster. Look for a regulated and reputable money transfer specialist, so you can keep more of your money when exchanging currencies.
What are wire transfers?
Wire transfers are an electronic funds transfer from one person or institution to another. Wiring money is considered one of the fastest and safest ways to send money internationally and there are many different wire transfer options available.
What are the options when wiring money abroad?
Wiring money around the world can generally be done in just a few minutes, no matter where the recipient is. However it’s worth knowing that in some instances you might pay for the convenience and speed that comes with fast payments.
Specialist foreign exchange providers like OFX
If you want to save money (who doesn’t?!) when wiring money abroad, then consider using a specialist foreign currency provider like OFX. The reasons are simple – you could get a better exchange rate, €0 OFX transfer fee, the transfers are quick, and you get 24/7 customer support. OFX is CBI regulated.
Cash transfer operators
Known for wiring money quickly to many locations, these operators are particularly useful if the recipient does not have a bank account. Unfortunately, the fees can be very high and increase as you send higher amounts.
Online money transfer services like PayPal
If your recipient and you have PayPal accounts then you’ll be able to transfer money instantly. However, once again, the fees for these transfers can be high and are often uneconomical for larger transactions.
High street banks
The easiest option for most people. Some banks charge a higher exchange rate than OFX and may charge an additional transfer fee.
Features and benefits of using OFX for wire transfers:
- Competitive exchange rates.
- Quick delivery of funds.
- 24/7 customer service.
- Fast and secure money transfers.
- CBI regulated.
How do I make an international wire transfer?
It’s really simple:
- Login to your OFX account & get a live exchange rate quote
- Enter the recipient bank account details to book your money transfer
- Send us the funds, relax and we’ll deliver the funds to your nominated bank account as quickly as possible.
How long does it take to wire money abroad?
This varies depending on where you are sending money to. Find out where we send money to and here to see how long it takes for your money to arrive.
Is my money safe with OFX?
Yes, your money is safe with OFX. We are regulated by the Central Bank of Ireland for the provision of payment services which means we are required to::
- Segregate client accounts in accordance with CBI rules on the safeguarding of client funds.
- Maintain a defined level of regulatory capital at all times
- Apply stringent governance and risk management procedures throughout the business