MCB Bank for Wire Transfer

[matty82]

Hi Everyone.

Is there anyone has a business or personal account in MCB and do wire transfers not LFT where dollars are sent to the PKR account and the bank convert them to PKR and credit your account at MCB? This transaction cost $30,

I want to know how is your experience how much the bank charge and the conversion rate MCB bank offer becuase they do not show conversion rate on the website.

[abinadab-agbo]

Not advised.

There are other great ways to avoid Upwork's abysmal conversion fee. Not this one.

Any gains you would have made from your bank's marginally better rates will be wiped out by the SWIFT fee Upwork charged you, except you're transferring humongous sums.

In short, what considerations must one have in mind before deliberately misrepresenting the currency of the beneficiary account (which btw, is allowed but at your own risk)?

- Conversions at source is usually preferable to conversion at destination as the rates are usually disclosed upfront with the former. The devil you know...

- Also, not in all jurisdictions are banks authorised to convert at destination. In this event the transfer will fail and the SWIFT fee will remain non-refundable. This said, it is possible, even likely, from what you've described, that your apex bank allows conversion at destination. In some other jurisdictions, they don't.

So be careful with this one.