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How To Wire Money Abroad

November 1, 2014

If you are trying to move money from one country to another, you are probably pondering the question of how to wire money. In this article, you’ll soon be able to answer this question. You’ll also understand the key issues to consider when doing an international wire transfer of money to another country. These big issues are:
How To Wire Money Abroad

  • Cost 
  • Speed
  • Security

Let’s get started . . .

How To Wire Money To Another Country

This is the usual process for someone who wants to wire money overseas:

Head down to the bank branch only to discover that there’s a long queue and you’ll be standing there for 20 minutes before you even get to speak to someone. When you finally get to the counter you get served by a very bored bank teller who doesn’t actually know how to do an international money transfer. So he asks his colleagues who are equally as bored and they don’t know either. One of them phones Head Office and after about 15 more minutes of wasted time, they finally get your transfer started. When it is finally completed, you are informed that you have sent less money than you planned to because they charged you a large upfront sender’s fee. They also used an unfair exchange rate that took 5% of your money away.

There is a better way: transfer your money whilst sitting on the couch and whilst saving up to 90% of the cost of sending money abroad. 

CurrencyFair is a hugely popular service that is fast, safe, low cost and a little bit fun.

Your Best Option For Sending Money Abroad

With thousands of customers around the world, CurrencyFair is trusted by people like you to send their money abroad and help them avoid the huge fees and charges normally associated with international wire transfers.

Geoff from CurrencyFair

The good people here at CurrencyFair were discussing currency matters this week when we heard from our one of our colleagues in Customer Services, Geoff. Geoff gave us his thoughts on what concerns people when transferring money.

Let’s hear from Geoff now . . .

“Customers want three things from their money transfer service: they want it to be cheap, fast and safe.

How cheap is CurrencyFair? Well, you set up your account for free. Our commission is a tiny fraction of what the banks charge – on average, it’s 0.4% versus the 4.0% to 6.0% that banks add on to the exchange rate they quote you and then call it commission free! We are so inexpensive because we are online so we don’t have huge corporate branches and overheads (we have offices in Ireland and Australia if a customer wants to visit us though). Our amazing peer to peer system is the other big reason why we’re able have such a tiny commission.

We charge a small fixed fee when transferring abroad roughly similar to the amount you’ll lose down the back of the couch (the equivalent of €3 in whatever currency you’re using).

How fast is CurrencyFair? The time it takes depends on the currency you’re using but it’s typically 1-2 business days.

We do offer a priority transfer option for some currencies. With this your money will arrive the same day – which is about as fast as it gets!

Is my money safe? We take safety very seriously in CurrencyFair. Customers use segregated client accounts for transferring with CurrencyFair, so there’s no mixing of company and client money. These accounts are held with large multinational banks, Bank of America mostly, so they’re as safe as your own.

We’re also regulated by ASIC in Australia and the Central Bank of Ireland under the European Payment Services Directive and we obey legislation everywhere we operate– so you can trust we’re obeying the rules!

The next question tends to be: ‘How does it work?’

This is done in three easy steps.

  • First have your bank transfer your money to CurrencyFair’s local bank account.
  • Once this clears we send you an email to let you know, at which point you can login to the website and exchange for foreign currency.
  • After that you can transfer to the bank account of your choice – sending to friends and family is absolutely fine!”

So that’s it – as you can imagine people love our service!”

See how CurrencyFair compares to other money transfer companies

Thanks for the information Geoff!

Video on How To Wire Money Abroad

We’ll leave you with this short video which summarises your options.

If you have any questions, please don’t hesitate to contact Geoff or anyone at CurrencyFair – click here for our contact details and further details. 

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