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Anyone contemplating transferring money abroad is likely to encounter a number of questions and decisions. Understanding the process behind international transfer is therefore vital. Here are some of the most common money transfer questions and their corresponding answers. Look for currency transfers for the best deals and the cheapest way to send money abroad now.

How much does it cost to transfer money abroad?

This is one of the most important questions and transferring money abroad is likely to encounter a few different costs. Whilst most people will be aware of the exchange rates which are in force for international money transfers not everyone is aware of costs which are incurred when receiving the money.
Some foreign banks will charge as much as 3% for transferred money to be received – something which can amount to a hefty sum for those looking to transfer larger amounts.

How can you overcome these costs?

In order to keep these costs to a minimum, individuals should look to transfer their money to accounts which will not be subject to banks receiving fees – such as those held by solicitors or estate agents in that country. These are known as notaire or resident accounts and will not be subject to the same fees as other accounts.
Using companies which open bank accounts on your behalf is a sensible option for those likely to make numerous transfers. This is because these will often be exempt from such bank charges.

Alternatively, it is always possible for you to discuss these charges with the bank and negotiate a lower fee. If you manage to do this then it is vital that you get written confirmation of the agreement. Ensure this is obtained before you transfer your money to give yourself some financial protection.