When you need to send money abroad, you might be wondering what the cheapest way to do it is. The answer isn’t always straightforward, as there are a number of factors to consider. In this blog post, we’ll break down some of the things you need to think about when trying to find the best deal on an international money transfer.
How much does it Cost to Send Money Abroad?
The cost of sending money abroad can vary widely depending on the method you use. For example, banks typically charge high fees for international money transfers, while newer money transfer companies like MTFX often charge much lower costs. In addition, you’ll also need to consider the exchange rate when sending money abroad. The exchange rate is the rate at which one currency can be exchanged for another, and it can fluctuate daily. As a result, the amount of money your recipient receives can also change depending on the current exchange rate.
When comparing the cost of different methods to transfer money abroad, be sure to compare the total cost of the transfer, including any fees as well as the exchange rate. That way, you’ll be able to accurately compare apples to apples and find the cheapest option for your needs.
What’s the Cheapest Way to Send Money Abroad?
The cheapest way to send money abroad will depend on a number of factors, including how much money you’re sending, where you’re sending it, and how quickly you need it to arrive. Below are a few popular options for sending money overseas, along with their pros and cons:
Banks – Sending money via your bank is usually one of the most expensive options, as banks typically charge high fees for international transfers. In addition, banks usually offer poor exchange rates, which means your recipient will receive less money than they would if you used a different method. However, banks can be a good option if you need to send a large amount of money quickly and securely.
Money Transfer Services – There are a number of companies that specialize in international money transfers, such as MTFX and Wise. These companies often have physical locations where you can send cash in person or online. While these companies typically charge lower fees than banks, they still tend to have higher fees than fintech companies. In addition, these companies usually offer poor exchange rates, so your recipient will likely receive less money than they would if you used a different method.
Fintech Companies – Fintech companies have revolutionized the international money transfer industry by offering low-cost transfers and excellent exchange rates. When using a Fintech company, you’ll always know exactly how much your recipient will receive before you make a transfer—no surprises! In addition, they offer fast transfers with some transfers arriving in minutes. That said, fintech companies are not always the best option for very large or very small transfers as they may not have physical locations where you can send cash in person or online like banks or traditional money transfer services do.
Conclusion
As you can see, there are a number of factors to consider when trying to find the best deal on an international money transfer. Be sure to compare the total cost of the transfer before making your decision, taking into account any fees as well as the current exchange rate. That way, you’ll be able to accurately compare apples to apples and find the cheapest option for your needs.
