Making a money transfer is not always as easy as it might seem, especially when that money is heading overseas. Even at home, using banks to transfer money can take far longer than you might imagine, and when you change the receiving bank to one that is abroad, suddenly a whole host of other problems are thrown up.
To start with, your own bank may charge a currency exchange fee, meaning that instantly you are out of pocket. On top of this the receiving bank in the foreign country may have their own policies when it comes to receiving money from abroad and you may well find that they take their own fee off the top. If the amount you are sending is significant, this can amount to a surprisingly large amount of money.
Not only this, but by doing a currency exchange in this way you are unlikely to be getting a particularly good exchange rate either. Therefore, when it comes to sending money overseas, it makes far more sense to go with a company who specialises in such transactions.
Banks will not have the knowledge of exactly what happens during the money transfer process abroad, with their understanding ending with the money leaving your account. Companies who specialise in such transactions however will be able to guide you through each and every step and ensure that you are getting the very best rates of exchange. Some will even let you pre-order a fixed amount of money for when the exchange rate hits a certain figure, saving you huge amounts more in the process.
So if you need to make a significant transfer to an account in another country, make sure you know how much it is going to cost you and that you have the right advice well in advance. Doing so may not only save you money, but also help you avoid any number of potential problems too.