The good and bad ideas when you need to send a large amount of money abroad

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I’ve been there, I wanted to make an investment and buy a house in Europe. I was asked to transfer from a trusted source within 10 days the whole amount of money. In my case, the hardest part was not the loan but the fact that it was an international money transfer.

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And I never had to send money abroad before, this was new to me, so what did I do?

TL;DR : Everything is clear when you compare, I suggest Moneytis

Send money abroad with Western Union, Moneygram or Ria

This came to mind quickly, but it was wiped off immediately, too expensive and they do not allow large transfer. The maximum you can send is usually around $7000.

Transfer the large amount with a bank : Bank of America, JP Morgan & co,

I went to see my bank manager and went through the whole process. The loan they suggested was good, but the international transfer rate was horrible. They were not taking the real mid market exchange rate, they were fixing once a day their own rate and adding an extra margin.

Transfer using a money transfer operator

My colleagues suggested to have a look at several online money transfer operator such as WorldRemit, Transferwise and XendPay, but either they didn’t accept large amount or the rate was not interesting.

Exchange the currencies with the Brokers

Here we are, brokers are the companies specialized in exchanging large amount of money for you. This seems like the logical choice, though, I had a terrible time trying to find out what were the brokers who could be trusted, to compare their prices and to know which broker was available in which country.

I would recommend a different broker for every specific use, depending on the amount you send, the countries and to always verify if the broker is regulated by the FCA, the Fincen or another state institution. The best for you would be to find which one is the most interesting for your own needs. I recommend to use Moneytis which is a transparent, exact and independent comparator.

By the way, I’m writing this by the fire in a Swiss chalet. I’m just happy.

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