When transferring money to a foreign bank in a different currency, which bank converts the currency, the sending bank or the receiving bank? Whose rates are applied?

In most cases, the currency is converted by the receiving bank. In such a scenario, the sending/receiving bank have a direct correspondent agreement and the receiving bank provides the exchange rate into the local currency and does the conversion. In the event a middle, correspondent bank is used, same result again, the receiving bank provides […]

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