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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, Czech Republic. 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.
Marek has been settled in the UK with his family for the last five years. Recently his brother and sister-in-law moved back to the Czech Republic after both accepted positions in a prominent law firm in Prague. Marek has just become an uncle and would like to send £500 as a gift for his new niece. He has the choice between two money transfer providers.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||1 GBP = 28.11 CZK||1 GBP = 26.53 CZK|
|Transfer options||Online transfer, bank transfer||Cash pickup|
|Transfer speed||1 to 4 working days||10 minutes|
|Amount received in CZK for £500||14,055 CZK||13,265 CZK|
While Money Transfer 1 takes a few more days to deliver his money, Marek opts for its stronger exchange rate and direct deposit into his brother’s bank account. His niece stands to receive an extra 790 Czech Koruna as well.
When comparing transfer services for getting money to the Czech Republic, it’s important to consider the following factors:
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. The Czech Republic’s exchange rates is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
You might need to send an emergency cash transfer to the Czech Republic— for example, if a friend travelling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
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