What is the best foreign exchange platform to convert my salary to my home currency?

Bain BCG foreign exchange MBB Mck McKinsey
New answer on Feb 21, 2021
10 Answers
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Anonymous A asked on Jan 06, 2021

I recently started a consulting job in Middle East and I want to transfer my salary into my home currency.

Any reccommendations on best platforms to use (e.g. Moneycorp)?

Thanks very much

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Best answer
Oliver
Expert
replied on Jan 06, 2021
Manager | Ex-Strategy& | INSEAD MBA |50+ Interviews @ Strategy& - 75+ Mock-Up Interviews @ INSEAD for MBB applicants

Hi,

I assume, you're also looking into transferring the money not only to a different currency but into a different account, likely someplace other than your current location, right?

If so, I found transferwise.com to be quite efficient and - depending on the currencies you are exchanging and the payment methods available - quite cheap (can be even lower than .5% FOREX). Best thing: you can directly check online on their website how much the cost would be, so you can easily compare it to other services.

If not, maybe an account with one of the current neo-banks (e.g. Revolut) might be helpful?

Hope that helps!

Best

Oliver

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Ian
Expert
Content Creator
replied on Jan 07, 2021
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

I agree with Oliver. Transferwise si easily the best solution out there.

They have the best fees around not to mention great user interface. This is because they "trade" funds btween members of opposite countries rather than exchanging money themselves.

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Francesco
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replied on Jan 07, 2021
#1 Coach for Sessions (4.000+) | 1.500+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 9Y+ Coaching

Hi there,

Congrats on your offer. The best ways to transfer money nowadays are TransferWise (very low fee) and Revolut (0% fee during weekdays although with restrictions), although you should check if they are available in your country.

Best,
Francesco

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Henning
Expert
replied on Jan 07, 2021
Bain | passed >15 MBB interviews as a candidate

+1 for Transferwise

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Adi
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Content Creator
updated an answer on Jan 07, 2021
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

Transferwise

(edited)

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Antonello
Expert
Content Creator
replied on Jan 10, 2021
McKinsey | MBA professor for consulting interviews

Hi,

Revolut and Transferwise are among the top platforms.

Hope this helps.

Best,

Antonello

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Raj
Expert
Content Creator
replied on Feb 21, 2021
Strategy&| ex-interviewer | 170+ coached over career |95% success @ MBB, S&, RB, LEK, OW, Big4 [SUCCESS STORIES BELOW]

Transferwise and Revolut are your best bets here

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Anonymous replied on Jan 09, 2021

Hi,

I personally use Transferwise. Their rate are mid market and fee reasonable.

Best,
Iman

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Gaurav
Expert
Content Creator
replied on Jan 07, 2021
Ex-Mckinsey|Certified Career Coach |Placed 500+ candidates at MBB & other consultancies

Hi there,

+ transferwise, I've also heard of TransferGo, but didn't have a chance to use it myself

Cheers,

GB

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Clara
Expert
Content Creator
replied on Jan 07, 2021
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

I lived in several counties and currencies lately, and 100% winner is Transferwise.
Also Revolut is worth checking.

Hope it helps!

Best,

Clara

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Oliver gave the best answer

Oliver

Manager | Ex-Strategy& | INSEAD MBA |50+ Interviews @ Strategy& - 75+ Mock-Up Interviews @ INSEAD for MBB applicants
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