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The Currency Kid!

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Making Money Transfer Secure

July 7, 2017

Transferring money across the global is becoming a more and more common task for many different groups of people. Birds of passage, or migrant workers who work in a foreign country for a few years, are one example. Multinational companies are also familiar with large transfers for a number of reasons ranging from business as usually to tax reduction strategies.


money exchangeMoving money from one bank to another is typically an easy task, but it becomes incredibly difficult different currencies or countries are involved. A broker may be required, and may have multiple fees, to send money to another country. The process of converting one nation's currency to another's costs money, and the exchange broker takes a slice of the money as well - after all, it is their job.


The rate of exchange between banks is what determines how much money is worth from one bank to another. A broker may intentionally convert your money at a rate lower than the inter-bank rate in order to make a profit, colloquially referred to as the "spread". Service providers often hide these practices in order to make a profit without having the appearance of being devious. There are a number of safer ways to transfer money international:

Using a qualified, regulated bank is the safest and most common way to transfer money to Spain.

Large, regulated banks are held in check by that nation's governing banking laws, making it difficult for them to skim money off of your transfer. They are also the most secure, many of which have a high volume of traffic by individuals and small businesses. Many banks have hidden transfer fees for smaller transfers, which can add up over time. It costs about 20-50 Euro on average for such a transfer, which can be significant depending on the amount of money at hand. Banks of this sort always have customer service representatives that will lend you a helping hand and advise you on how to go through with international transfers. Not all banks charge the same fee, so shop around!

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