If you’re sending money abroad, should you use a credit card or send a cheque? For the best value and convenience, skip both these options and consider an easy online transfer.
When sending money abroad in a perfect world, your recipient would receive every penny you send. But, because of transfer fees and exchange rates, there are costs to consider, no matter what. The next best option is taking an “every dollar counts” approach. So, even with numerous options for international transfers available, don’t assume any will do.
Generally, the best method to send money overseas is through an international money transfer specialist. Let’s look at how this option compares to legacy methods like sending cheques or using a credit card.
Method #1: Send money abroad in the form of a cheque
Sending a money transfer abroad via cheque is old-fashioned. Although your recipient eventually collects the money, the availability of online money transfer companies like MTFX is throwing tradition out of the window.
How it works. When sending money via a bank draft, certified cheque or money order, you make a physical payment guaranteed by your bank. The bank draft, certified cheque or money is delivered to the recipient in a different country who cashes it.
Costs. This method is expensive because you have to buy the bank draft, certified cheque or money order and you often get poor exchange rates.
Speed. This leisurely money transfer option involves mailing a cheque to the recipient. As a result, the money typically takes longer than other options available on the market.
Convenience. Sending checks internationally is tricky. Your bank has no control over the physical delivery of cheques, so there may be delays. In addition, your recipient may be unable to cash the cheque immediately as they wait for the bank to verify your deposit and clear the funds.
Method #2: Transfer money overseas using a credit card
Transferring money overseas using a credit card is another workable but uncommon option.
How it works. You can use your credit card to fund your money transfer online via your bank. This works using your online banking app or by calling or visiting your bank.
Costs. Credit card payments typically come with higher fees than other transfer methods. These payments are often regarded as cash advances, and they carry higher interest rate charges. Cash advances also come with high exchange rate margins and hidden fees, making it one of the most expensive international money transfer options.
Speed. Card payments are generally quick and easy.
Convenience. Sending money by credit card is quick and convenient, but it’s still advisable to consider this payment method a last-resort option.
Method #3: Make an international transfer with a currency specialist
Using a currency specialist like MTFX is your premium option for sending money abroad. International money transfers are no longer initiated through banks only. Instead, you can now enjoy the latest technologies, the fastest transfer times and the most competitive exchange rates and fees by skipping the bank.
How it works. Once you have registered your account, you can start transferring money immediately. All you have to do is choose the currency and amount, enter the recipient information, and then send.
Costs. You get bank-beating exchange rates 3-5% lower and lower transfer fees. For sending $30,000, you can save as much as $1500, for instance.
Speed. International money transfers are one of the fastest ways to send money abroad. Funds are usually delivered within 1-2 business days. Your MTFX account allows you to track your transfer status in real time.
Convenience. The customer experience is unmatched. You can access FX tools such as a live currency rate calculator and guidance from dedicated currency specialists.
Choose the simpler and cheaper method to send money today
Sending money internationally with MTFX is easy. Whether you need to repatriate money to family and friends, cover expenses for your destination wedding or pay your overseas supplier, you have a package deal – secure online transfers, the lowest transfer fees, competitive exchange rates and more.
Open an account with MTFX today and start enjoying fast, cost-effective, and convenient international money transfers.
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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.