Is it possible to send money abroad cheaper?
What can be done to lower the fees on international transactions? What to avoid? Which transfer methods to use? Research the experts' and customers' reviews.
Remember To Check The Best Available Option
Before making any transfer remember to do a quick research to make sure that there aren't any better transfer options. The cheapest platforms at the particular moment change constantly. Moreover, the sole registration process takes often just a few minutes, so it might be worth to consider different options depending on your transfer characteristics, instead of going with only one company all the time?
Let's take a look at these popular money transfer platforms. It's worth reading some positive and negative reviews, before choosing the final option, as that way you can easily dodge potential problems, scams or simply overpriced services.
Different Remittance Platforms
TransferWise Review: Fees
TransferWise is one of the more popular remittance platforms and their fees for international payments are quite good. The company in general focuses on international transfers, therefore if you make them daily or travel frequently, their offer might suit your needs as both the transaction fee and the exchange rates are quite competitive and in addition you can connect a card, which supports different currencies at the same time, which can greatly lower the costs of payments abroad.
You can always read a full in-depth TransferWise Review in this article, where the author explains not only their fees, exchange rates and how to use the platform, but he also covers potential drawbacks, customers' experience and what problems one might expect with this service. Why it's important to read this kind of reviews? You should always try to look for the full picture and learn both advantages and disadvantages to really know what to expect from a particular service provider. That way you will avoid any unpleasant surprises.
Western Union Send Money Online
Western Union (WU)
As Western Union is one of the oldest remittance companies and it has grown over the years to currently operate in literally almost every country, you’ve probably most likely come across their facilities couple times somewhere in your region. WU offers international cash payments. However, as they have an extensive network of agents and facilities, they can set up almost instant cash deposits and pickups at any location, which is a convenient payment method for someone who wish to receive the money to their hands.
Remember to research couple of different companies and compare their prices to get a full picture
Other Tips To Save Money
Don’t Pay With a Credit Card
Most banks charge additional amounts for processing credit cards!
That's why whenever possible try to avoid card payments. Of course it all depends on which means of payments do you have available. However, there is an additional percentage-based charge on processing credit cards, which can even double the costs of your transfer.
Check What Are The Current Exchange Rates
A cheap transfer isn't often that cheap. Be careful with companies, which offer “free transfers”. It's not necessarily a scam, however there is more to this than meets the eye. Some fees can be hidden in biased exchange rates.