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How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Czech Republic. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Back to topBanks versus money transfer companies
Marek is a second-generation Czech-American. Recently his brother and sister-in-law moved back to the Czech Republic after both accepted positions in a prominent law firm in Prague. Marek has just become an uncle and would like to send cash as a gift for his new niece. He has the choice between two money transfer providers.
| Money transfer service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate | $1 = $16.82 CZK | $1 = $16.32 CZK |
| Transfer fee | $4 | $37 |
| Amount received for $500 | $8,354 CZK | $7,515 CZK |
| Transfer time | 1 to 4 working days | 10 minutes |
| Transfer options | Online transfer, bank transfer | Online transfer |
| Difference | $839 CZK |
How do I compare transfer companies when sending money to the Czech Republic?
When comparing transfer services for getting money to the Czech Republic, it’s important to consider the following factors:
- Exchange rates. The aim is to find a service that combines low fees and competitive exchange rates. This may impact on the delivery time, but your choice depends on how urgently the money needs to get to your recipient.
- Pick-up methods. Depending on what best suits the recipient, you can choose to have the money deposited directly into their bank account or have them collect it at the agency.
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Turnaround time. Some services can get the money to its destination within minutes, while others can take up to five business days. Often you incur a higher fee for faster delivery.
- Minimum transfer amounts. Most transfer services specify a higher minimum amount when sending to certain countries.
- Customer service. Is help available when you have a question regarding a transaction? Compare the availability of customer support options and hours.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the US dollar was worth approximately 21.86 Czech korunas. The Czech Republic’s exchange rates is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.Currency exchange rate for Czech Republic
What are my options for sending money to the Czech Republic from the U.S.?
- Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to Czech Republic.
- Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
- PayPal. PayPal offers secure international money transfers to many destinations around the world.
- Checks. International checks can be obtained from U.S. banks and then sent overseas.
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Back to topSteps to send money to Czech Republic?
- Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
- Supply your recipient’s name, contact information and bank account details as required.
- Enter the amount of your transfer and complete the transaction.
- Keep track of any receipt you receive so you can monitor the progress of your transfer.
Tips for picking up cash in the Czech Republic
- Avoid any areas where crime is known to be a problem.
- Keep your wallet and/or bag safe and secure at all times.
- Take a friend along to provide additional security and peace of mind.
- Don’t flash your cash around in public.
- Don’t carry large sums of money around for any longer than is absolutely necessary.
Emergency transfers to Czech Republic
You might need to send an emergency cash transfer to the Czech Republic— for example, if a friend traveling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
