International Money Transfers
What are the ways of sending money abroad?
Nowadays, there are more ways of sending money abroad than ever before. There are websites, online platforms, exchange companies, bank transfers, FX brokers, transfer firms and eventually, you can just pay with your credit card.
When bank-to-bank international transfers became expensive and foreign cheaper transfers were getting more and more in demand, new market of transfer firms has been established.
Banks are protected in case they declare bankruptcy and also there is almost no risk of scam here, so this alternative is the safest one. Also, it is very convenient and easy to arrange, as you already have the account. They are also great for a regular payments.
Banks are expensive. You can be charged even around 25 $ for the international service. Also, exchange rates are not favourable at all, which means you will be using a lot of money. Banks are also not suitable for large amounts, as the prices are even higher then. Moreover, international transfers via bank takes around 4-6 business days, which is way more than when you send money using transfer firms.
If you work, partly live abroad or for example have a relative living in a different country that you often send money to, international bank may be worth considering. You can then create the account in one country and then another one in an overseas branch of this bank. This way you will comfortably manage all your funds at the lower costs.
These firms are relatively new invention but the market is constantly growing, which gives the consumers wide range of services to choose. Also, competition creates better and better conditions for the users. Wiring money via these platforms is quick and easy, since very often you do not need the account. Big benefit is the fact that the recipient will have the money on the account same day or sometimes even after a few minutes. It's good to make a research before choosing your platform, so you can read for example some reviews and articles which cover the details like this TransferWise Review.
Sometimes, fees may be high, especially if you want to use some extra services like instant transfer. Given exchange rates may be unpredictable and change every day, so you should always compare a few of such firms before actually using one. Moreover, in case the firm goes bust, it is not covered. Besides, when it comes to transfer firms it is easy to be a victim of a scam, so always remember to read reviews before wiring money via one of these platforms.
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