When you first realise that you need to transfer money to the Czech Republic, the range of options available might appear a little confusing.
Indeed, whether you need to transfer money to the Czech Republic to cover payments on a property, to move your pension instalments or just to transfer money to family, it is often difficult to know where to start when researching the possibilities. There are so many options and costs involved, some of which might not be clear to begin with.
Your local high street bank is an obvious place to enquire if you need to transfer money to a bank account in the Czech Republic, perhaps with the Czech National Bank or an international bank like ABN Amro.
It usually takes just one phone call or visit to the bank in your country of residence to organise transfers to a Czech account.
However, there are a number of costs involved in the process. These include mostly high per-transfer fees and of course the varying rate of currency exchange on the Czech koruna.
If you decide that this is not the best way for you to transfer money to the Czech Republic, it may be worth enquiring with a Money Sending Bureau to see what they can offer.
These establishments are found on high streets around the world and will help you to transfer cash internationally.
But again, there are costs involved in using these small and often poorly regulated establishments.
The foreign exchange rates on offer are not the most competitive on the market and the per-transfer fees here can be as much as 15 per cent!
Your third option is to enquire with a foreign exchange specialist, such as RationalFX. Brokers deal with such large amounts of currency that their rates on the Czech koruna will be very competitive.
In addition to this, RationalFX charges only low fees to transfer money to the Czech Republic.