Foreign currency transfers – how do they work?

Bank exchange rates are you being ripped off by your bank

Many people are opting to send money overseas via online banking or an online money transfer service. The main problem with converting currency and posting it as cash is the cost: if the exchange rates are not favourable you could lose out, or the envelope may get lost in the post – or even stolen.

Online foreign currency transfer is the process of sending someone money overseas, which can be achieved instantaneously, cheaply and safely. Money can be transferred within seconds and money transfer fees are generally lower than currency conversion fees. Added to which, with safety measures solidly in place ensuring that your money ends up where it is supposed to, the process is extremely safe and secure.

You may have to open an account with online money transfer companies, which you can do easily either online or over the phone. A finance expert will then discuss your personal requirements and guide you through the entire process.

After deciding to make a transaction, you will receive confirmation immediately after the booking. You will then be required to provide details of the recipient to ensure that the money is deposited safely into their account.

All online banking transactions, including online money transfers, are processed by the Automated Clearing House (ACH), which provides secure financial data transmission. It will arrange confirmation calls to the sender and the recipient as well as confirmation emails and insurance policies that guarantee your money will be sent.

Foreign currency is sent by SWIFT (Society for Worldwide Interbank Financial Telecommunications) to the account specified by you. The process is very secure, with multiple layers of data encryption in use, meaning that data is coded multiple times making it illegible to anyone who may steal or hack the data. While the data looks like money on a screen to you, the second the money is sent via a money transfer website, it becomes coded, and is only decoded and deposited as currency once it is received by the bank of the recipient.

Foreign currency transfers can be made easy and worry-free by choosing a reputable money transfer service.

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Foreign currency transfers – how do they work?

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