Making a Large Overseas Purchase? Look for a Smarter Alternative to Your Bank

 
Sending a big amount of money across borders isn't as simple as it might seem. Whether you're buying your dream home in another country, investing in an exciting overseas venture, or just taking care of business needs, there's a lot to think about. You've got to wrap your head around how exchange rates work as they can really change how much you end up sending, and figure out the best way to actually transfer that money.

And let's be honest, nobody wants to lose out because they chose the wrong time or method to send their hard-earned cash. In this guide, we'll talk about what affects exchange rates, how to avoid paying high fees, and how to make sure your money lands safely where it needs to go. Think of it as your go-to manual for sending money abroad without the headaches.
 

Popular ways to send large sums of money abroad

When it comes to sending large sums of money abroad, there are several popular methods each with its own set of benefits and considerations. Here's a brief overview of some of the most commonly used options:

Bank-to-bank transfers

Bank-to-bank transfers are a traditional and secure method to send money internationally directly from your bank account to the recipient's bank account. This is preferred for its reliability and the familiarity of dealing with your own bank. However, the downside can be higher fees and less competitive exchange rates compared to other options. Additionally, the process can be slower, sometimes taking several days.

Wire transfers

Wire transfers are a quick and secure way to send large amounts of money internationally. They are typically handled by banks or specialized wire services. Wire transfers can be completed within a day, making them a good option for urgent transactions. The main drawbacks are the potentially high fees and less favorable exchange rates.

Online money transfer services

With the rise of digital banking, online money transfer services have become a popular and convenient way to send money abroad. The platforms like MTFX offer competitive exchange rates and lower fees than traditional banks. They are user-friendly, with quick setup and the ability to transfer money from the comfort of your home.

Cash-to-cash transfers

These services allow you to send money that the recipient can pick up in cash at a designated location in their country. This can be useful if the recipient does not have a bank account or needs immediate access to the funds. While cash-to-cash transfers can be fast, they come with higher fees and the inconvenience of physically collecting the money.

Prepaid debit cards

Prepaid debit cards are a flexible and convenient way to transfer funds internationally. You can load the card with the desired amount and send it to the recipient, who can then use it like a regular debit card or withdraw cash from ATMs. This method offers convenience but be mindful of potential fees for card issuance, reloading, and transactions, as well as the security risk if the card is lost or stolen.
 

Send your money anywhere in the world with MTFX

MTFX is a leading currency exchange and international payments solution provider that can significantly simplify the process of sending money internationally. Here’s how we can help ease your international money transfer worries:

Send money in over 50 currencies

MTFX supports a range of 50+ currencies, making it easier to send money to various parts of the world without the hassle of dealing with limited currency options. This flexibility is particularly beneficial for businesses or individuals dealing with international transactions in multiple countries.

Keep your transfer costs low

Unlike banks that may charge high transaction fees for international transfers, MTFX keeps costs transparent and minimal, helping you avoid any unpleasant surprises. MTFX also offers highly competitive exchange rates, which can result in significant savings, especially on large transfers. By securing a better rate than what traditional banks offer, you can ensure more of your money reaches its destination.

Ensure fast and secure transactions

MTFX utilizes advanced technology to ensure that your money is transferred quickly and securely. Our systems are designed to handle international transfers efficiently, reducing the time it takes for funds to reach the recipient.

User-friendly online platform

We offer an intuitive online platform that allows you to manage your transactions conveniently from anywhere. You can track your transfers, access real-time exchange rates, and execute trades at any time, giving you control over your international payments.

Send money to 200+ countries

Our extensive global reach ensures that whether you're supporting family, managing international business operations, or investing in overseas opportunities, your financial connections remain uninterrupted. With the ability to send money to such a wide range of destinations, geographical boundaries are longer a barrier.

Get personalized support

Navigating the complexities of foreign exchange and international payments can be daunting. MTFX provides expert support and guidance to help you make informed decisions. Our team can offer insights into market trends, assist with risk management strategies like forward contracts, and ensure compliance with international regulations.
 

What about using my bank to send large amounts overseas?

Using your bank to send large amounts of money overseas is a common choice, mainly because of the familiarity and perceived security of dealing with an institution you already trust. Banks offer a direct and straightforward way to manage international transfers, often accessible through your existing online banking platform or by visiting a branch.

However, when it comes to sending large sums internationally, banks might not always be the most cost-effective or efficient option. They often charge higher transaction fees and offer less competitive exchange rates compared to specialized online payment platforms. This can significantly increase the overall cost of your transfer, especially for large amounts.

Moreover, bank transfers can sometimes be slower, with transactions taking several days to complete. This might not be ideal for urgent transfers or when you're aiming to take advantage of favorable exchange rate fluctuations.
 

What's the process of transferring money internationally with MTFX?

Sending money internationally involves a series of steps that can vary slightly depending on the service provider you choose. However, the general process typically includes the following key stages:

Register and create your account: Once you are on MTFX site, you'll need to register and create an account. This step involves providing personal information, such as your name, address, and sometimes a form of identification to comply with regulatory requirements like Know Your Customer (KYC) checks.

Enter transfer details: After setting up your account, you'll need to specify the details of your transfer. This includes the amount you're sending, the currency you're sending in, and the currency the recipient should receive. You'll also need to provide the recipient's information, such as their name, bank account details, and in some cases, their address.

Confirm exchange rate and fees: Before finalizing the transfer, review the exchange rate offered and any associated fees. The exchange rate determines how much the recipient will receive in the target currency, while fees will affect the total cost of your transfer. Some services offer a locked-in exchange rate, so you know exactly what rate you're getting.

Fund your transfer: Next, you'll need to fund your transfer. With MTFX, you may be able to do this through a number of methods including bank transfer. Be aware that the funding method can affect transfer speeds and fees; for example, credit card payments may incur additional charges.

Confirm and send: Review all the details of your transfer, including the recipient's information, the amount, and your funding source. Once everything looks correct, confirm and initiate the transfer. You'll receive a confirmation with a transaction ID which you can use to track the progress of your transfer.

Track your transfer: MTFX offers you the ability to track your transfer in real-time. This can give you peace of mind and let you inform the recipient about the expected arrival time of the funds.

Receipt of funds: The final step is the receipt of funds by your recipient. The time it takes for the funds to arrive can vary from a few minutes to several business days, depending on the countries involved and the transfer method.
 

Ensure fast and secure money transfer with MTFX

Sending money internationally has become a straightforward process thanks to a wide range of available services catering to diverse needs and preferences. By paying close attention to exchange rates, fees, and transfer times, you can make informed decisions that ensure your money reaches its destination efficiently and cost-effectively. Remember, the key to a successful international money transfer lies in selecting the right service for your specific requirements and staying informed about the details of your transaction. With the right approach, you can send money across borders seamlessly, supporting your personal or business financial goals on a global scale.

Set up your MTFX business account today and start saving thousands of dollars every year.