Your complete guide to same currency transfers.
Whether you’re transferring funds to someone in the Philippines or sending money overseas, conducting a same currency transfer is easier than ever before. There are plenty of reasons why someone may wish to conduct a same currency transfer. For example, you may be travelling overseas and may wish to send some of your Philippines pesos to a relative back home, or you may be on a European holiday and want to transfer funds from one eurozone country to another.
Whatever the case may be, it’s simple and straightforward to lodge a same currency transfer.
How does a same currency transfer work?
You can use a same currency transfer for a number of different purposes. You may need to submit payment for goods you have purchased or send an emergency transfer to a relative in another country.
The main benefit of sending funds in the same currency is that you won’t have to worry about foreign exchange rates or currency conversion fees. Although transfer fees will still apply, this overall reduction in fees can help you save a lot of money.
There are plenty of options to choose from when planning a same currency transfer, including online money transfer companies, banks and even PayPal.Back to top
How do I compare same currency transfers?
- Fees. Perhaps the most important feature you should consider when choosing a same currency transfer provider is the fee you will be charged. Some providers charge a flat fee, while others charge a fee as a percentage of your transaction amount. A few providers will waive their fee altogether when you send more than a certain amount.
- Transfer methods. Compare the available methods for lodging a transfer. Is it all handled online or do you need to visit a branch to send your funds?
- Transfer time. How long will it take for the funds to arrive to your recipient? This is especially important if you are sending an emergency transfer.
- Pickup options. Some companies will only offer transfers direct to someone else’s bank account or provider account; others make it possible for the cash you send to be picked up in person from an agent location.
- Customer service. Weigh the pros and cons of the customer service options offered by different providers. It’s important that a company be able to offer assistance whenever you need it, so look for features such as online help centres, live chat and 24-hour call centres.
What are the pros and cons of same currency transfers?
- No need to worry about exchange rates. Because there is no need to convert the currency you send, you don’t need to worry about finding a good deal on foreign exchange rates.
- Plenty of options. Thanks to the Internet and a range of other modern technologies, you have plenty of options to choose from when deciding how to send a same currency transfer.
- Convenient. There is no hassle when sending a same currency transfer. If you wish, you can conduct the entire transaction quickly and easily online.
- Fees. You might have to pay a fee when you send a same currency transfer, although this depends on the service you go with.
What are the risks of this type of transfer?
- Not being aware of the fees. As with any financial transaction, it’s important to make yourself aware of any fees that may apply before you lodge a same currency transfer. This will ensure that you don’t end up with a nasty surprise that leaves you out of pocket.
- Dodgy providers. There’s always a risk, albeit minimal, when you use online money transfer providers. Make sure you use a trusted and reputable company to avoid being a victim of fraud.