Everything you need to know about foreign currency transfers

By Tim Strube

You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient's account.

That's just how it works right?#

But have you ever wondered what happens to your money in that in-between period? Where it goes? Why so much of the money disappears?

Let us break it down for you.#

Most banks pass your money around complex and opaque global relationship network to get it from point A to point B - with every hand that touches the money taking (more than) a few dollars. Of course, it's all lumped together and listed as one fee on your statement.

Yeah. We Know.#

It’s an easy fix, right? Take the banks out of the equation.

And we’ve done just that - so you can send your money directly, which is much faster and much more cost-effective (with the same level of security).

Here’s the thing, though - other people are doing that too. But they haven’t learnt the right lesson.

They’re still making exactly the same mistake that the banks are making: They’re not letting you control the process.

We give the control back to you. Where it should've always been.#

Here's how:

We let you track your money every step of the way, from your account to your recipient's. (After all, you can track parcels you send by post - so why not your money?)

We let you choose when you'd like your currency to be converted. Look at past rates. Choose the rate you'd like. And automate the transfer (if you'd like to).

We show you, transparently and clearly, what the costs are (and why). Nobody else does that. Nobody else puts you in control of your money.

Here's the rub, though - choosing who you use for your foreign currency transfers?

That is in your control

Tagged in: currency conversion, international money transfers, global payments, banking, digital curency

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