It’s complex to send money internationally. Even more when we need to send big amounts. There are some good reasons explaining why it’s hard to find the best way to transfer large amounts abroad:
- Sending money abroad is complex because of the financial industry’s opacity.
- Transferring bigger amounts is not easy because the best money transfer operators for huge amounts are different than the best ones for small amounts.
The industry’s opacity makes money transfers abroad difficult
According to the World Bank and moneytis, transferring money abroad is difficult and complex because there are hidden fees applied by banks, brokers and money transfer services. The hidden fees are fees which are hidden in the exchange rate. There is no transparency standard. Actors take up to 15% in hidden fees, just because some people don’t check. On the comparison service moneytis the fees are displayed in real-time and the costs are featured so that they take into account the hidden fees.
The best operator to transfer small amounts of money abroad is different than the best one for big amounts
The large amount of money analysis done by moneytis shows that there are some actors which provide cheap rates for small amounts. It can be explained by the fact that those actors use a technology with small fix fees, i.e. small structure costs. However some other actors are bad for small amounts because they use a different technology which allows a small fix fee and almost no variable fee.
Last but not least, their rates are changing all the time. One day a solution is cheap with ~1% costs and the next day the same solution might cost 7% for the same transfer…
It’s important to consider the fact that the money transfer industry is opaque. Using moneytis helps to discover what is the best way to transfer money abroad. It’s wise to make a comparison each time we need to send money internationally because the rates are ever-changing because of special deals and promotions which are highlighted to acquire new customers.