Every day, people and businesses move money across borders. Families send support to loved ones, students pay tuition overseas, and companies pay suppliers or expand into new markets. Whatever the reason, it’s important to understand how to transfer money effectively.
What does money transfer mean?
A money transfer is simply the process of moving funds from one person or business to another, either within the same country or across borders. Domestic transfers usually stay in the same currency, such as moving money between Canadian bank accounts. International transfers, on the other hand, often involve converting one currency into another before being delivered to a bank account overseas.
Methods to transfer money abroad
- Banks: Traditional, but often more expensive with slower delivery.
- Money transfer specialists: Like MTFX, offering better exchange rates and lower fees.
- Digital wallets or apps: Convenient for small sums, but limited in reach.
- Wire networks: Such as SWIFT, ACH, or SEPA; reliable for large transfers but sometimes slower and more costly.
How an international money transfer works
- Choose the amount, destination country, and currency.
- Your funds are converted at the exchange rate available at the time of transfer.
- The transfer is routed through MTFX’s secure payment network for fast delivery.
- The recipient receives funds in their local currency.
Tip: You can also set a rate alert to lock in your transfer when your preferred rate is reached.
Key factors to know before sending money
- Exchange rate: Even a small markup can add up on large transfers.
- Fees: Banks may add hidden charges; specialists are more transparent.
- Speed: Some transfers take minutes, others take days.
- Limits: Large transfers may require additional documents.
- Security: Always use a regulated provider to protect your money and data.
Tips to make transfers efficient and affordable
- Compare providers-not just banks.
- Always check live exchange rates before you send.
- For business transfers, consider a multi-currency account to hold and convert funds in different currencies.
- For high-volume payments, set up bulk payouts to save time and reduce costs.
How MTFX helps with global money transfers
With MTFX, you can:
- Transfer money to over 190 countries in 50+ currencies.
- Access bank-beating exchange rates and low fees.
- Track transfers online with full transparency.
- Manage large or recurring payments with tools built for businesses and individuals.
Ready to get started? Send money anywhere in the world quickly, securely, and at better rates with MTFX.