The majority of individuals, regardless of whether they live in the United States, Canada or elsewhere, select their bank as a result of the belief that this is the safest and most dependable option available.
The fact is that, regardless of the sort of account you have, how frequently you make transfers, or how long you've been a loyal customer, most banks charge customers with double of exchange rates and hidden fees.
To put it another way, they're ripping money off each transaction in as many ways as possible because they know that few customers would bother to examine what and how much they're getting.
Whatever your bank is, the most effective purchase for your money has two factors:
Transfer fees and foreign bank receiving costs: are the most common expenses to bear in mind.
Exchange rates - many banks advertise that they are 'commission-free' while covertly overcharging the exchange rate. It's also tough to locate the precise rate and compare it because some companies just don't provide it.
The most effective method to save money is to compare and contrast various products, services, and offers before making a purchasing decision. "How much will I get for my money after all costs are taken into account?" is a really basic question that can be answered in one of three ways.
Transfer hidden/extra charges
How the exchange rates are calculated?
Well to be honest there are many factors that influence the rate you are but to mention a few:
Your transfer amount, money you are sending usually the more it is the better the rates are.
The timeframes you're aiming for (whether you want to lock into an exchange rate for up to 12 months)
What currencies are you investing in and selling, and how volatile are they?
At the time of purchase, the exchange rate level.
Is there a solution for International Money Transfer alternate to banks?
It's worth comparing your high street bank's exchange rates with those supplied by several currency specialists, like MTFX foreign exchange to see whether they're competitive.
How much will I save if I use a currency specialist / foreign exchange alternate to my bank?
The average difference between using a currency specialist and your bank is about two to four percent. So, for example, on USD$100,000, this may represent a savings of $2,000 in just the exchange rate.
It's also worth noting that because running hundreds of branches is a huge logistical burden, the big banks must set their exchange rates once or twice a day. To ensure they remain successful, they must raise spreads to accommodate intraday rate volatility. Brokers provide real-time rates to clients, which might help you save money.
How long will the transfer take?
If you use a currency specialist like MTFX , you'll save on international banking fees, which can vary from bank to bank but are generally around $30 or $40. Plus, your money will arrive there much more quickly.
Transfers will usually be completed within one to two working days, depending on where you're sending the funds.
Why transfer time is important for international money transfer?
The sooner you can move, the more money you'll make. The sooner your transaction is completed, the less risk there is that the exchange rate might worsen and your money will become worthless. Remember, as soon as you decide to relocate overseas or trade a property like a home, you are exposed to currency market volatility.
Just to help you with the above queries, you may find it interesting that MTFX can be your right International Payment Partner.
Working since 1996 - over 25 years of experience.
FINTRAC-Regulated. Fully Secured.
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So get in touch now! Click here to Register and get the exact live rates.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.