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It might look confusing and unusual to use anything other than a bank to send money for any reason other than a generic transfer, however, there are many more ways to use money transfers.
For instance, you can sign up with a money transfer provider to receive your pension abroad. Many money transfer companies have dedicated teams and resources for that particular reason.
You can save a lot on fees if sending large sums at once. For example, if you’re looking to buy a house abroad you can benefit from the better exchange rate and lower fees by using a money transfer company compared to a traditional bank.
You can use money transfer services for the same reasons you use your bank, but with lower fees, quicker delivery times and better exchange rates.
Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here’s are a few tips to find the best exchange rate online:
Unless you don't mind paying higher fees to send money abroad, we recommend you avoid using your bank to for international money transfers. Banks usually charge a lot of different fees for each transfer you make, including handling charges and foreign exchange commission.
Money transfer services, on the other hand, provide the same security, quicker delivery times and much lower fees as they are deposited directly to recipients bank account without any intermediaries.
The process will largely depend on the provider you use, however, the process typically involves the following steps:
This process usually takes 1-2 days for the recipient to receive their money, but some providers can send money instantly.
Tax laws vary from country to country but are very complex in every instance.
In America, in most cases, you won't need to pay taxes on receiving small financial gifts but you may be required to report the gift to IRS if the gift value exceeds $100,000. IRS will then decide if you need to pay tax or not.
In the UK, you do not need to pay taxes on receiving small money transfer gifts, however, you might be required to pay tax on larger amounts. There is no set amount to pay as rates fluctuate every day. To get a better understanding of the taxes you might need to pay, you should contact HMRC.
In Australia, if you receive an inheritance from overseas you are not required to pay taxes, however, if this money is put towards an investment, all the earning are taxable. If you’re receiving a monetary gift, it will not be taxable, however, Australian Tax Office (AOT) doesn’t view all the international money transfers as gifts, hence you should contact AOT to explain your situation if the gift is high in value.
Each country in the EU will have its own set of tax laws and rules for receiving monetary gifts. However, money sent for a business will be taxed as a foreign income. If you’re looking to receive a large amount from abroad, you should hire an accountant or contact your local tax office for any further advice.
To ensure you don’t violate the law, contact a tax expert in your country to assist you with your international money transfer.