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
- OFX
- Xoom
- MoneyGram
- WesternUnion
- 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.
