There are different reasons for transferring money abroad. It could be for business purposes, sending money to friends or family members across borders, or a range of other reasons.
Sending money internationally can come with various fees. The World Bank reports that the average cost to send money abroad is just over 6% of the transfer amount.1
This article explores the types of options available to transfer funds internationally and offers handy tips if doing so.
There are several ways to send money abroad and they differ in terms of speed, fees, and currency exchange rates.
Common ways to send money internationally include:
Understanding the types of fees associated with international money transfers is crucial. Consider the below:
It’s possible to reduce the cost of sending money abroad. Here are some helpful tips:
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