To send funds in one currency and have it arrive in a different currency, currency conversion needs to occur. For example, if you are wiring money from your dollar account in the US to a Euro account in Germany, somewhere along the line there has to be currency conversion in order for the correct currency to be credited to the recipient’s account. If this step is missed, your transfer may be rejected or the foreign bank may convert your money at a higher exchange rate for an additional fee. This can result in the recipient getting funds in the wrong currency or receiving less money than anticipated.
Making a Safe, Fast and Effective Wire Transfer without Mistakes
International wire transfers are a great way to send money between countries if done correctly. You can easily transfer money to people across the globe if you are careful to avoid these common mistakes. If you have any questions about how to avoid making mistakes when sending a wire transfer you can consult with our experts at GBO.