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Crucial tips on how to save money on international money transfers.
A simple oversight in this step can cause confusion, delays, or even additional banking fees if the payment has to be investigated. That’s where the bank reference comes in.
Imagine paying for groceries with your phone, splitting a bill with friends after a dinner out, or buying online game credits without needing cash. You might also send money overseas in just a few minutes. These simple tasks all rely on electronic money.
When sending money overseas, you want your loved ones to get the most value possible. To achieve this, you compare the exchange rate between your location and that of your destination country. Exchange rates are set in two ways: fixed or floating.
A money order is a paper form of payment that looks like a check but works differently. It is prepaid, meaning the buyer pays the full amount, plus a small fee, at the time of purchase. The person receiving the money order can then deposit or cash it.
Behind the scenes, banks are constantly swapping currencies at a special “wholesale” price called the interbank exchange rate. It’s the hidden benchmark that determines how much your money is really worth when it crosses borders.
