If you regularly send money overseas, you probably use your bank to make the transfer. But unfortunately, banks aren’t the best solution. Independent foreign exchange providers can provide lower fees, better rates and faster service. Here are a few reasons why you should stop using your bank for international money transfers.
First off, make your life easier
When you transfer money with a bank, you will inevitably have to go into a branch at some point. Wouldn’t you rather skip the queues and paperwork, and send money from the comfort of your own home? Many international money transfer services offer secure online portals that allow you to transfer money at the tap of a button.
Banks are more expensive
Banks charge a premium for international transfers because they are not a key service and require more work than domestic payments. Most banks also tend to set their exchange rates only once or twice a day – in order to cover their bases and ensure maximum profitability.
You’ll get far better rates and lower fees by using an independent forex provider as these providers are more agile and specialised than a massive bank.
Time is money
When transferring with a bank, you can expect your money to arrive at its destination anywhere from three to eight days later. This isn’t ideal when you need to send money urgently.
On the other hand, the standard service of a good forex broker will take a maximum of three working days, with most offering a one working day speed service to assist with those last minute transfers.
What you see isn’t always what you get
The rate you see on financial news is not the actual rate you will receive. This rate is called the “interbank rate” – the rate at which banks trade. Be aware of this. With independent forex specialists you can make sure the rate you get is locked in at the time of your transfer so that there are no nasty surprises on the other end.