If you’re looking for a good deal, then a favourable exchange rate is crucial especially if you are transferring large amounts of money. So, what is the most important factor to consider before you transfer money abroad?
Put simply, international money transfers allow you to send money to a designated recipient whether that be friends, family or businesses overseas. It involves you sending one currency (e.g. GBP) to an intermediary transfer service which then exchanges those funds into a foreign currency (e.g. USD) to then transfer on to your recipient in another country. International payments can be initiated in person, over the phone, through a mobile app or online. The most common method for the recipient to receive the funds is directly into a bank account although certain providers also provide the facility to allow them to collect it in cash or top up a mobile wallet. How much does international money transfer cost? In one way or anoth