An international money transfer is a transaction that sends money from one country to another. It can be used to send money to friends and family overseas, to pay for goods and services purchased from foreign vendors, or to invest in foreign markets.
How do international money transfers work?
To make an international money transfer, you will need to provide the following information:
- The recipient’s name and address
- The recipient’s bank account number or IBAN (International Bank Account Number)
- The recipient’s bank name and SWIFT code (also known as a Bank Identifier Code/BIC)
- The amount of money you want to transfer
You can make an international money transfer through a variety of channels, including:
- Your bank’s website or mobile app
- A money transfer service provider, such as Western Union or MoneyGram
- A currency exchange bureau
How long do international money transfers take?
The time it takes for an international money transfer to be completed will vary depending on the channel you use and the countries involved. However, most international money transfers are completed within 1-3 business days.
ASB Bank charges a fee of $5 for international money transfers made through FastNet Classic internet banking. Overseas banks may also charge fees for receiving international money transfers.
How can I save money on ASB Bank international transfers?
There are a few things you can do to save money on ASB Bank international transfers:
- Compare exchange rates before you make a transfer. You can use a currency converter to compare exchange rates from different banks and money transfer services.
- Avoid sending money during peak times. Exchange rates are typically less favorable during peak times, such as at the beginning of the week or at the end of the month.
- Use a money transfer service provider that offers competitive exchange rates and fees.
ASB Bank is a good option for making international money transfers. ASB Bank offers competitive exchange rates and a wide range of countries to send money to.
Additionally, ASB Bank’s online platform is secure and easy to use, and the bank offers access to a dedicated customer service team.