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# There is something you need to know about foreign currency transfers
- URL: https://blog.flash-payments.com/there-is-something-you-need-to-know-about-foreign-currency-transfers/
- Published: 2016-02-29T23:35:00.000Z
- Updated: 2023-10-25T14:41:20.000Z
- Author: Nicolas Steiger
- Tags: Exchange Rates, #Import 2023-06-09 18:26

You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient's account.

### That's just how it works right?

But have you ever wondered what happens to your money in that in-between period? Where it goes? Why so much of the money disappears?

![](https://storage.ghost.io/c/76/13/76135d3b-1fd6-4ac2-8254-18354e06304f/content/images/2016/02/Flash_FX_About-Us-Step-1.png)

### Let us break it down for you.

Most banks pass your money around complex and opaque global relationship network to get it from point A to point B - with every hand that touches the money taking (more than) a few dollars. Of course, it's all lumped together and listed as one fee on your statement.

![](https://storage.ghost.io/c/76/13/76135d3b-1fd6-4ac2-8254-18354e06304f/content/images/2016/02/Screen-Shot-2016-02-26-at-10-32-27-AM-1.png)

### Yeah. We Know.

It’s an easy fix, right? Take the banks out of the equation. And we’ve done just that - so you can send your money directly, which is much faster and much more cost-effective (with the same level of security). Here’s the thing, though - other people are doing that too. But they haven’t learnt the right lesson.

**They’re still making exactly the same mistake that the banks are making:**

**They’re not letting you control the process.**

## We give the control back to you. Where it should've always been.

### Here's how:

- We let you track your money every step of the way, from your account to your recipient's.  
(After all, you can track parcels you send by post - so why not your money?)
- We let you choose when you'd like your currency to be converted.  
Look at past rates. Choose the rate you'd like. And automate the transfer (if you'd like to).
- We show you, transparently and clearly, what the costs are (and why).  
Nobody else does that. Nobody else puts you in control of your money.

### Here's the rub, though - choosing who you use for your foreign currency transfers?

**That is in your control**