- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Montenegro is easy. However, do your research and shop around for the best available deal.
Instead of sending funds through your bank, compare your options to see whether you can find a more affordable deal from a money transfer company, such as OFX or CurrencyFair. These providers trade high volumes of foreign currency and can therefore offer much better exchange rates than banks. They also charge lower fees, so doing a quick comparison between transfer providers can save you a whole lot of cash.
Ivan’s wife Karina stayed behind in Montenegro while Ivan was transferred to Swansea to work for six months. With the bills piling up at home, Ivan wants to send his wife £1,000 to help her take charge of the family finances. Instead of taking the poor exchange rate offered by his bank, Ivan decides to compare two money transfer companies to see if a better deal might be available.
As the comparison table below shows, while the first transfer company can save Ivan £3 in transfer fees, the better exchange rate offered by the second company allows him to send more euros and get it there more quickly.
|UK bank||Money transfer service|
|Exchange rate||£1 = €1.2445||£1 = €1.3061|
|Amount received for £500||€622.25||€653.05|
|Transfer time||1-12 days||One day|
|Transfer options||Bank account||Bank account|
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.
When you need to get money to a friend or loved one in Montenegro as quickly as possible, an emergency cash transfer is the way to go. Some companies offer overseas transfers that can be completed within minutes, which is extremely convenient, but make sure you’re aware that these types of transfers will cost you more. High transaction fees and lower exchange rates usually apply, so review the full cost of a transaction before you commit.Back to top
Although the transfer process varies from one provider to the next, you will usually have to:
Regardless of whether you’re in Montenegro or the UK, it always pays to take a few simple safety precautions when picking up cash:
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