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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.
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.
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.
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.
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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