Send Money Internationally to your Recipient's Bank Account

Last Updated: 03 Jan 2023

Using a currency specialist with competitive rates to send money abroad is an easy and reliable option for you and your recipient.

If you're sending money to a foreign bank account, options may seem complex as different currencies and banking systems come into play. Choosing a fair and transparent provider simplifies the process and gives you the best value for your money.

Whether you're buying property overseas, putting a deposit for a destination wedding, or paying a significant bill, you don't have to jump through hoops to ensure your recipient gets the correct amount at the right time. At MTFX, we believe financial services should be simple and easy, and our dedicated currency specialists are here to provide expert guidance whenever needed.

Read on as we simplify the process for you, so you can transfer money internationally to another bank account the smart way.

Ways to Transfer Money to a Foreign Bank Account

First, let's consider your options for overseas transfers.

Money transfers through your bank

Using your bank is one of the most common traditional methods for overseas transfers that's still applicable today. However, your bank is a diversified organization, meaning it doesn't offer international money transfers as a core service.

As a result, you may not receive full support or specialist foreign exchange tools to streamline your global payments experience. In addition, banks usually offer the least competitive exchange rates and are happy to charge expensive transfer fees.

Moreover, international transfers between two banks in different countries can take longer. That's because intermediary banks or "middlemen" are often needed to complete the transaction.

Money transfers through a high street transfer service

Money transfer wire services like Western Union and MoneyGram are known for being fast but expensive. You can use these services to send money to a foreign bank account or for cash pickup at a physical location.

While the speed and convenience are great, they’re reflected in the overall costs. Fortunately, as the international money transfer market grows, new competitors have already emerged, offering a more affordable service. This gives you the perfect opportunity to be more discerning and protective of your money when sending money abroad.

Money transfers through a specialist online payment platform

It's essential to strike the right balance if you wish to safely and securely deposit your money into a foreign bank account. Although banks are reliable and safe, they're expensive, and it may take longer for your recipient to receive the money.

A money wire transfer service like Western Union might be speedy, but it's costly. Why settle for either when you can have it all? With a full-service, online foreign exchange and global payments platform, you can enjoy faster, cheaper, and more convenient international transfers.

At MTFX, competitive exchange rates and low transfer fees are our key differentiators, resulting in tangible and significant savings for you. Our core service is dished out through a modern digital platform to ensure efficient technological operations with lower fixed costs and quicker turnaround times.

How Much does it Cost to Send Money Abroad?

The main cost items to consider are FX rates and transfer fees. Transfer fees are fixed, but FX rates fluctuate every split second, so the total cost of your transfer depends on the time and the provider.

Since each transfer is unique, your best bet is to use an upfront and transparent provider so you always know the true cost of your FX transaction. For instance, you can use the MTFX rate calculator to check and compare foreign exchange rates in real-time before sending. You can also get currency rate alerts to discover the best deal.

As a rule, MTFX offers rates that are 3-5% lower than banks combined with a small fee. This huge exchange rate difference means your recipient receives significantly more, or you pocket bigger savings, especially if you're sending a large sum or regularly.

What Details do I Need for an International Bank Transfer?

You'll need the following details to make an international bank transfer via MTFX:

Recipient details. Name, address, account number.
Bank details. Name, address, SWIFT code.
Reason for the transfer. buying overseas property, paying for a destination wedding, paying overseas tuition, etc.

Remember to double-check! – Make sure you double-check everything before the transfer because the wrong details might delay the process, cost more, and frustrate you and your recipient.

How to Transfer Money to a Foreign Bank Account?

How does money transfer work? With MTFX, it's simple, quick, and convenient.

Step 1. Register a free account with MTFX, then transfer funds to your account.
Step 2. Choose desired currency and input the required recipient and bank details
Step 3. Confirm your transfer and track its status online.

If you need help, MTFX has dedicated currency specialists always available to provide expert guidance.

Send Money Internationally with MTFX

If you want to send money internationally with cost on your mind, MTFX can help.

How long does it take? – Your recipient will receive the money within 24-48 hours, or you can opt for same-day delivery.

Can I set up regular payments – Yes. You can automate payments to your recipient through our quickly accessible and secure 24/7 platform.

Why not use my bank? – Because your money is worth more with MTFX since you get lower rates by 3-5% versus your bank. In addition, we ensure your money can cross borders as easily, quickly, and securely as possible.

MTFX offers the best deal for sending money abroad quickly and easily. Sign up for an account today.

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