Traveling abroad has become one of the most fashionable things to do, especially among millennials even in the age of COVID.
One of the most important things to do as you plan your trip abroad is to figure out how to exchange currencies so that you can transfer your money.
This can be a real pain, especially if it’s your first time doing it. International money transfer can be quite complicated, so here are some pro tips to get the money you need and enjoy your time in foreign countries.
Try to Find the Best Exchange Rate
For reference, an exchange rate is an amount at which one currency can buy another. For example, with one U.S. Dollar, you would be able to purchase about 6-7 Chinese Yuan or only about .86 Euros.
Although some countries have fixed exchange rates, most of them have flexible ones. These can fluctuate on any given day, hour, minute, or even second. However, banks tend to use a fixed daily exchange for foreign currency purchases.
This applies to transferring cash overseas as well. unless you are sending dollars abroad, your money will travel through various currencies. This is where the exchange is important.
Be Prepared For Fees
The reality is that nothing ever comes free, and moving your money is no exception.
Banks will always find a way to make a little extra money, so they will often add extra hidden fees to the cost of transferring cash, such as an exchange rate fee or a transfer fee between participating banks.
If you are trying to simply send money overseas, be prepared to spend more money due to the compiling of various fees on the money you are sending overseas.
Third-Party Transfer Opportunities
Luckily to avoid many of these issues, more apps have been popping up to help mitigate the expenses of transferring money, such as Zelle. Third parties often will charge a small percentage to send directly to the recipient if they have an account.
You won’t have to ask does Zelle work internationally, because these apps will work almost anywhere so long as you have an account that is eligible for the third party to send money to.
Some don’t even need an actual account, they simply keep the money within the app and you can spend it via their debit cards, making transferrable seamless.
Look into third-party apps if you want a fast and secure transfer option without all the extra fees.
Make Your International Money Transfer Happen
Whether you are traveling abroad or simply making an international money transfer, you will need these tips so that you can save the most money without having to pay absorbent fees.
Traveling abroad can be fun, but make sure that your money is in order before you go. You can just as easily get stuck there and you’ll have to spend more money to receive it.
Make a transfer overseas today and enjoy your time in paradise. For other informative and interesting articles like this on how to move your money with ease, be sure to visit the rest of our blog.