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Sending money internationally has been a matter of concern and is full of misconceptions. People often struggle with the process and remain fearful of the fact whether their money reaches its destination or not. However, with the advent of modern technology and online platforms, international money transfer has become easier than ever.
So, through this write-up, let's get an overview of the process for a better understanding and hassle-free money transfer across the world.
01
The process begins with signing up or logging in to the SterlingFX portal. If you're a new user, sign up, and if you're an existing user, log in with your credentials.
02
Next, you must enter the recipient details properly, including the names, account numbers, and necessary bank information.
03
To proceed, input your amount and choice of currency. We will convert the amount, and you can then proceed.
04
Now you can confirm the payment method. You can choose among debit/credit, bank transfer, demand draft, etc.
05
Double-check all the details, including exchange rates and fees. Confirm the transfer to initiate the process.
06
After confirmation, you can track the status of your transfer through your SterlingFx account.
Method | Mid-market exchange rate | Exchange rate markup | Multi-currency card |
---|---|---|---|
High street banks | No | Yes | No |
Specialist currency brokers | Yes | Yes | Yes |
High street money transfer services | Yes | No | No |
Digital money transfer providers | Yes | No | No |
The common mistakes to avoid while transferring money from Australia to the UK are -
Taking services from the unauthorised service provider.
Taking an international money transfer service without knowing the exchange rate, service charge, and hidden cost.
Choose a service without reading their customer reviews.