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When should I consider wiring money in a foreign currency?

Consider wiring funds when the beneficiary settlement account is a foreign, non-USD account. Sending funds in a foreign currency is generally faster and reduces foreign exchange risk.

When you send a wire in foreign currency, the wire recipient does not have to wait for the overseas bank to accept it and convert the funds to local currency.

Also, by wiring in a foreign currency, you can lock in the exchange rate and know the full cost of the transaction and settlement amount before the wire is sent. For more information on wire transfers, see our online banking services.