The Cheapest Way to Transfer Money World Wide
Money transfer is one of the things done daily. Using a bank to send money to your friend, employee or relatives abroad is easy but the problem is it’s expensive.
This shouldn’t worry you, multiple alternatives can save your money.
One of them is the online money transfer, a service that is proudly offered by various money transfer companies.
Whether you are sending less than $500 or more than $500, there is an option for you. The best provider usually depends on the country you are sending the money to.
It starts with the amount you would like to send. Most services tend to be better depending on the amount you are to send.
The best provider for smaller amounts that are less than $7000 is Transfer Wise.
If you would wish to send larger amounts that go up to 1M USD, the cheapest and best way to go is either OFX or TorFX.
Highlighted below are the best service providers categorized according to the amount of money to be sent.
Less than $500
If you and your recipient both have PayPal accounts, this is the best service for low money transfers. Adding to the PayPal charges, the currency conversion fees on the inter-bank exchange rate are friendly.
Fixed fees tend to be quite small making it perfect for people doing small transfers. But to let you, with the PayPal as the amount increases then it tends to be expensive.
If you need money in Cash
Not the cheapest but if you need to receive money in cash then this is where the remittance companies come in. These companies charge between 6% to 9% in exchange for security, speed and special services.
There are not cheaper, but you have to use the service in case you need cash. Some of the best providers are Money Gram, Xoom, World Remit and Western Union.
More than $500 but less than USD 7000
For those who are up to sending bigger sums of money but less than $7000, there is no cheapest option than Transfer Wise.
Besides offering a service that enables money to reach in time, this company gives the best exchange rate.
If you don’t have a PayPal account, but want to send little amounts, Transfer Wise works better due to their good rates given. Don’t hesitate to try it even if you are sending the money to Africa, Europe, Asia or any other continent.
More than USD 7000
For amounts that are more than $7000, OFX and TorFX are the best and cheapest way to send money internationally. These service providers will run rings around your bank but become cheaper as the amount increase.
Why Use Money Transfer Companies than Banks?
Adding to the exchange rates and Transfer fees, most people don’t consider the fees that banks charge at the end of the transaction.
You can only know about these fees after researching about the fine print.
This is paramount for anyone who does money transfers. The fees you have to consider include sending, Transfer, Exchange rate margin and the Receiving fee.
Good money transfer companies like Transfer Wise give low Transfer fees and Exchange rate margin than banks do.
Some companies even offer free money transfer and only charge the receiving fee.
This is not the case for banks. Banks in various countries charge different fees to send and receive money. That’s why you find it expensive to send money to some countries than other countries.
All in all, if you fancy a flexible, convenient and secure money transfer company, it is Transfer Wise. You won’t regret it.