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Crucial tips on how to save money on international money transfers.
Imagine paying for groceries with your phone, splitting a bill with friends after a dinner out, or buying online game credits without needing cash. You might also send money overseas in just a few minutes. These simple tasks all rely on electronic money.
A money order is a paper form of payment that looks like a check but works differently. It is prepaid, meaning the buyer pays the full amount, plus a small fee, at the time of purchase. The person receiving the money order can then deposit or cash it.
Behind the scenes, banks are constantly swapping currencies at a special “wholesale” price called the interbank exchange rate. It’s the hidden benchmark that determines how much your money is really worth when it crosses borders.
Traveling to Europe can be exciting – whether you’re going for a family vacation, a semester abroad, or an important business trip.
Many people are unaware that the timing of a money transfer can significantly impact the outcome. Exchange rates and fees fluctuate throughout the day and even by season, so sending money at the wrong time can result in receiving less than you expected.
