Do you plan to move abroad in the coming days and you have many things to do before leaving? Did you already find a place in your country destination? What about your money when you send money abroad? Did you already think about how you will transfer your money abroad? Don’t worry you’re in the right place to know what to do. Although we know the world of bank and money transfers is boring and complicated it can be simple if you know what to do. And moreover you will be proud and happy for once to have the feeling that you’re doing the right thing by optimizing your money transfer.
Choose the right time to send money abroad
The first thing to think when you send money abroad is WHEN to do it according on the exchange rate between two currencies. Indeed if the rate if high one day it can make a big difference in the amount of money received.
Avoid your bank
I personally don’t really care about how to send money abroad because I would use my bank to do so. I didn’t even ask myself the question as the bank is here to take care of my money and all my needs about money transfers, loans, etc. But now after several years as an expatriate abroad I finally understood that it was really a mistake to use my bank to send money abroad because I’ve lost a lot of money. A bank take an average rate of 7% of commission of a money transfer! This means when I send every since years 1’000 CHF into my account in euros, I’ve lost 70 CHF of each transfer!
Look at money transfer companies specialized in money transfers
Do you know that some operators are specialized in money transfer and can offer a better rate than your bank. They take fees too but it is between 1% and 4% which is definitely cheaper than a bank. A lot exist. You probably know Western Union or Moneygram. A lot more exist and allow to move money between countries easily and fast.
Compare your options when sending money abroad
The thing is compare the money transfer companies before your transfer. One operator can offer a good rate in a specific currency but can be not cheap on another currency. For example Western Union can be the cheapest option on a transfer between Switzerland and France but can be the most expensive between France and the United Kingdom. It depends also on the amount you need to send and how fast you need the money to be there. So always compare!
Use a comparison service
But how to compare? It’s like booking a hotel abroad. How would you do It? Would you click on every hotels’ website to see if there is a room available and check the prices, the location, the commodities? I don’t think so! We are so used to use a comparison platform such as booking.com or agoda.com in order not to care about nothing but simply see all the hotels available and book a stay in one click. It is exactly the same for money transfers.
Some platforms exist to see all the money transfer operators available in the country you need to send money in. These platforms show you the prices, the speed of transfer but also the payment and delivery options and all the information needed for a transfer!