Association of National Lenders: Members Updates

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Safe Ways For International Money Transfer

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Today, in the age of globalisation, it is often necessary to make or receive payments in international currencies. Transferring money from one currency to another can be tricky if you do not take into account the current exchange rates of the currencies you are dealing with.

There are various reasons, both personal and professional for why people would want to transfer money internationally. One might want to send money overseas to family. One might want to make a payment to an international supplier, vendor or service provider. Or one might simply want to transfer money to an overseas bank account. Whatever the reason, there are ways to achieve an international money transfer .

One of the ways of a cashless money transfer transaction is Wire Transfer. This system works by transferring money between banks, with a fee for both incoming and outgoing wire transfers, but fees change from bank to bank. The process is usually speedy and is considered to be the safest way of international money transfer.

Bank Drafts are another way of international money transfer. Bank Drafts are essentially cheques, but written in the recipient currency, taking into account the current exchange rate. The draft can be cashed like a regular cheque by the recipient.

International money orders are pre-paid and are issued by the sender’s bank in the currency and format acceptable at the destination. This is also considered a safe way to transfer funds internationally.