When you send an international money transfer in the same currency, there’s no need to worry about how the exchange rate will affect the cost of your transfer.
While the exchange rate is a crucial consideration in many international transfers, that’s certainly not the case when you send a same currency transfer. From transferring funds between Eurozone countries to sending some Pounds back to the UK from overseas, sending a same currency transfer is easy because it eliminates the need for you to shop around for the best exchange rate.
However, from transaction fees to the choice of transfer options available, there are still plenty of factors to consider when sending a same currency transfer. If you’re willing to do some research and compare multiple transfer companies, you’ll be able to find a safe and inexpensive way to send money overseas.
How does a same currency transfer work?
A same currency transfer refers to sending an international money transfer where your funds don’t need to be converted to another currency. For example, you could be travelling around Australia and decide to send £500 to your mum in the UK, or you might need to send €1,000 from France to Italy.
To send a same currency transfer, you’ll usually need to pay the money plus a transaction fee to a money transfer provider. While your bank can send an international transfer for you, they usually charge quite high fees for doing so. You can often find cheaper transfer fees and secure transactions if you use an online money transfer company such as Currency Fair or MoneyCorp. If you’re sending a small amount, even PayPal can be a viable option for your same currency transfer.
Another option is to send the funds through a company that provides cash pickup. Provided by well-known companies like Western Union and MoneyGram, this service allows the cash you send to be picked up from a transfer branch by your recipient mere minutes after you pay for your transfer.
Before you choose the right provider or financial institution to handle your same currency international money transfer, it’s important to weigh up the pros and cons of each option.Back to top
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How do I compare international money transfer services?
Keep the following features in mind when comparing companies:
- Transfer fees. A hefty transfer fee can turn a simple and affordable transfer into an expensive annoyance. Transaction fees can be quite high in some cases, so check to see how much you will have to pay every time you send a transfer. Some companies even let you avoid their fees when you send a large transfer.
- Transfer methods. Check to find out the methods available for lodging a transfer. Can you send funds online, by visiting a branch or over the phone? Is there an app available for convenient mobile transfers?
- Transfer options. Are you able to schedule a recurring payment in advance if needed?
- Transfer time. Transfer times can range from 10 minutes to five or more working days, so you should definitely check estimated processing times if you want your funds to arrive as quickly as possible.
- Receiving options. While some companies offer direct transfers from one bank account to another, others offer a cash pickup option to allow your recipient to access the money fast.
- Reputation. Do some online research to determine what sort of relationship a company has with its customers, and whether other users have experienced good service from a particular provider. Check up on a company’s history and make sure it is properly registered and regulated before making your decision.
- Customer service. If you ever need help with a transfer or you just need some advice on the ins and outs of the transfer process, how will you be able to access the company’s customer support team?
What are the pros and cons to transferring the same currency?
- No exchange rates to worry about. Sending a same currency transfer eliminates the need to shop around to try and find the best exchange rate.
- Choice. The money transfer market is quite competitive and there are plenty of companies to compare and choose from when you need to send a same currency transfer.
- Simple and convenient. It’s quick and easy to send a same currency transfer, and you can take care of the entire process online.
- Fees. In most cases, sending any kind of international money transfer will incur a transaction fee.
What are the risks associated with same currency transfers?
- Failing to check the fees. You will usually have to pay a transfer fee when you send money overseas, so make sure aware of all the extra costs associated with your transaction before you hand over any cash.
- Not comparing your options. While you don’t have to worry about finding the best exchange rate, comparing the transfer fees charged by at least a couple of providers can save you a whole lot of money. Taking a few moments to hop around can do your wallet a big favour.