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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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Slovakia
Banks vs. money transfer companies or services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
But recent years have seen the emergence of a number of online money transfer companies. These providers, such as OFX and Currency Fair, specialize in handling international money transfers in a fast, convenient and affordable fashion. They typically offer far better exchange rates and charge lower fees than banks, so they’re definitely worth considering when you need to send money to Slovakia.
Case study: Sam sends money to his family in Slovakia
Although he’s moved to the U.S. 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 U.S. bank with those of a money transfer provider.
|Bank||Money transfer company|
|Exchange rate||$1 USD = $0.948 EUR||$1 USD = $0.958 EUR|
|Transfer method||Wire transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in EUR)||$923||$955|
As you can see, Sam can send an extra $32 using a money transfer provider instead of his bank.
How to compare transfer companies when sending money to Slovakia
When comparing your options, pay attention to these factors:
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explainedThe 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 U.S dollar was worth approximately 85 Euro cents. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Live USD-EUR exchange rate
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.
- 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 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:
- Register for an account. This is often free to do online and requires you to provide your contact details and proof of ID. Your bank account information will often also be required.
- Enter your transaction details. You will need to enter information about how much money you’re sending and in what currency, where you’re sending the funds to, and the name and contact details of your recipient.
- Confirm your transaction. The final step is to confirm and pay for your transfer. Keep any transaction reference number you receive so that you can check on the status of your transfer.
Emergency cash transfers in Slovakia
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.
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Tips for picking up cash in Slovakia
Although Slovakia is seen as a safe destination for tourists, it still makes sense to follow these simple safety tips when collecting cash:
- Keep the cash concealed — don’t flash it around in public.
- Avoid high-crime areas or areas where you do not feel safe.
- Ask a friend to accompany you if possible.
- Don’t carry large sums of money around for any longer than you have to.
- Deposit the cash in your bank account right away.