Is international wire transfer possible from and to a different currency?
Question by ersop: Is international wire transfer possible from and to a different currency?
I wish to transfer currencies from the Philippines to my Forex account in Cyprus. It’s about USD 3000. Sender currency is Philippine Peso (PHP) and target currency is US Dollar. Any banks/institutions that provide low rates? Thanks.
Answer by crehan
All major banks do international transfers from their local currency (in your case the Philippines) to another country, especially in US $ (still considered the ultimate currency), UNLESS there are some foreign exchange controls in one of the two countries involved, in which case you may have to provide the sending bank or receiving bank, or a regulatory government agency of either country, to provide details and justification on the reason of the transfer, or origin of the money, etc..
The money may not necessarily be transferred to your bank at the receiving end, because the sending bank may have to transfer it first to their correspondent in Cyprus, who in turn will transfer it to your bank. This does not give you additional work on your sending country. It might just take a few more days and cost you a little more money. Meanwhile all the banks involved will be using your money to earn a little interest while the money is in their possession.
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