Glossary entry

Recurring transfer

A recurring transfer is a payment that repeats automatically on a schedule, such as a monthly allowance to family in India. It saves effort and avoids missing a date, but the exchange rate on each payment may differ unless the provider offers a fixed arrangement, and each transfer may carry its own fee. Check how to change or cancel the schedule, and what happens if a payment fails. Review the arrangement from time to time, because your needs and the provider's terms can change. See also: transfer fee, rate lock, and the guide Using a Rate Tool and Rate Alerts Wisely.