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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, Hungary. 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.
Ania is living and working in London. She maintains close ties with the Hungarian cultural associations, especially since her sister remains in Budapest with her husband. Ania often sends home money for her little niece’s birthdays, Christmas and Easter, so she’s always comparing transfer services to find the best and cheapest companies.
|Major Bank||Money Transfer Service|
|Exchange rate||1 GBP = 346.99 HUF||1 GBP = 359.24 HUF|
|Amount received in HUF for £500||173,495 HUF||179,620 HUF|
|Transfer time||24 business hours||1 to 3 days|
|Transfer options||Bank to bank, online transfer||Online transfer|
|Difference||6,126 HUF less||6,126 HUF more|
Ania has the choice between a service that delivers faster for a small fee and another service that offers free transactions with a longer delay in delivery. Should she decide to use an international money transfer service, the recipient could receive 6,126 HUF more.
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. Like most countries, Hungary has a flexible exchange rate, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today’s exchange rate GBP to HUF
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