Should I send an International Payment in U.S. dollars or foreign currency?
It is generally best to send local currency. If you send U.S. dollars to a foreign country and the recipient of the wire transfer does not have a U.S. dollar account at their bank, their bank will convert the U.S. dollars that you send into the local currency and credit your recipient’s account. This means that you cannot ensure the exact amount that your recipient will receive because foreign exchange rates continually change. If you choose to send the payment in U.S. dollars, you must provide the name of the U.S.-based bank that accepts transfers on behalf of the beneficiary’s foreign bank.
Related Questions
- Can the beneficiary receive the payment in a foreign currency other than Pak Rupees and US Dollars for direct deposit in an account with UBL or in cash or in an account with any bank other than UBL?
- What is the maximum foreign currency amount I can send to my child, who is studying abroad?
- Should I send an International Payment in U.S. dollars or foreign currency?
