All you have to know while sending money abroad

All you have to know while sending money abroad

There are a few ways of making an international transfers, so do not worry, you will most certainly find the option suitable for you.

Credit/debit cards

While doing online shopping or for example paying for the apartament on a foreign website, the easiest way to pay for it is just enter your card number and the system will convert the currency for you. Exchange rates there are not the best ones but for one-time payment it is the most convenient way.

Platforms and companies

You have probably heard about such thing as PayPal which enables you to attach your card and make foreign transactions. There are also companies like Revolut that manage transfers in around 30 currencies and take an additional fee only for big sums. 

Bank-to-bank transfers

This is the safest way of transferring money abroad but also probably the slowest and most expensive one. But, if you need a regular cash flow between two countries, creating an account in international bank may be worth considering. You can have one account in each country and the prices for transfers will get a lot smaller.

FX brokers and transfer firms

These are companies created specifically for international transfers. Foreign exchange brokers will be the best choice if you have a big sum to wire, since the fees are close to zero. On the other hand, if you need to make an immediate transfer, you should go for one of many transfer firms, as they enable the recipient to receive money in a few minutes.

On such platforms, like for example WorldRemit and TransferWise, you just create a virtual wallet, enter the sum and country you want to send it to and you see the exchange rates, how much money will the recipient get and how long it will take. Sometimes, one can even have a credit card adjoined to the account. 

Examples of FX brokers:

  • IG 
  • Saxo Bank 
  • CMC Markets 
  • Dukascopy
  • City Index
  • FOREX.com 

Examples of transfer firms:

  • TransferWise

wirly.com

  • OFX
  • Xoom
  • MoneyGram

wirly.com

  • WesternUnion

wirly.com

  • WorldRemit
  • XE Money Transfer

How to choose a transfer service?

The wide range of firms on the market can be a little overwhelming and choosing the best one may seem impossible. To make a good choice google up some comparisons that list the leaders on a current market. Compare a few rankings, see what often pops up at the top and decide on the most suitable option for you.

All you should know before using money transfer service

All you should know before using money transfer service

Nowadays people often need to send money to a foreign account but unfortunately, they do not always know how to do that properly and their lack of knowledge may cost them a lot of money. So here are a few things that you should know before sending money abroad:

1. Same scheme

It does not matter whether you are sending money to a family member living abroad or if you need to pay your employee based overseas or you just have two accounts in two different countries and you need a regular cash flow between them. Everything works the same.

2. You can do it from home

You do not have to go anywhere. Sending money abroad means basically opening an account with a service. And in order to do that you just need to register on the right site.

3. Forget bank-to-bank transfers

You could just make an international transfer through your bank account but that would be slow and you would certainly overpay due to the high fees and unfavourable exchange rates. So choose the right service and let the specialists handle everything at much lower costs.

How to choose the right money transfer service?

Choosing the best option is the most important step when you want to send your money abroad. There are a few crucial things that you should check before you make a decision and these are:

  • transfer time
  • exchange rates
  • additional fees
  • minimum/maximum of the transfer
  • countries the service covers
  • reviews and rankings

You can start by searching some articles summing up the most recent leaders in the business. It will help you get to know the firms, see which one of them are recommended by the experts and then you can google up the specifics. Then you need to decide which feature is most essential to you. Which platforms service the country you need to send money to and do you care the most about the time or the price? Or maybe you are looking for something specific like a convenient mobile app? If you want to learn more and start your research let's read this TransferWise review. When you decide on your favourite firm, check the reviews in order to make sure if the firm is not a scam. Then register on a site and you can make a transfer right away.