Do you have to transfer money to a friend abroad? Are you handling money in two different currencies? Are you an expat juggling between your work country and your home country? If you have to transfer money internationally between two bank accounts, do not use your bank to transfer the money.
Banks, just like Bureau de Change, have the awful habit of charging you way more than they should. Bureau de Change use marked up currency rates to discreetly hide fees in the exchange rates and banks charge you colossal fees for even small international transfers. We now have alternatives.
Have you not heard of TransferWise yet? This has to be my favourite way of transferring money abroad. Their website and app are very user-friendly and so easy to use. They do charge fees for transfers, but nothing compared to banks. Sign up with this link to get your first money transfer fee-free.
They also offer a borderless account to spend money from with a normal MasterCard in any currency to avoid card fees when spending money abroad.
WorldFirst does what TransferWise does, except for big transfers only: minimum transfer amount is £1,000. The website is not as user-friendly yet it is a good way to transfer big chunks of money abroad and extremely reliable – I find their customer service to be one of the best I ever had to deal with.
Your bank will not like that you read this post! Do not just accept what banks take from you. Settle for something better.