How Does The Process Look Like

Once you are registered with any firm, you are able to receive quotes for your international money transfer inquiry. You can get it directly on your online payment platform, or via telephone. It’s recommended you’ll use the phone for large transfers because you may be able to get a better foreign currency than the default price stated on the online system. If you are on the market to compare exchange rate spreads, and get the absolute cheapest quote, you can sign up with multiple companies and test their offering in real-time.

If you like the price you have received, you could book the transfer immediately. Either through the online payment system, or by verbally agreeing to the price offered to you by telephone. At that moment, your price is locked, and you are able to transfer money to fund the transaction in up to 5 days. One option is to pay the due amount by credit card or credit (optional only in some companies like World First). That makes the deal more expensive and ill-recommended unless the amount transferred is very small. The other option is to locally wire the funds to a domestic bank account that will be communicated to you. That company owned bank account will be a safeguarded account dedicated only for client funds.

Once the funds have reached the company’s domestic bank account, your transferred will be automatically wired to its destination as you specified, and you will receive a confirmation. In most popular destinations should take no more than 24 hours to receive the cross-border payment.

Illustration of the money transfer process via commercial firms