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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, Iceland. 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.Back to top
The first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialize in international money transfers. These money transfer companies focus on international transactions and can offer much better exchange rates than most major banks. Check out the services these companies offer before deciding which company should handle your next international transfer.Back to top
Isaac wants to send money to Iceland to help out his sister Katie. Katie is on a two-week holiday in Iceland but lost her wallet at a bar one night, leaving her desperately short of cash. Isaac agrees to transfer her £500, but since his bank doesn’t transfer exotic currencies, he decides to compare two money transfer companies in an effort to find a cheaper option.
As you can see in the table below, using the second transfer company allows Isaac to send an extra 720 ISK and also save £6 in transfer fees.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||£1 = 133.92 ISK||£1 = 135.36 ISK|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in ISK)||66,960 ISK||67,680 ISK|
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. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
If you need to get funds to Iceland as soon as possible, companies like Western Union and MoneyGram offer the convenience of international cash transfers in as little as 10 minutes. However, make sure you’re aware of the full cost of your transaction before you part with your money. High transfer fees and lower exchange rates often apply to emergency cash transfers, so if you’re not careful you could end up paying more than you realise.Back to top
When picking up cash, make sure to:
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