Here’s how to send a quick, affordable and secure money transfer to Czech Republic.
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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.
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.
What are the steps to send money to Czech Republic?
Most money transfer services require that you register and create an accout first. Signing up is quick and usually free. Most services will require some or all of the following information:
- Your name
- Email address and contact number
- The recipient’s name, address and bank details
You can make the transfer online whenever you like, or visit an agency and do it in person. In most cases, you’ll receive a reference or tracking number.
Back to topTips 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.
