What to consider before you send money overseasThere are a few things that you need to consider before you send money overseas, but with the right online transfer service, it can be uncomplicated, swift, and secure.
Rates – In addition to exchange rates that fluctuate from one minute to the next, you also need to consider the fees that your bank will charge when transferring funds internationally. Banks often charge a fixed fee, along with a margin of up to 5% on the Interbank Rate. And all of that adds up to extra costs that aren’t really necessary.
Timing – How long your transfer will take should also be considered. Most banks typically require 2-5 business days to complete a transfer, and you’re restricted to submitting your transfer orders during their business hours. That could really hold you back, especially when you need to send money sooner rather than later.