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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Compare money transfer services to Slovenia
Banks vs. money transfer companies
Banks may be useful for sending money transfers, especially when it’s between the US dollar and the euro, but they aren’t necessarily the best choice. That’s because banks charge higher fees and offer subpar exchange rates when comapred to other money transfer services.
You may be able to 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. So when you’re looking to send money to Slovenia, it may be worth considering one of these bank alternatives.
Sue Sends Money to Slovenia
Sue wants to send $1,000 to her friend Michael in Slovenia to repay an old loan. She initially thought her bank might be a good choice, but the poor exchange rate and high fee aren’t appealing. Instead, Sue compares her bank’s exchange rates and fees with those offered by an online money transfer company.
|Bank||Money transfer company|
|Exchange rate||1 USD = 0.81 EUR||1 USD = O.86 EUR|
|Transfer method||Wire transfer||Online transfer|
|Transfer time||1 to 3 days||1 to 3 days|
|Amount received||810 EUR||860 EUR|
As the table shows, Sue can send more than an extra 50 euros by using the money transfer company. She can also save $37 in transfer fees, making a money transfer service the clear choice for her needs.
What are my options for sending money to Slovenia from the US?
- Bank transfers. Bank transfers tend to cost more than other options, but they are a secure way to send money to Slovenia.
- Online money transfer providers. Money transfer providers offer fast and cost-effective ways to have money deposited directly into your recipient’s bank account.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers that allow cash transfers, and both have agent locations in Slovenia.
What are the steps to send money to Slovenia?
Each provider will have its own unique system when you want to make a money transfer, but these are the basic steps you’ll need to know before you start your transfer.
- Compare your money transfer options.
- Click Go to site when you’ve found a provider that suits your needs.
- Create an account and supply your personal information.
- Start a transaction, then enter your recipient’s information.
- Select how much you want to send.
- Pay for your transfer and keep the tracking number safe.
You can use your tracking number to keep tabs on the process.
Foreign exchange rates explainedExchange rates are used to determine the value of one currency when it is converted to another currency. Strong currencies will yield more when exchanged for a weak currency, which means you’ll likely lose a little money when sending funds to Slovenia. This is because the euro is strong when compared to the dollar. The exchange rate as of September 2018 was around 0.86 EUR per 1 USD. This amount can change depending on interest rates and inflation, so it pays to keep an eye out if you plan on making multiple transfers to Slovenia.
Same-day transfers to Slovenia
While you likely won’t be able to perform a same-day transfer with a bank, there are some money transfer companies that allow you to send money to Slovenia within a few hours. When you do, you’ll need to be prepared to spend more in fees. You’ll likely also get a poor exchange rate when compared to a normal transfer.
Tips for picking up cash in Slovenia
If your recipient is picking up cash at an agent location in Slovenia, offer these tips to help keep them safe from theft.
- Avoid any areas where crime is known to be a problem.
- Don’t flash your cash around in public.
- 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 carry large sums of money around for any longer than necessary.
Sending money to Slovenia doesn’t have to be a big hassle. You can easily go through your bank, but if you want to get a good deal, a money transfer provider may be the way to go. No matter what you choose, take the time to familiarize yourself with the money transfer process so you can start making transfers confidently.