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Banking

When Do You Need an International Bank Account?

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Whether you are planning to go abroad for a week or a year, international travel will challenge your assumptions about everyday life in ways you could never imagine. A journey abroad requires exhaustive research before you even leave your home, most importantly understanding how to handle banking tasks and access to money.

The good news for most casual travelers is that you probably won’t need to learn how to say “I’d like to open a bank account” in Mandarin. For a vacation abroad, you need to think carefully about how you intend to use your credit and debit cards to avoid paying high fees for normal transactions, both purchases and ATM withdrawals. And if you plan on staying in one place and putting down roots, renting an apartment, getting a job or engaging in even simple financial transactions, then you might look into banking with a local institution.

Whichever sort of journey you anticipate, we’ve assembled a basic primer on what you need to know about international bank accounts and international bank fees.

Consider your international payment options

Your banking needs when traveling beyond America’s shores will likely be minimal, as you’ll have more interesting things to do in Rome or Delhi than apply for a home loan. What you will require is a widely accepted payment method and convenient access to local currency to pay for your fantastic meals and buy replicas of the Great Pyramids.

Just like at home, you can cover almost any cost with credit cards, debit cards or cold, hard cash. But while paying for a pumpkin spice latte at your local Starbucks may happen with a simple swipe, things can get a little hairy when you whip out that Mastercard to pay for a bowl of street pad thai.

You can’t rely on everyone accepting plastic when abroad. Keep in mind that because credit card acceptance depends on individual merchants, there’s no guarantee the Parisian cafe where you had coffee and a croissant will accept your credit card, even if the boutique down the street does.

How much are international bank transaction fees?

Using your card — whether credit or debit — when traveling abroad will almost certainly invite a whole heap of fees. While certain travel cards allow you to avoid these charges, or provide such generous rewards as to make the fees worth it, you may end up paying an additional 3% of your transaction in total fees from both the credit/debit card issuer (your bank or credit union) and the card’s network (Visa, Mastercard, Discover, etc.) The exact structure of these fees varies from bank to bank and card to card, but they generally can be understood as consisting of:

  • The card network’s foreign transaction fee: This is the 1% Visa and Mastercard charge for each foreign transaction, separate of whatever your card issuer will charge you. Discover doesn’t charge a foreign transaction fee (though again, that doesn’t mean using your Discover card abroad won’t incur a foreign transaction fee with the card issuer). American Express is both a card network and a card issuer, and charges a fee of 2.7%.
  • The card issuer’s foreign transaction fee: Since you don’t get your credit cards directly from a credit card network (unless it’s American Express), your card issuer (the bank or credit union that approved your account) has a stake in your spending and will also charge you a foreign transaction fee. Some banks, such as Capital One, make it a point to charge no fees and will go so far as to pay the card network’s 1% fee if its linked to one of the bank’s 360 accounts. Most aren’t so generous, and tack on their own fee (of around 2% in most cases).

You might try to avoid international bank transaction fees by paying with cash, but unless you plan on bringing enough greenbacks from home to make airport security think you’re an arms dealer, you’ll have to withdrawal that money from a foreign ATM. And that comes with its own set of fees — usually a percentage of the total transaction, plus a flat per-transaction fee.

To give you a better idea of how much of a drag these fees can be on your wallet, here are the standard fees from the “Big Four” U.S banks (these fees may be waived if you are a customer with a premium account). Keep in mind these fees usually only apply when you are dealing with a third-party ATM while abroad — finding ATMs either owned by your bank or with a foreign bank in partnership with your domestic bank is a common way you can avoid the fees listed below.

International ATM fees charged by major banks

Chase

$5 flat fee per withdrawal, plus 3% of each transaction and whatever fee the ATM owner charges

Wells Fargo

$5 flat fee per withdrawal and whatever fee the ATM owner charges

Bank of America

$5 flat fee per withdrawal, plus 3% of each transaction and whatever fee the ATM owner charges

Citibank

$2.50 flat fee per withdrawal, plus 3% of each transaction and whatever fee the ATM owner charges

Avoid fees by finding your domestic bank ATMs while abroad

“Most large multinational banks have branches in large foreign cities,” said Rick Brooks, CFP and CPA at Blankinship & Foster in California. “For example, my daughter opened an account at CitiBank for her semester abroad in Hong Kong. She didn’t need a local bank account because Citi was sufficient for her needs.”

The easiest way to figure out if your domestic bank has a branch in a foreign country is to call them and ask, but Bank of America customers should note their bank participates in the international Global ATM Alliance, a deal brokered by select major banks around the world to allow their customers to use any of their ATMs while only paying minimal fees. You’ll notice the fees are “minimal” but still exist. You’ll still have to pay a 3% transaction fee, but that’s better than having to also pay BoA’s fee for using a third-party ATM and the third-party fee.

Global ATM Alliance bank

Coverage area

Barclays

United Kingdom: England, Northern Ireland, Scotland, Wales, Jersey, Guernsey and the Channel Islands

BNP Paribas

France

BNL D'Italia

Italy

UkrSibbank

Ukraine

TEB

Turkey

Deutsche Bank

Germany and Spain

Scotiabank

Canada, Mexico, Peru, Chile and the Caribbean including: Anguilla, Antigua & Barbuda, The Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Saint Maarten, Puerto Rico, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Trinidad & Tobago, Turks & Caicos Islands and U.S. Virgin Islands

Westpac Bank

Australia and New Zealand

Even if your international location doesn’t have a branch of your bank back home, there’s still actions you can take to minimize the amount of fees you’ll pay during your trip. “You might want to limit your withdrawals in that case and “make them count” by taking out larger amounts and budgeting that cash over the month,” said Jessica O’Donnell, a CFP based in Massachusetts.

Do I need an international bank account?

Like being in love, knowing when you need an international bank account feels different for everyone. Some people judge it based on the amount of time you spend abroad. “The longer you plan to stay in a foreign country, the more attractive it is to open a bank account there,” said O’Donnell. “This is a necessity if you will be working or studying there for a year or more.”

Others place more importance on the type of financial transactions you plan on doing while abroad, rather than how long you’re staying. “When a person is working in a foreign country, or they own real estate, often it makes more sense at that point to open a local bank account to better handle expenses in the local currency,” said Daniel Tobias, a CFP based out of Charlotte, N.C.

What you’ll need to open your international bank account

Not all international banking is created equal when it comes to the paperwork you’ll need to prepare to open an account. From Beijing to Berlin, banks have to adhere to their own country’s regulations when it comes to opening accounts, and you may have to jump through some hoops you couldn’t anticipate beforehand. However, you should typically expect to bring:

  • Proof of residency
  • A letter of recommendation from a domestic bank
  • Photo identification
  • A professional reference

In some cases, opening a bank account may not be that much more complicated than it would at home — but you shouldn’t bet on it. “The biggest trouble is walking into a bank in a foreign country where you don’t speak the language, sitting down with your passport and not a local identity document, and the person across from you who has never dealt with a foreigner has no clue what to do,” said Tobias.

For tax purposes, it’s ideal to keep the amount in your foreign bank account less than $10,000 (USD) if possible. Otherwise the bank has to report your account to the IRS and you’ll have to file it as part of your American tax returns.

“In recent years, banks overseas serving American customers have had to provide the IRS with documentation on accounts held with them by U.S. citizens or dual citizens,” said Eileen Sharkey, a Denver-based CFP. “The banks generally cannot charge their customers for this compliance work, and are now generally reluctant to open accounts for Americans.”

The bottom line on international banking abroad

If you’re time abroad can be characterized as a trip or a vacation — even if it lasts a few months or more — chances are you don’t need to open an international bank account in a foreign country. If you’re fee-adverse, you can either apply for a credit card that doesn’t charge a foreign transaction fee or research what bank’s ATMs and branches are the most common at your destination and see if you can open a domestic account with a bank that allows you to take advantage of a low or no-fee network (like Bank of America).

Anyone who needs to do banking beyond facilitating simple spending money (such as buying property), opening a local account will almost certainly become a necessity. It may be a huge headache, but your alternative is potentially paying huge sums in currency exchange fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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Banking

The Best Military Credit Unions

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Banking services probably aren’t at the top of the list of reasons why the men and women who serve our country in the armed forces put on a uniform. Nevertheless, their service entitles them — and in some cases, their immediate family — to membership in exclusive credit unions.

When you’re serving the country in uniform, you never know where the call of duty will take you. A good military credit union should provide overseas locations that overlap with the places where you serve. This is why many of these credit unions have branches on bases in Germany, Guam and other areas where service members are currently stationed. They should also offer superb online banking services.

Another benefit to look for in military credit unions is whether they offer special programs for active or retired service members, such as ultra-competitive rates on home or auto loans, or special high-earning accounts for you to place your pay. Perhaps more than anything else is the great feeling you get from interacting with a credit union that knows how to deal with the complexities of having customers in uniform.

We’ve compiled the best credit unions for members of the military based on the ubiquity of their branches and ATMs, the competitiveness of their rates and their overall financial health.

The best nationwide military credit unions

Navy Federal Credit Union

Share Savings Account

Money Market Savings Account

Flagship Checking Account

12-Month EasyStart Certificate Special

0.25%
APY

0.80% APY ($2.5k - $10k)

0.85% APY ($10k-$25k)

0.90% APY ($25 -$50k)

0.95% APY ($50k and up)

0.45% APY

3.50% APY

Although based in Virginia, Navy Federal Credit Union opens its doors and its accounts to potential members nationwide, with an exclusive focus on those who serve or have served in the armed forces, as well as civilian employees of the Department of Defense. With more than $100 billion in assets and 8 million members, this credit union ranks as not only one of the largest military-focused financial institutions out there, but one of the largest credit unions, full stop.

Beyond the personal and business accounts available to all members, special deals, such as a 100% financing option on home loans, early access to military pay via direct deposit and more are offered to active-duty members.

Learn more Secured

on Navy Federal Credit Union’s secure website

PenFed Credit Union

Premium Online Savings

Money Market Savings Account

Access America Checking Account

12-Month Money Market Certificate

2.00% APY

0.05% APY (up to $10k)

0.10% APY ($10k-$100k)

0.15% APY($100k and up)

0.20% (up to $20k)

0.50% APY ($20k-$50k)

2.25% APY

PenFed Credit Union provides financial services to more than 1.7 million members in every state of the union and in Washington D.C., Guam, Okinawa and Puerto Rico. Their membership requirements are more expansive when compared with Navy Federal. Not only members of the military, but federal government employees, residents (or workers) in several Virginia military bases, and anyone who makes a $17 donation to the National Military Family Association can join.

Some of PenFed’s most competitive products are its money market certificates (which is what it calls the CDs it offers). The 12-month certificate, for example, offers an APY of 2.25% (with a required minimum of $1,000) making it a much higher earner than the market average APY of a CD of that term.

Learn more Secured

on PenFed Credit Union’s secure website

America’s Credit Union

Regular Share Savings Account

Money Market Account

Affinity Checking Plus

12-Month Standard CD

0.05% APY

0.05% APY (up to $5k)


0.20% APY ($5k - $15k)

0.22% APY ($15 - $25k)

2.00% APY (up to $25k)

2.38% APY

Based in Washington state, this credit union is open to any member of the armed services (both active and retired) in the country. Founded in 1954 to provide banking services to families living around Joint Base Lewis-McChord (located near Tacoma), this credit union provides strong rates for its members.

In addition to the strong rate ACU offers with its 12-month CD, the Affinity Checking Plus account also makes for a competitive product. Customers should keep in mind that the 2.00% APY it offers on balances up to $25,000 comes with the following requirements: 1) 15 debit card transactions have to post and clear from the account each month. 2) You must log on to ACU Online (the online banking for ACU) or the mobile app at least once per month. 3) You opt in for e-statements.

Learn more Secured

on America's Credit Union ’s secure website

Service Credit Union

Standard Club Savings Account

Money Market Account

Five Star Service Checking

1-Year Share Certificate

0.20% APY (up to $5k)

0.25% APY ($5k and up)

0.75% APY ($2.5k to $25k)

1.00% APY ($25k $100K)

1.25% APY ($100k and up)

0.05% APY ($1.5k - $5k)

0.10% APY ($5k and up)

2.15% APY

Originally founded as the Portsmouth Air Force Base Federal Credit Union to help out with the finances of the military personnel working at the base (and their families), this credit union has expanded its membership eligibility to include all employees of the Department of Defense as well as all active and retired military members.

One standout service offered by the credit union is a special savings account for active military members either currently deployed to a combat zone or who have recently returned from one within 120 days. Called Warrior Savings, qualified customers may deposit up to $10,000 in the account to earn a 10% APY.

Learn more Secured

on Service Credit Union’s secure website

Andrews Federal Credit Union

Base Share Savings Account

Money Market Account

Advantage Checking Account

12-Month Share Certificate

0.31% APY

0.25% APY (up to $1k)

0.35% APY($1k - $10k)

0.40% APY ($10k - $50k)

0.50% APY ($50k - $100k)

0.60% APY ($100k and up)

0.20% APY

1.41% APY

Formed from humble beginnings between eight people with a $5 deposit apiece, Andrews Federal Credit Union fulfills the banking needs of more than 120,000 customers located in D.C., Maryland, Virginia, New Jersey and more exotic locales such as Germany, Belgium and the Netherlands.

Anyone in the country — regardless of military service — can become a member by joining the American Consumer Council (which is free if you use the promo code “Andrews”). Military personnel living assigned to Joint Base Andrews or Joint Base McGuire-Dix-Lakehurst also qualify for membership, as do select civilians working for the military.

The base share account of this credit union earns a great APY for a basic savings account with 0.31%. Usually these accounts earn a pittance, so the high interest offered here, combined with the credit union’s variety of locations, make it a competitive entry on the list.

Learn more Secured

on Andrews Federal Credit Union’s secure website

Best regional credit unions

Air Force Federal Credit Union

Regular Share Savings Account

Money Market Account

Elite Checking Account

1-Year CD

0.10% APY

0.05% (up to $2.5k)

0.25% ($2.5k and up)

1.10% APY ($250k minimum)

1.85% APY ($1k-$2.5k)

1.90% APY ($2.5k - $12.5k)

1.95% ($12.5k - $25k)

2.00% ( $25k - $100k)

Founded by former airmen in the 1950s, this credit union services a smaller geographic region than some of the bigger institutions in this roundup. In general, membership eligibility not only requires you to be a member of the military (either active duty or retired) or a Department of Defense employee, but also living or working in Texas, Oklahoma, Arkansas, Louisiana or Mississippi.

Besides the accounts listed in the table above, one relatively rare product offered by AFFCU is a second-chance checking account called SAF-T Checking. For a $25 minimum deposit, customers gain access to a no-fee account with free online bill pay, free online banking and other services not necessarily offered by second-chance accounts.

Learn more Secured

on Air Force Federal Credit Union’s secure website

Security Service Federal Credit Union

Basic Savings Account

Money Market Account

Power Protected Checking Account

1-Year CD

0.10% APY

0.30% APY ($5k - $25k )

0.40% APY ($25k - $50k)

0.45% APY ($50k - $100k )

0.60% APY ($100k - $250k)

0.85% ($250k and up)

0.05% APY (up to $10k)

1.90% APY ($500 - $25k)

1.95% APY ($25k - $50k)

2.00% APY ($50k and up)

Security Service Federal Credit Union serves select communities in Texas, Colorado and Utah, including qualified members of the military residing in the area and Department of Defense employees (unfortunately, you’ll have to try and open an account to find out if you qualify).

For those who are able to avail themselves of this credit union’s services, they’ll find they have access to an attractive and competitive array of accounts and products. Chief among these is the 1-year CD, which offers a high APY of 1.90% with a deposit as low as $500.

Learn more Secured

on Security Service Federal Credit Union’s secure website

Randolph-Brooks Federal Credit Union

Savings Account

Classic Money Market

Really Free Checking

12-Month CD

0.25% APY

0.65% APY

0.05% APY

2.07% APY

Another Texas-based credit union, Randolph-Brooks Federal Credit Union specializes in serving those who live or work at Randolph Air Force Base. While there are other ways to qualify for membership, such as working for a qualified employer in the region, the credit union retains a focus on those living in the Lone Star state.

The basic savings account offered by RBFCU earns a decent APY while not charging any fees or requiring a minimum balance above $1, making it a nice no-frills account to place your money. Its 12-month CD also shines, only requiring a minimum deposit of $1,000 to start earning 2.07% APY.

Learn more Secured

on Randolph-Brooks Federal Credit Union’s secure website

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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Banking

How to Send Money to Mexico

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you have family or friends in Mexico, you’ll find that the process of sending them money from the United States is easier and cheaper than ever before. There is a plethora of services today that offer a variety of options for getting your hard-earned dollars converted to pesos and sent south of the border.

Have you been using the same service to send funds for ages? Time to figure out if you can find a better deal. We’ve looked at a range of different international money transfer companies, and tallied their options and the fees involved to send money to Mexico.

How to send money internationally

Not very long ago, there was really only one way to send money to Mexico from the United States. You’d visit a bricks-and-mortar transfer agent and send the money in person. Online remittance services have challenged the traditional money transfer agencies that maintain lots of physical outlets.

Whether you stick with the agency down the block or go online, you’ve got options for how the recipient can get their funds, via bank transfer or cash pickup. The sender can send money via cash, bank transfer, debit card or credit card.

Dan Canning, U.S. managing director at WorldRemit, cautions consumers to use a reputable money transfer service, especially ones that require you to verify your information and so you can minimize the risk of fraud.

“Online money transfer operators can mitigate some of the risks and issues involved with cash-based remittances because they are able to use advanced technology to validate customer identities and ensure the integrity of their customers’ personal information,” he said.

“The electronic footprint generated by online transfers can also act as a strong deterrent to criminal groups who seek to victimize consumers through fraud scams.”

Compare services to send money to Mexico

We’ve looked at the services of seven competing international money transfer companies to give you a feel for the competitive landscape.

Company

Cost to send $100 to Mexico

Time it takes to get to recipient

MoneyGram

At a physical office: $9.99
Online bank transfer: $1.73
Credit or debit card online: $1.99

Bank transfer: 3-4 business days
Credit/Debit card: within minutes
Cash: within minutes

Remitly

Bank transfer: $3.99
Debit card: $3.99

Bank transfer: 3-5 business days
Debit card: Within minutes

Ria

Bank transfer: $1
Debit Card: $2
Credit Card: $4
Cash: $9

Up to 4 business days

TransferWise

$2.64

1 business day

Western Union

Online to recipient’s bank account: $4.99
Online, if recipient picks up cash
Credit card: $8.50
Sending via physical branch: $4
Via bank transfer: $2.99

Anywhere from within minutes up to 5 business days, depending on how you send funds

WorldRemit

Via bank transfer: $2.99
Cash pickup: $1.99 to $4.99, depending on location

Within the same business day

Xoom

$4.99

15 minutes or less

Send money to Mexico with MoneyGram

MoneyGramMoneyGram offers a quick service feature that lets you send money within minutes for cash pickup. The company also allows you send money online once you register for a free account, or you can stop by any one of their 350,000 locations worldwide.

Beware that MoneyGram has some of the more costly options for sending money abroad, but you can minimize your costs by using a bank transfer and sending money to your recipient’s bank account. However, this low-cost option means it could take from three to four business days for funds to arrive in Mexico.

Send money to Mexico with Remitly

RemitlyRemitly lets you send money via bank transfer — what it calls the economy option — or debit card — what it calls the express option. To initiate a transfer, you’ll need to register for an account online, though you’re limited to sending up to $30,000 within the first 24 hours after account registration depending on what personal information you provide. The recipient can pick up their cash at over 15,000 participating locations.

The express option gets your money to Mexico in minutes, while the economy option means your funds will arrive within three to five business days. Remitly offers a money-back guarantee if your funds don’t arrive on time.

Send money to Mexico with Ria

RiaRia allows you to send money at any one of their 369,000 branches worldwide or online. It has partnered with the PayNearMe app where you can initiate a transfer online, then head to the nearest participating 7-Eleven to drop off the cash.

To send money, stop off at any one of their branches or create an online account. Once you verify your personal information, select how you want to pay — bank transfer, debit or credit card — and how you want the recipient to receive their funds, whether it’s through bank deposit or cash pickup.

The cheapest option is to send it money to your recipient’s bank account via a bank transfer online. You can’t send more than $2,999.99 per day, or $999.99 for Arizona and Oklahoma residents. It’ll also take up to four business days, assuming Ria doesn’t require additional safety checks.

Send money to Mexico with TransferWise

TransferWiseTransferWise offers a variety of payment options — ACH transfer, bank transfer, debit or credit card payment — but the recipient will need a bank account to receive funds. Transferwise offers customers currency exchange using the mid-market rate — there are no markups and it’s based on the “real” exchange rate, like the ones you find on websites like XE.com.

To send money to Mexico, you’ll need to start off by opening an account with Transferwise and complete the verification process. Once complete, you can initiate a transfer by logging into your account and indicating how much money you want to send and the transfer method.

Transferwise lets you send up to $10,000 every 24 hours per order using ACH transfer and up to $50,000 with other methods. As soon as Transferwise receives your funds, it claims it’ll arrive in your recipient’s account within one business day.

Send money to Mexico with Western Union

Western Union As one of the largest money transfer companies in the world, Western Union offers a myriad of options to send and receive money. You can show up at any one of their 42,000 branches in the U.S., online or via their mobile app, and pay via bank transfer, cash or even Apple Pay.

Once you register for a free account online, you can select where you want to send money, the payment method and how you want the recipient to receive their funds. The cheapest option is via bank transfer and have the recipient pick up cash at a Western Union location, which can take up to four business days to arrive.

Send money to Mexico with WorldRemit

WorldRemit Launched in 2010, WorldRemit allows users to send money online or via a mobile device. You can send money in a variety of ways, including bank transfer, with a credit or debit card or via Apple Pay. Your recipient can do a cash pickup at a participating location — some locations will have higher fees than others — or receive the funds in their bank account.

You’ll need to open an online account with WorldRemit and verify your identity using an official ID. Once complete, you then select how you want to pay for the transfer and delivery method. The cheapest option is cash pickup at certain locations, and the money should be available instantly.

Send money to Mexico with Xoom

XoomXoom is owned by Paypal, which means you can use your Paypal account to send cash, but you can only use a linked bank account, credit card or debit card to send funds. The recipient can pick up the cash at over 35,000 participating locations or have the money sent to their bank account.

To send money, you’ll need to register for an account with Xoom. Once you provide all required documentation, you can transfer up to $50,000 every 24 hours or up to $60,000 each month. If you want to send more than $10,000, it could delay processing times — up to two to three business days on top of normal processing times even for the cheapest option.

Shop around for your best rate

When comparing money transfers services, you’ll want to see how much it’ll cost you in fees and approximate time of arrival. Money remittance services make money through fees and markups in their currency exchange rates. However, exchange rates are constantly in flux, which means that if you find a low-cost option today, doesn’t mean it’ll be true within a few days.

“Exchange rate fluctuations are caused by supply and demand changes in the FX market, which are in turn, affected by a variety of financial and economic factors,” Canning said.

Money transfer services make use of exchange rates to help you transfer money. Even if you find a good rate, it could go up within hours, meaning that $100 you send to your aunt in Mexico is no longer worth as much as it was before.

Canning also mentions that remittance services can guarantee a certain currency exchange rate with a specified amount of time. Places like WorldRemit can choose to receive email or text alerts of currency exchange rates to find optimal times to send money. If possible, sign up for these alerts so you can try to get a more favorable rate.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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