International money wire transfers are still a convenient way of sending money to bank accounts not located in the same country. What appears to be a complicated process with foreign exchange rates, currency conversion and similar things is not that bad when you take a few moments to understand the process. Often you are dealing with your local bank branch so always ask plenty of questions if you are unsure. In particular, ask about the fees and charges. Additionally, it is important to consider the exchange rate. Some places, especially currency exchange companies, will often advertise fee or commission free transactions. What they don’t highlight is they probably have a less than favourable exchange rate compared to their competitor that does charge a commission.
What does this mean? Well, you should consider all the fees and charges plus the exchange rate. The easiest way is to compare the total amount you need to pay in order to get X worth of foreign currency wired to the other party. The less you have to pay in your local currency, the better the deal. If you need to pay in your currency and the other party is taking the risk on the exchange then it doesn’t really matter, unless you are a type of person that likes to help others and get them the best deal possible.
Are you looking for an alternative to expensive wire transfers? Wise usually offers better rates than most bank wire transfer options. Everything can be done online and you can easily see each stage of the transaction. See all the options available to you at Wise.
This brings up the other point about how the money is transferred. You need to know what currency to transfer the money. Do you owe an amount in your currency or the recipient’s currency? If the later then you need to make sure they receive that amount and it isn’t reduced by the wire transfer fees charged at your end. Of course you can’t really control any fees at their end.