Which exchange rate is used for international money transfers? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

Which exchange rate is used for international money transfers?

Asked by Banky team 2 months ago 1 views
Banky team Reviewed editorial answer

The price depends on where the currency conversion takes place: the sender's bank, a broker, or the beneficiary's bank, and on the execution time.

Ask about the currency the beneficiary will receive, as well as the fees and conversion margins; don't just compare it to the currency screen price.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

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