When sending money internationally, choosing the right service can save you both money and time. While banks offer online money transfer services, they often charge high fees and exchange rate margins that can eat into your transfer amount. Fortunately, there are other payment service providers that can help you send money faster and cheaper than is possible with traditional banks.
When you send money globally, the best way depends on where the transfer is going and how you want to send it, and so there are specialised money transfer providers that enable quick and easy money transfers to all different parts of the world. Most of these companies are fully regulated and rely on new technology to offer bank-beating rates and high transfer speeds. Sending money internationally via these transfer companies is often cheaper compared to banks and you get more payment and delivery options. We will learn about these in the coming sections.
So, what is the best way to send money abroad? Unfortunately, there is no single service that will prove the best in all situations. You will need to evaluate the available options based on the amount and currency you are sending, where you are sending the money, the costs, transfer times, and other features. Some services are great for sending small amounts while others can offer you better rates for higher amounts. Your choice will also depend on whether you are willing to pay for instant transfer or your transfer can wait a couple of days.
Online money transfer services are almost always a better option than banks when transferring money abroad, but it is important to compare your options.
Yes, there are hundreds of money transfer providers that exist to help you send money abroad in a secure, convenient and quick manner, but not all are the same or work the same way. Mainly, these providers can be divided into three categories depending on the how the transfer your funds and what are best used for:
The cost of sending money globally depends on a variety of factors including the source and destination country, amount and currency to be transferred, and the payment and delivery methods chosen. The most common costs associated with online money transfers include:
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.