How to send money to Slovakia

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.

When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Slovakia doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most euros for your dollar.

From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Slovakia is easy. However, do your research and shop around for the best available deal.

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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.

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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

    • Buying property abroad
    • Emigrating
    • Regular overseas payments
    • Risk management
    • Forecasting
    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    World First Foreign Exchange
    USD 1,000 1 day USD 0.00 0.847 Online EUR 4,234 Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for more than 100 currencies.
    Go to site View details
    TransferWise International Money Transfers
    USD 1 1 day USD 50.00 0.850 Online EUR
    4,207
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
    OFX International Money Transfers
    USD 150 1 day USD 0.00 0.846 Online, Bank Account to Bank Account EUR 4,232 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
    HiFX International Money Transfers
    USD 50 2 days USD 5.00 0.846 Online EUR 4,226 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
    Currencies Direct International Money Transfers
    USD 100 2 days USD 0.00 0.841 Online EUR 4,207 $0 transfer fees with rates at never more than a 2% markup. Go to site View details
    Do you send money often? Track this rate with tailored alerts direct to your inbox

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    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.

    BankMoney transfer company
    Exchange rate$1 USD = $0.948 EUR$1 USD = $0.958 EUR
    Transfer fee$25$3
    Transfer methodWire transferOnline bank account transfer
    Processing time1-3 days1-3 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?
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    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 December 2016, the U.S dollar was worth approximately 19 Mexican pesos. 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.

    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.
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    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.
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    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:

    1. 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.
    2. 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.
    3. 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.
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