Transferring money overseas through your bank is one of the easiest ways to get the funds where they need to go. However, that convenience often comes at a price. These money transfers often come with high fees that means you end up losing some of your funds in order to pay it off. Here are some ways in which you can transfer money online without the cost of high transfer fees.
One of the biggest factors that impacts the money you are sending, potentially decreasing the amount that is received is the current exchange rates between two money markets. It is smart to consider the different exchange rates for your relevant currencies to determine if you should send the money. If exchange rates favor one currency and that is not in the direction you are sending your transfer, it might be a good idea to wait until those rates improve. If the rates are beneficial for your transfer, you might want to consider even increasing the amount you are sending in order to fully maximize the transfer. Of course, these situations and circumstances don’t apply to everyone, and some people need access to funds immediately, not having the ability to wait for a better window or time frame. In that case, you will want to look at options to save on transfer fees or rates with different companies.
Money Transfer Companies
Instead of using a bank, consider businesses that focus on transferring money. The benefit of utilizing or going through different companies is that you get better rates in terms of the exchange of currencies, as well as lower fees associated with utilizing their services. A drawback with these companies is that because they are not as known or popular as bank transfers, the money transfer can take longer to complete for several reasons. First, you will need to open an account with the company you are transferring money with. Once set up, the transfer itself may also take an extra day or two longer to complete than traditional financial institutions. However, if time is not of the essence and you can afford to take a couple extra days to transfer your funds, the extra effort and time may be worth it to ensure that you are able to send the most money possible. These, of course, will vary from company to company, so be mindful of what companies in your area provide in terms of services and options.
Money Remittance Company
When it comes to making smaller transfers, consider using a money remitter. These are ideal for sending money to family and friends, as opposed to sending money for business or commercial purposes. This is similar to a money transfer company, but deals with physical currency, while other transfer companies deal with cashless transfer options. This can be especially important and essential for certain countries and different circumstances where you need to send money in its cash form quickly. Be mindful to use the best international money transfer app for your needs, ensuring that the availability is present in your country and that the transfers go through with full confidence at the lowest rates. These transfers are also optimal for smaller amounts of money transfer versus larger transfers.
Peer To Peer Transfer Companies
These companies operate in a similar way as money transfer companies, acting independently from banks or financial institutions. However, they operate in a unique manner that allows them to save you money. When it comes to peer to peer transfers, the money is not physically sent from one country to another. What occurs is that money you intend to send to another country is then matched by another transfer going in the opposite direction. This saves on transfer fees, creating a lower cost to the customer and recipient in general, making such peer to peer companies a viable solution for many users. In terms of transfer time, these may be faster than other companies since money is not physically moving itself, but being drawn from currency of that area.
When you are sending money overseas, there are many factors to consider to ensure that you are using the options that are most optimal and ideal for your situation. Consider the transfer amount you need to send, as well as the different currencies, exchange rates, and transfer fees. You work hard for your money and you want to ensure that as much of it stays in your pockets or makes its way to the people that need them.