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No. MoneyTransfers.com is a comparison website aiming to match you with the best money transfer providers for your needs when transferring money online.

The honest answer; you can. But traditional banks aren’t set up very well to handle international payments and money transfers. This is why many other service providers exist, who are specialists in transferring money abroad. Money transfer companies are designed to provide cheaper ways to send money abroad, whereas, banks take much longer, cost a lot more and are generally more complex to use. This is why we always recommend using a specific money transfer provider to send your money abroad.

There are many ways to do this, but the best option really depends on your specific needs. Are you looking to transfer quickly? Or do you care mainly about how much of your hard earned cash actually ends up being sent over to its destination. We compare money transfer providers for your specific needs, to make sure you can send money abroad as efficiently as possible, all whilst saving you money.

The process will largely depend on the provider you use, however, the process typically involves the following steps:

• You will need to sign up with the chosen provider (use our comparison tools to find the best service for your needs)
• Then you will need to deposit the amount you want to send and the fees associated with it.
• The provider will transfer your funds in the right currency directly to the recipient without any intermediaries.
• You can deposit your money with a bank card online or you can make a transaction inside the store.

This process usually takes 1-2 days for the recipient to receive their money, but some providers can send money instantly.

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:

• Start looking early: various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair.
• Pay attention to the current exchange rate: staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is advised to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price.
• Avoid using your bank: banks are trustworthy, reliable and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate.

Yes. We’re a team of money transfer experts working tirelessly comparing providers to find you the right provider for your transfer needs. Find out more about us here