What to know when sending money to Luxembourg.
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How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Luxembourg. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
If you need to send money overseas to Luxembourg, here’s the help you need in picking the right option.
David Schmit first visited America as a teenager. Ever since, he wished to relocate to this country. Now that he’s here and has a steady job, he wants to send some euros back home to Luxembourg to his mother who lives alone. He plans to send around $1,000 every month.
He has an account with a major bank in the U.S. While he can use its services to send money to Luxembourg, he thinks he might be able to get a better deal. He goes online to compare his options. This is what he finds.
|U.S. bank||Money transfer service|
|Exchange rate||$1 USD = $0.938 EUR||$1 USD = $0.945 EUR|
|Amount received for $1,000||898 EUR||935 EUR|
|Transfer time||2-5 days||1 day|
|Transfer options||Bank account||Bank account|
|Difference of||37 EUR|
When compared to his bank, the money transfer company resulted in a more profitable transfer. It also got the money to his mother sooner. David choosing to go with the money transfer company comes as no surprise.
How do I compare transfer companies when sending money to Luxembourg?
While money transfer companies tend to rate better than banks in the field of international fund transfers, not all are equal. When comparing your options, pay attention to these factors:
- Exchange rate and fees. A money transfer company may offer highly competitive exchange rates, but it may also charge high fees to compensate for the savings. The reverse holds true as well. This is why you should look at how much money the recipient will receive at the end of the transfer.
- Ways to send money. The most financially viable option might not be the most convenient. Most banks and some money transfer companies let you send money to Luxembourg in person at a branch office. Some of these businesses let you transfer funds over the phone. You can also find money transfer companies that offer their services through the internet.
- Ways to receive money. The recipient can get money directly into a Luxembourgian bank account. Another option is to collect the transferred money by visiting a cash pickup location.
- Turnaround time. The quickest way to send money to Luxembourg is to get the recipient to collect money at a cash pickup location. These transfers can happen almost instantly. If you’re transferring money to a Luxembourgian bank account, the turnaround time depends on the transfer company you use.
- Using the same bank. If you and the recipient have accounts with the same bank, using its services to transfer funds can be to your advantage. This would be through reduced fees and a quicker turnaround time.
- Minimum amounts. Some money transfer companies have minimum transfer limits.
- Transfer options. If you plan on sending money to Luxembourg periodically, look for a company that lets you make scheduled payments. Some also offer forward contracts, which allows you to lock in an ideal exchange rate now and transfer the money later.
- Customer service. If you need to contact a company representative for any reason you should be able to do so online as well as over the phone.
How do I send money to Luxembourg from the U.S.?
You can send money from America to Luxembourg using different methods, through banks or non-banking institutions:
- Banks. Check with your bank to find out if it lets you send money to international bank accounts. If it does, you may be able to initiate the transfer online, over the phone or in person. Buying a money order from a bank and mailing it is another option.
- Non-banks. Money transfer companies such as Western Union and MoneyGram let you send money to Luxembourg in person or online. The recipient can receive the funds in a bank account or at a cash pickup location. You can also use the services of PayPal to send money to Luxembourg. Opening a PayPal account takes little time and does not cost any money.
Emergency cash transfers in Luxembourg
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.Back to top
What are the steps to send money to Luxembourg?
The steps involved in sending money to Luxembourg can vary depending on the method you select:
- Transferring to a bank account. You’ll have to provide the recipient’s name, account number, bank’s name and bank’s routing number. If you’re using your bank’s services, you should be able to transfer money using its online banking platform. If you’re using a money transfer company, you’ll need to provide your bank account, debit card or credit card details.
- Cash pickup. If you’re sending cash in person you’ll have to provide the recipient’s name along with a desired cash pickup location or the recipient’s bank account details. If you’re sending money online, you’ll need to provide your contact details as well as your bank account, debit card or credit card details.