To save money when you transfer money between countries:
- Don’t use your bank.
- Set up an OFX account to get a quote based on the live exchange rate.
- Enter your banking details and those of your recipient.
- Transfer your funds to OFX and track your transfer every step of the way.
The Best Way to Transfer Money Between Countries
A lot of people immediately think of using their bank to transfer money between countries, but there is a better—and more affordable—way to get the job done.
Banks charge both high fees and high margins on the exchange rate when sending money internationally, so using your bank may be your most expensive option. Make the smart switch to OFX, and you can send your money with little to no fees and a very low margin.
In order to understand how much you can save when you choose OFX, you need to know about the Interbank Rate, or the Market Rate. This is the rate that banks will use whenever they trade currencies with each other, and the rate changes throughout the day every day. But here’s the thing: banks often add a margin of as much as 5% on the Interbank Rate. This is on top of their fixed international transfer fees. So on a $10,000 transfer, you could pay $500 on top of fee to transfer the money. Sounds like a lot doesn’t it?
Because OFX doesn’t publish a firm daily rate, the service is adaptable to the minute-by-minute changes within the foreign exchange market. This allows OFX customers to save substantially on every international money transfer they make.
Some of the Reasons for Transferring Money Internationally
There are a host of reasons why people from all over the globe move money between countries. International business people, investors, and expats often have to send money from one account to another across the world. And many people also send gifts to their families abroad.
Here are a few scenarios in which knowing the best way to transfer money between countries will come in handy:
- Investing in real estate abroad
- Making a big ticket purchase in another country
- Paying for tuition abroad
- Paying for a mortgage or rent abroad
- Getting married in another country
- Investing in a business overseas
- Paying employees who are working in another country
- Transferring your savings or pension to your new residence abroad
- Managing your savings account back home after moving abroad
More Perks That Come with Using OFX for Transfers
In addition to saving money on your international transfers, OFX makes it easy to send your money on your schedule:
- 24/7 customer service means you can move your money nights, weekends and holidays. When your bank is closed, we’re open.
- Single or recurring transfers let you send money swiftly and securely (usually within 1-2 business days).
- Forward Contracts let you lock in an exchange rate today for up to 12 months, so you know what you’ll be paying no matter how the market moves.
- Limit Orders can be used to set your ideal target exchange rate, so you never miss out on a profitable movement.
A Smarter Way to Transfer Money Between Countries
OFX puts you in control when it comes to sending money between countries. You can save money on transfer fees and margins, while also determining the best time to send your money so you can take advantage of exchange rates that work for you. Plus, OFX works in 190 countries and with 55 currencies. With our 24/7 support, we’re just a phone call away if you have any questions concerning your transfer. Start saving by setting up your account today.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.