- Use promo code 3FREE to get three free transfers
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While your local bank may be the most obvious way to send money to Poland, you can save on fees and get a more competitive exchange rate with a money transfer company — but make sure it offers a speed and transfer type you’re happy with.
While banks can send your money abroad, they’ll charge high fees and you won’t get the best exchange rates. Money transfer companies, on the other hand, focus solely on moving money internationally. This allows them to offer better exchange rates and lower fees than you would get from a bank, making it a more affordable way to send money to Poland.
Pavel is spending a few years living in the UK. To help his parents pay off their debt back home in Poland, Pavel wants to send them £1,000. Rather than use his bank, which offers a paltry exchange rate and a hefty transfer fee, he decides to investigate the services of a couple of money transfer providers to send money to Poland.
|Money transfer company A||Money transfer company B|
|Exchange rate||£1 GBP = 5.17 PLN||£1 GBP = 5.14 PLN|
|Transfer method||Bank account deposit||Bank account deposit|
||2 business days||1-2 business days|
|Amount received in PLN for £1,000||5,171 PLN||5,145 PLN|
As you can see, a small difference in the exchange rate leads to Pavel’s parents receiving an extra 26 Polish zloty if Pavel uses the first money transfer company.
Both money transfer companies and banks use exchange rate to determine how much one country’s currency is worth when converted to the currency of another currency. And because the pound is strong when compared to the Polish zloty, you’ll be able to send more zloty per pound you spend. Keep in mind that this amount changes daily, so you’ll want to stay on top of trends if you plan to frequently send money to Poland.
If you need to send money to Poland in a hurry, be wary of the fees and exchange rate that apply to your transaction. You’ll usually be charged a premium for sending an urgent transfer. Closely check the full cost of your transaction, and don’t be afraid to take a little extra time to compare your options. It could save your money and get more zloty in your recipient’s pocket when they need it most.
Whenever you pick up the funds from a cash transfer, make sure that you follow a few simple safety precautions to prevent yourself from becoming a victim of theft.
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