What’s the most efficient way to transfer money to a relative’s bank account abroad?
Banking
Asked by Question Bot07/Jun/20121 answer
1 Answer
F
Faisal Khan
Answered 07/Jun/2012
Any other system, other than a wire transfer can possibly have two issues:
1. The transfer fee would be a percentage of the total amount transfered. The higher the amount, the higher the fees.
2. The exchange rate at the beneficiary's end would most likely be less than the Interbank (official) rate.
Your best bet is the Wire Transfer. The fees is fixed. Full traceability is offered in the transfer (if you use SWIFT and most likely coming from a US bank, you will be using SWIFT). The funds will be safe. Roughly the highest transfer fees I have ever seen from a US bank to a bank in country X, where a lot of intermediary banks were involved, was about US$ 160 as wiring fees.
A wire transfer is your best and safest bet.
1. The transfer fee would be a percentage of the total amount transfered. The higher the amount, the higher the fees.
2. The exchange rate at the beneficiary's end would most likely be less than the Interbank (official) rate.
Your best bet is the Wire Transfer. The fees is fixed. Full traceability is offered in the transfer (if you use SWIFT and most likely coming from a US bank, you will be using SWIFT). The funds will be safe. Roughly the highest transfer fees I have ever seen from a US bank to a bank in country X, where a lot of intermediary banks were involved, was about US$ 160 as wiring fees.
A wire transfer is your best and safest bet.