Wire transfers are an electronic method of sending money from one party to another. It’s one of the most efficient ways to transfer money overseas, because a wire transfer is a bank to bank transfer. When speed is crucial, a wire transfer is a good option.
However, all wire transfer providers are not created equal. Now that you know what a wire transfer is, the next question is ‘how much is it going to cost me?’
Your bank may be your most expensive option
Did you know that banks often take a margin of 5% over the daily exchange rate when they send your money overseas? That means on a wire transfer of $10,000 you could be paying up to $500 in addition to hefty ‘international transaction’ fees. At OFX, we think that’s too much.
When you send money with OFX, you’ll get the great rates and service you deserve. Our efficient online platform delivers your funds to most major destinations within one business day of OFX receiving your funds. Plus, it’s free to register with OFX.
Watch out for the margins
You may be aware of other wire transfer providers, but most of the big-name money transfer providers charge similar margins to the banks. To check if you’re getting a decent rate from your money transfer service, just google the daily exchange rate for your currency pair. This will give you the benchmark price for the day. Remember, even a 1-2% difference in the rate can add up to hundreds of dollars in your pocket depending on the size of your transfer. OFX is simply smarter, because you get the savings, speed, and service you need.
So what is a wire transfer? It’s a good way for savvy people to save some money with OFX.
You might also like:
Is it safe to wire money?
What is a SWIFT code?
USD/EUR Exchange Rate