Busted: 7 myths about international money transfers

Busted: 7 myths about international money transfers
Last Updated: 29 Sep 2022

Sending money overseas doesn’t have to be complicated, confusing, or expensive. It’s time to debunk these myths and improve your international money transfer experience.   

When sending money abroad, the goal is to do it with utmost ease, at the lowest cost. However, this might seem like a challenging goal to achieve if you believe everything you hear about international money transfers. Some of it isn’t always true, so read on as we debunk seven common myths about sending money abroad. 

Myth #1: Overseas transfers are expensive

The cost of sending money abroad depends on your provider. If you shop around, you’ll discover that a currency specialist is more likely to offer the best exchange rate and charge lower fees. Sending money abroad will always have costs, but it doesn’t have to be painful for your wallet. 

Truth: Currency specialists like MTFX base exchange rates on the interbank market rate. Combined with lower transfer fees, your recipient receives the best value for your money’s worth. 

Myth #2: Sending money internationally is complicated

Cross-border payments don’t have to be complicated. You can now send money internationally online, in the comfort of your own home. All you have to do is set up your international payments account and start transacting wherever you’re. Sometimes you’ll need personalized guidance, which can easily be arranged.  

Truth: MTFX offers dedicated currency specialists to answer questions about the transfer process and ensure your account is set up to meet your needs. 

Myth #3: You can have complete control over the market

Exchange rates are constantly moving. Market volatility is due to many factors like trade relationships and political and economic conditions which drive supply and demand. These factors are unpredictable and beyond your control. Understanding this helps you manage your expectations when looking for the best exchange rates for your international money transfers. 

Truth: Although you might not have complete control over the exchange rate you get, you don’t have to be at the mercy of the marketplace. You can take advantage of risk management tools like forward contracts for locking in your desired rate and market order for capturing favorable rates while controlling downside risk.

Myth #4: Exchange rates only matter for larger amounts 

While it’s true that exchange rates have a more pronounced impact when sending large amounts, minor losses add up over time, hurting your wallet or bottom line. Even if you’re making a one-off payment, getting the best value from your international payment makes more financial sense. 

Truth: Exchange rates matter, period. Regardless of how much you’re sending abroad, using an international payments specialist like MTFX provides the best value for your money with competitive exchange rates. 

Myth #5: It takes a long time to send money abroad

This is usually true for international bank transfers, which can take up to 5 working days to reach their destination. Transfers that occur through the SWIFT network sometimes have to be processed through intermediary banks, resulting in long delays. To minimize this risk, choose a specialist provider with a global network of banking partners for quick and efficient transfers. 

Truth: Opening an MTFX account only takes five minutes, and your transfer arrives at its destination within 24-48 hours. 

Myth #6: Online international money transfers are not safe

If you’re like most people, the security of your cash is a major concern when making an online cross-border payment. The good news is that technology has worked wonders on the security of online international transfers allowing you to transact confidently and quickly.  

Truth: MTFX’s secure, online platform allows you to send payments whenever you need to, wherever you’re. The platform is powered by industry-leading automation technologies, thus eliminating the risk of manual data errors. 

Myth #7: Banks are the best way to send money abroad

This myth is closely related to the myth about international transfers being expensive. That’s because believing that banks are the best way to send money abroad only perpetuates the belief that international money transfers are expensive. Even though you rely on your bank for other services, your best bet is with a foreign exchange specialist like MTFX, which offers a dedicated international money transfers service. 

Truth: Skipping the bank means you can enjoy lower transfer fees and competitive exchange rates. For instance, MTFX offers bank-beating rates 3-5%, so you can enjoy more savings and the greatest convenience. 

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Learn the truth behind sending money abroad today

Whether you’re sending money to loved ones, have an investment overseas or are paying your supplier or employees overseas, you might be anticipating all sorts of difficulties based on some myths floating around. The truth is that these myths instantly vanish when you find the best way to send money abroad. 

With MTFX, sending money internationally has never been cheaper, faster, simpler or more convenient.   

Open an account with MTFX today to enjoy competitive exchange rates, low transfer fees, and easy transfers.

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