Due to an increasing number of competition, sending money abroad has become much easier, faster, and more convenient. In addition to banking institutions, a wide range of international money transfer options have started to accommodate customers who are looking for a quick way to transfer money anywhere in the world. However, the process may not be as simple as it seems since there are several factors to consider when sending money online such as service fees, exchange rates, and even the date and time the recipient will receive the payment.
If you want to save money, here are the five cheaper ways to wire money overseas with international money transfer service.
What Is An International Money Transfer Service?
When we say international money transfer service, it’s the service for doing money transfer transactions across the globe that are offered by financial companies to their customers. Through technology advancements these days, transferring money internationally becomes much easier and faster. There are plenty of ways to make an international money transfer that allows any user to complete a transaction between banks and other money transfer companies.
With the rise of many international money transfer services found online, here’s how you can benefit from using these web-based platforms for sending money abroad:
Easy Access – With the help of modern technology, most international money transfer services provide you with easy ways to make transfers online or through your mobile phone. This means you can send money somewhere 24/7.
Better Exchange Rates – Compared to banks, international money transfer providers offer lower exchange rates, which enables you to keep more money on the side of your transaction. If you want great options for exchange values, using an international money transfer service can be a perfect idea.
Access To More Features – By using an international money transfer, you can enjoy a range of flexible features such as spot deals, regular payment plans, limit orders, and many more. Unlike banks, this kind of transfer service allows you to have access to more flexible features when sending money anywhere around the world.
How Can You Wire Money Abroad Competitively?
Again, international money transfer services enable you to wire money quickly and safely to anywhere in the world. Here are five cheaper ways you can perform an international money transfer:
1. Online Payment Companies
This can be one of the easiest and most affordable options when it comes to transferring money to another state. That’s because you can complete a money transfer from the comfort of your own home in only a couple of minutes. These online payment services are accessible and easy to use because you don’t have to deal with any confusing banking information before you can wire money. You have to keep your receiver’s email or mobile number, and you’re good to go. Moreover, online payment services are also cheaper because the fees you’re going to pay are minimal.
2. International Money Remitters
There has been a growing number of money remitters worldwide. If you’re sending smaller amounts of money, this international money transfer method can be an ideal option. With popular remitters like Orbit Remit, WorldRemit, and many more, you can send money abroad at a lower price. That’s because of the remitters’ better exchange rates and fee structure. All the more, this way of wiring money internationally may offer a minimum amount of transfer fee.
3. Money Transfer Operators
These are international companies that provide ground locations for quickly transferring money for customers from one country to another. Like other ways, a money transfer operator can be ideal for moving money abroad fast. With various branches across the globe, these companies can move money quickly both online and offline for cheaper transfer fees.
4. Peer-To-Peer Transfer (P2P)
This can be a different method of wiring money abroad. Instead of using a bank, companies that provide peer-to-peer transfers can do this method by letting people set their currency exchange rates and then the market will find a match with the rate you’re eyeing for. With this kind of international money transfer, you can avoid banking rates, thereby saving you a considerable amount of money on fees. This is especially true when you’re sending high amounts of currency and at the same time looking for ways to improve your finances.
5. Foreign Exchange Brokers And Bitcoin
Another cheap option when moving money to a different country is through a foreign exchange broker. Ideally, using these professionals are less expensive than transferring money through a bank wire. That’s because of the much better foreign exchange rates that they can give for your transaction. Moreover, you can enjoy a variety of currency conversion options when you get to work with forex brokers. All you have to do is to create an account, get the money transferred to the broker’s account, and they’ll move the amount sent for you.
Aside from forex brokers, bitcoins can also be used to wire money internationally. As long as you’re familiar with how digital currency works, you can keep more money in your wallet by using bitcoin. Through this wallet that you’ve created with a bitcoin company, you can fund this with your domestic currency, which will then be converted to bitcoin and transferred to the person you’re sending the money abroad. Despite bitcoin being affordable, it’s vital that you have an in-depth understanding of cryptocurrency before making a money transfer online.
Generally, doing an international money transfer can be a simple process. Although the steps may vary depending on which method you’re going to use, all services, with the help of technology, allow you to make an international wire through online platforms, over the phone, or mobile apps. When doing a transfer, you’ll have to obtain some critical information. Typically, an international money transfer would ask the following:
Complete name and address of the receiver and their bank
Amount of money to be transferred and the currency it must be received
Full name of the person who’ll be paying for the fees
Purpose of the money transfer
How Can You Get The Best International Money Transfer?
If you need to make a money transfer overseas, you should be on the lookout for the best international money transfer service that suits your needs. Like choosing a dress for a party, finding the perfect match for sending money online requires a thorough consideration of essential factors. Here are some of them:
1. Exchange Rates
Of course, you should consider the value of exchange rates when transferring money overseas. It’s crucial to compare rates, so you’ll find out what’s the smartest deal for you, especially if you’re moving vast amounts of currency. If you need help in the decision-making process, reliable websites like The Currency Shop can help get the best exchange rates for your international transfer in Australia and other countries. Remember, even the smallest difference in the exchange rate can impact the total amount of money you’ll be sending.
2. Transfer Speed
If you need to move cash as quickly as possible, then the transfer speed of an international money transfer service should be given paramount importance. How quick the transfer can be is essential in case of emergencies. Generally, a regular money transfer abroad can take 1 to 5 days before it can be completed.
In order to save more money in your wallet, be sure to check out the fees and other charges before proceeding with the transfer. After all, some international money transfer providers have hidden costs that can make the whole transaction more expensive. Usually, you’ll have to pay a transfer fee, and in case of modifications, you may need to pay amendment fees.
4. Transfer Limit
Almost all international money transfer providers have transfer limits. This is usually determined by the minimum and maximum amount of money you can wire internationally. Also, the transfer limits may vary depending on the method you’re going to use. So, it’s better to keep an eye out for this factor before you proceed.
5. Limit Order
If you don’t have time to check the best exchange rate to use, you can take advantage of the limit order by choosing an exchange rate you want for your transfer. From there, your provider will observe the rates and make the money transfer only after you obtain the nominated reach.
So, these are the factors you need to keep in mind when in search of the right international money transfer service. With several providers in the market today, shopping around and finding the deal that works best for you can be a great idea. Don’t let every cent of your hard-earned money to get lost by making a poor decision.
Again, the success of wiring money internationally can depend on many variables, including the reason for the transfer, the time you need to send the money, and the amount of money you’re looking to save. If you’re sending money overseas anytime soon, take a look at this breakdown of information about the cheaper methods of international money transfer. Also, use this valuable information to find and calculate the best exchange rates and transfer fees for your transaction.