What happens if I send currency different from the currency in my bank account? | Monestro (2024)

FAQs

What happens if I send currency different from the currency in my bank account? | Monestro? ›

In that case, then your bank will automatically convert your money according to your bank's currency exchange rate if your bank offers such a service. Monestro is not responsible for any additional exchange fees caused by this action, as this is up to your bank.

When an international money transfer is made between currencies, the rate calculates the difference based on the markets at that exact time. The amount the customer sends is then transferred at this rate into the other currency.

Depending on the bank account your payment is sent to, your funds will either: bounce back to your account. or incur extra cost due to conversion rates.

Do banks accept foreign currency in the US? Some banks may let you exchange unspent foreign currency you bring back to the U.S., but you generally won't be able to deposit foreign money into your checking or savings account. Instead, you'll have to exchange foreign currency for dollars before making a deposit.

ATMs generally accept only one type of currency. Instead of using an ATM, you likely will have to go in person to your local branch bank to exchange foreign currency, then deposit it into your checking, savings, or money market account. Or, you may need to seek out another location to complete your currency exchange.

You can use the bank where you have a checking or savings account to conduct your international money transfer or open an account with various companies that specialize in sending money, such as Western Union, MoneyGram, PayPal, Xoom, Wise (formerly TransferWise) or Paysend.

Arranging to pay in the local currency minimizes this “rate risk.” Further, since USD wires sent to foreign accounts ultimately are converted by the beneficiary Page 2 bank, the rates and fees are unknown to you and your beneficiary.

If your bank can't get your money back, you can make a request in writing to obtain the details of the person you accidentally made the payment to. Once you have the recipient's details, you can contact them directly and ask them to return your money. If they continue to refuse, you can take legal action against them.

If you paid by bank transfer or Direct Debit

Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam. This type of scam is known as an 'authorised push payment'.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

Can a bank account accept multiple currencies? ›

A multicurrency account is typically an account at a bank or financial tech firm that lets you spend, receive and hold multiple currencies. It can work like an international checking account with multiple subaccounts, each with a different currency.

Yes. You can open a foreign currency account in the US with select banks or with a non-bank alternative provider. Different banks have their own eligibility requirements, and not all global banks accept applications from US persons or non-resident customers.

Your bank's ATM network is likely the best option. You may be able to withdraw cash in the local currency with competitive exchange rates and low fees (1% to 3%). Use your institution's app to find an ATM near you.

Multicurrency accounts are specialized bank accounts that allow businesses to hold, manage, and transact in multiple currencies.

Most major banks and fintech companies offer foreign currencies for US-based individuals and businesses, each with different stand-out features and account opening processes.