Tips and Tricks for International Money Transfer
While international money transfers can be a complicated affair, you can easily make an informed decision by reading these tips and tricks.
Guide for International Money Transfers
Transferring money internationally is a minefield of hidden fees, complicated regulations and sometimes unnecessary paperwork. With huge segmentation of required fees, it’s very hard to find the cheapest options. So here is our guide containing all necessary information regarding international money transfer.
Shop Around for the Lowest Fees: Generally, there is always a transfer fee. This can vary significantly and mainly calculated based on the destination and the total amount of money. The exchange rate and the conversion fee should also be considered before opting for a specific service provider. Pay extra attention to the companies offering 0% commissions, as they tend to cover their expenses by offering a worse exchange rate. While mainstream banks tend to have a lower transfer fee, they usually have a much worse conversion rate.
Consider Additional Factors: The cheapest provider may not be the most convenient or the fastest money transfer provider out there. Availability is a major concern too, as not every company provides service in every country. If you need to transfer money urgently, you probably have to pay more for a faster speed.
Methods of Money Transfer: There are a few different ways to transfer money based on the pay-in and payout methods. With a traditional bank transfer, you can transfer money directly from your account with the recipients account number and a SWIFT code. Companies like Western Union and e-wallets like Skrill, Revolut or TransferWise offer both account transfer and also cash pick-up options with a secret pin. You can also send money using PayPal, if the recipient has a PayPal account.