Hunting around for the best exchange rates and lowest fees can save you money when you need to send an international money transfer to Slovakia.
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Compare money transfer services to Slovakia
Banks vs. money transfer companies or services
Banks are a handy tool for most of our financial needs, but that doesn’t mean they’re perfect. When you want to send money to Slovakia, your first thought may be to visit your bank. And while banks can easily exchange dollars for euros and send it abroad to Slovakia, it likely won’t be the fastest choice. Banks are known for slow processing times, high fees and less favorable exchange rates.
Independent money transfer services, on the other hand, have begun to fill in the price gap. You can send money to Slovakia for a fraction of the cost of a bank transfer, and many have exchange rates close to market value. This means you’ll be sending near the maximum amount you can, which gets your recipient more while costing you less. If you’re frustrated by high fees to make a transfer, then these are certainly worth considering.
Sam sends money to his family in SlovakiaAlthough he’s moved to the US permanently, Sam stays in regular contact with his parents in Bratislava. With their 30th wedding anniversary fast approaching, Sam wants to send his parents a gift of $1,000. In an effort to get the best possible deal for his transfer, Sam compares the money transfer services of a major US bank with those of a money transfer provider.
|Bank||Money transfer company|
|Exchange rate||1 USD = 0.80 EUR||1 USD = 0.85 EUR|
|Transfer method||Wire transfer||Online bank account transfer|
|Processing time||1 to 3 days||1 to 3 days|
|Amount received||800 EUR||850 EUR|
As you can see, Sam can send an extra €50 using a money transfer provider instead of his bank. He’ll also save money with a lower fee, making the money transfer company a prime choice.
Foreign exchange rates explainedBanks and other money transfer providers use exchange rate to determine how much a currency is worth in the currency of another country. A strong currency will yield more when exchanged for a weak currency, and because the euro is strong against the dollar, you’ll be sending cents on the dollar. As of September 2018, the exchange rate was around .86 EUR per 1 USD. This means you would need to send about $1.16 in order to transfer €1 to your recipient.
How can I send money to Slovakia from America?
- Bank transfers. Bank-to-bank transfers may cost more than other options, but they are a secure way to send money to Slovakia.
- Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions. You may also be able to get a better exchange rate.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service. Both have multiple agent locations throughout Slovakia.
- Checks. International checks are an old-fashioned way to send money and are often the slowest method, but they can be still be used to send money to Slovakia.
What are the steps to send money to Slovakia?
Although different companies have different procedures you must follow when sending a transfer, you will generally have to complete the following steps to send money to Slovakia:
- Compare providers. Check out our list of money transfer providers and compare their rates and fees against your bank to find out which offers the best deal.
- Register for an account. If you choose a money transfer provider, click Go to site to create an account. You’ll need to provide your contact details, proof of ID and some bank account information.
- Enter your transaction details. Start a transfer. You’ll need to enter how much money you’re sending, what currency you’re sending, where you’re sending the funds to and the contact details of your recipient.
- Confirm your transaction. Confirm and pay for your transfer. Keep any transaction reference number you receive so that you can check on the status of your transfer. If your recipient is picking up cash, they will likely need this number to complete everything on their end.
Same-day cash transfers in Slovakia
Same-day cash transfers are definitely possible when you’re sending money to Slovakia. Services like World First and WorldRemit both offer transfers that process in a day, and with careful research, you may be able to find other services that offer similar. However, you’ll need to be prepared to face less optimal exchange rates and higher fees when you choose this route. It will likely cost more on your end and yield less for your recipient, so unless you’re sure you need the transfer to be quick, it might be a better idea to wait for normal processing times.
Tips for picking up cash in Slovakia
Collecting cash can be a risky move no matter where you live. If your recipient is visiting an agent location to complete their transfer, share these tips to keep them safe from theft,
- Avoid areas that are known to have higher crime rates.
- Bring a friend to collect the money with you.
- Keep your money concealed and avoid taking out large amounts in public.
- Deposit your money into a bank account or safe as soon as possible.
Sending money to Slovakia doesn’t have to be a complicated or expensive process. Compare your options and choose a transfer option that saves you money on fees and allows you to send more euros for every dollar you spend. And if you’re still not sure about the process, reading over our guide to money transfers should help you understand your options better.