Here’s how to find the best exchange rate and flexible transfer options when you need to send money to Slovenia.
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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 Slovenia
Banks versus money transfer companies
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.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.
Case Study: Sue Sends Money to Slovenia
Sue wants to send $1,000 to her friend Michael in Slovenia to repay an old loan. She has an account with a major U.S. bank and considers using their services to send the funds, but when she sees the poor exchange rates she decides to shop around for a better deal. She decides to compare her bank’s exchange rates and fees with those offered by an online money transfer company.
As the table below shows, Sue can send more than an extra 40 euros by using the money transfer company, and she can also save $37 in transfer fees. This clearly demonstrates the benefits of comparing your options before sending money to Slovenia.
| Bank | Money transfer company | |
|---|---|---|
| Exchange rate | $1 USD = $0.948 EUR | $1 USD = $O.958 EUR |
| Fee | $40 | $3 |
| Transfer method | Wire transfer | Online transfer |
| Transfer time | 1-3 days | 1-3 days |
| Amount received (in EUR) | $908 | $955 |
How do I compare transfer companies when sending money to Slovenia?
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Transfer 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 you place transfers online, over the phone, through a mobile app and/or in a branch?
- Available 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?
- Transfer time. Will your recipient be able to access the money you send within minutes, or will it be several business days before the funds arrive in their account?
- Minimum or maximum limits. Some transfer providers will impose minimum and maximum limits on the amount you can transfer, so check to see if those limits will restrict your transactions.
- Pickup options. Some companies offer cash pickup from branches in Slovenia and around the world, while others offer bank account transfers only.
- Customer service availability. Check to see whether quick and easy access to customer support will be available if you ever have a question regarding a transaction.
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 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.See today’s US dollar to EUR exchange rate
What are my options for sending money to Slovenia 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 Slovenia.
- 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 Slovenia?
When sending funds to Sloenia, you’ll be asked to provide the following information:
- Your name, address, contact information and valid photo ID.
- Your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
- How much money you’re sending, in what currency and which country you’re sending it to.
- If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.
Emergency cash transfers in Slovenia
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 Slovenia
Picking up cash from a transfer agent in Slovenia? Follow a few simple steps to ensure that you and your money stay safe:
- 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.
