The Best Ways to Send Money Internationally

The Best Ways to Send Money Internationally
The Best Ways to Send Money Internationally
Send Money Internationally.

Western Union and MoneyGram are known for their ability to send cash across the world in minutes, but you can save on fees and get a better exchange rate with an online transfer company — though you may have to wait a day for your funds to arrive. The Best Ways to Send Money Internationally.

What are my options?

You may think that the convenience of your local bank is your best option. While banks offer secure wire transfers around the world, their services don’t come cheap. Banks offer weaker exchange rates, higher fees and fewer options to send and receive cash when compared with a money transfer service.

Unlike banks, there are services specialize in one thing: transferring money to countries worldwide. With this expertise comes superior exchange rates and lower fees than a bank can offer, resulting in savings for you — and more money in the pocket of your recipient.

The two key drains on your lump sum will be the fee, and the exchange rate. Don’t be seduced by ‘fee-free rates’ – the exchange rate is often adjusted to make up for the loss.

Fee.

The obvious charge.

A multitude of fees, charges or commission can apply both to the sender and the recipient. Many providers impose multiples of small additional charges to disguise the real cost of the service.

Exchange rate.

The hidden charge.

Many companies claim to be ‘commission-free’ and then dampen the exchange rate so you get less bang for your buck. It’s often difficult to get hold of the exact rate and compare it, as some providers don’t publish daily rates which change throughout the day.

The Best Ways to Send Money Internationally

The Best Ways to Send Money Internationally
Send Money Internationally.

Here are just some examples of when you might use the services of the companies We will mention below to transfer money to other countries. If you:

  • Are traveling abroad and want to save on exchange rates.
  • Are studying or working abroad and need to receive/send money to/from your family back home.
  • Have friends or family studying or working abroad and you need to send/receive money to/from them.
  • Need to send money to yourself because you’re living abroad and your money is in a bank account in another country or your home country.
  • Have a husband or wife abroad and need to send them money.
  • Need to pay for something abroad.
  • Are traveling and run out of money and need your family to send you money.
  • Have international clients/suppliers and need to receive/send payment from them.
  • Get your wallet stolen while abroad and need someone to send you money.
  • Earn a salary abroad and want to send money to your bank account back home to invest.
  • Have bank accounts overseas and need to send money from them to your home bank.

What companies can I use?

The Best Ways to Send Money Internationally
Transfer Apps.

When you need to send money internationally, consumers have historically had to pay very high fees. It’s not been unusual to spend 8% to 10% in fees alone. But now new apps make it possible to lower what you pay to about 1%. Here are some options:

  • WorldRemit.
  • Azimo.
  • CurrencyFair.
  • TransferWise.
  • Zoom.

Let’s explain each one in detail, including any fees you need to know about:

WorldRemit.

WorldRemit allows you to send money from your smartphone or PC. You can see the exchange rates and fees before you send anything.

When it comes to transfer fees, they vary and are based on what country you’re sending the money to. Again, before you hit send, you’ll be able to see what you’re being charged.

Azimo.

Azimo facilitates transactions in more than 60 currencies in nearly 200 countries around the world, making it an international money source for millions. Like the other apps, how much you’ll be charged for a money transfer depends on where you are sending to and from, and the delivery method that you choose.

The thing about Azimo is that they only accept Visa, Mastercard and Maestro. If you have any prepaid cards, PayPal and even American Express, they’re not compatible with the service.

Currency Fair.

The Best Ways to Send Money Internationally
Transfer Apps.

Currency Fair allows you to send money while getting some of the most favorable exchange rates in the world. Because it is a marketplace, Currency Fair is able to set its own exchange rate.

Currency Fair charges a flat fee per transaction of 3 Euro (around $3.42 USD at the time of this update). This upfront fee does not change no matter the size of your transfer.

Here’s how Currency Fair explains its system: “CurrencyFair charges 0.25% or 0.3% (depending on the currency pair being exchanged) of the total amount exchanged on each side when customers match each other. In the event that there are no other customers providing a competitive rate for your exchange, CurrencyFair will step in and match with you instead.”

TransferWise

It is is one of the most popular services for transferring money internationally. TransferWise pays your recipient from their account in their country, using the real exchange rate.

TransferWise charges a transfer fee made up of a percentage of what you’re sending + a flat transaction fee based on the currency (for a Western currency such as the U.S. dollar, pound or euro, it will be around $3). There website has a pricing calculator to let you know beforehand how much you’ll be charged for an individual transfer.

Xoom.

Run by PayPal, Zoom is another service that lets you send and receive money abroad. The transfer fee depends on where you’re sending the money to and from. Xoom has a fees and exchange rates calculator to help you know what you’re paying upfront.

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