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.