I took time to ask 237 people how they send money abroad. Here is what I learned, and what could be useful to you.
Ok, we’ll dive into statistics in this article. It is very interesting to see how people deal with money transfers.
You have different kind of people who needs to send money abroad: expatriates, students abroad, migrants, travelers, traders.
- Expatriates : 49%
- Students abroad: 28%
- Other: 14%
- Traveler: 6%
- Trader: 3%
The most important criteria
I asked them which criteria was the most important to them.
- Savings: 90%
- Speed: 5%
- Easiness: 5%
The way to send money abroad
Which service to they use to send money abroad?
- The bank: 49%
- An online money transfer service: 31%
- A FX broker: 9%
- A traditional money transfer service: 7%
- Other: 4%
- A Blockchain network: 0,2%
The amount sent
Which amount are they used to transfer every month? (based on the dollar reference)
- 500 to 1000$: 19%
- 1500 to 2500$: 16%
- 2500 to 5000$: 15%
- 1000 to 1500$: 14%
- More than 5000$: 14%
- Don’t want to say: 12%
- Less than 500$: 10%
How they prefer receive money
It’s not about how they receive money, but how they PREFER it.
- By bank account: 85%
- It depends: 11%
- To an agent to withdraw cash: 2%
- Other: 1%
Is the payment method important?
- Not really, I want the fastest and the cheapest: 61%
- I prefer to send to my bank account: 35%
- I prefer to use my credit card: 4%
- Other: 0,2%
It is very interesting to see how 85% of them want to receive money on a bank account and no other way. It’s not a surprise, but it is a very high percentage.
And most of them don’t care about the payment method. They mostly want to get the cheapest and fastest.
Another great learning is the amount sent by each one of them. The balance is very strong.
I will deeper analyze all those results later, I just wanted to quickly share it with you guys. And you, which kind of money transferrer are you?
A few months ago, I got the job of my dream in Geneva, Switzerland. Like many others French citizen working in Geneva, I decided to live in France (which is only 15 minutes car from my job). At this time I didn’t a thing about how to send my money abroad and afters making all the mistakes that is possible to do, I decided to investigate to find the best options to send my money safely and at the best cost.
Here are a few ideas for you to start sending money overseas.
The perfect money transfer company doesn’t exist
As I quickly understood that bank are not the best options to send money abroad ( they take a lot of fees + aren’t rapid) and kept asking to my colleagues about the perfect money company. And you know what? The more I asked, the more I was confused. Until the day where one of my colleague sent me the link to an online comparison called moneytis. I felt a bit ashamed to not looking enough to discover it by myself before. Thanks to this platform, I found out that the best money transfer company wasn’t the same from one moment to another. The first time I tried their comparison platform, I found 3 interesting companies. The day after I did the same research and I noticed that the ranking was entirely different !!
And again I felt confused. How can rates can change from one day to another? How to choose the best time to send money?
I asked for a chat with one of the experts of the platform and found out that fluctuations are entirely normal and change according to the exchange rates as well as external factors and companies methods to promote their services.
You need to stay updated to make your best move
If I couldn’t change external factors or internal strategies to get the best option to send money abroad, I could verify the exchange rates and wait for the perfect time to make my transfer. By doing so, I increased my salary up to 30% for some months. And that is my best piece of advice: if you want to send money abroad at the best fee, be patient. Check the currency rate every day and transfer your money when is the best for you !
Hope my bits of advice will help you to find the best way to send money abroad and don’t forget, the best tool doesn’t exists, you need to create it !
You also can have more tips thanks to lifehacker money transfer articles
Are you planning to travel or to move abroad? are you used to do international money transfers? how do you do it? Many options options exist to send money abroad: banks, brokers, traditional money transfer operators (such as Western Union, MoneyGram, Ria money transfer) and online money transfer companies. Here is an overview of what to compare when transferring money abroad.
Look at the RATE before transferring money abroad
Each bank, each broker and each money transfer company apply its own rates. And each one apply its own rates depending on the countries between which the transfer should be made, depending on the amount to be sent, on the payment and delivery methods, and on the speed of transfer.
There are what we called the fix fees which are determined depending on the amount to be sent. These fees are announced before the transfer so it is easily comparable between two money transfer companies. But then there are what we called the ’hidden fees’ which are the fees charged on the exchange rate used. And these fees are really difficult to see. That’s why what you have to compare is the TOTAL AMOUNT RECEIVED. This way you don’t care about comparing both the fix fees and the fees on exchange rate but you simply look at which operator gives you the most of money.
Take care of the EASINESS of the solution
If you need to transfer money abroad you’re maybe in a hurry to do it or you simply don’t want to lose time with that. This is why it’s important to look at a cheap solution but also at an easy solution. Some money transfer services offer you good rates but can be really complicated to use. What we consider a simple service is a service with which all can be made online: no need for a call, no need for too much documents, instant account validation.
A comparison platform for money transfers provide all that information. And checking the exchange rates too.