Uncategorized

How to transfer large amounts of money abroad?

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.

transfer-money-abroad-large

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.

Uncategorized

What are safe alternatives to banks to send money to UK safely?

We all know that banks are not fair with us when it comes to sending money abroad. To send money to UK it’s even worth because of fees they charge for receiving and/or sending money. For example we might think that it cost 40 pounds to send money from Europe to UK but the English bank might take 20 pounds more as a fee for receiving money from abroad. Anyway the most important is to know where to look at. I mean alternatives to banks. Almost all of them are safe if we find them on a money transfer comparison service. Money transfers might become simpler thanks to this. And we know there are huge amounts sent to UK so it becomes more a question of billions of fees than anything else.

The usage of currency brokers for sending money to United Kingdom

Using a broker has one advantage: cost-effectiveness. Brokers are specialized in sending larger amounts of money. However cross border money transfers have different costs depending on the service you use. So it’s important to choose a good broker and then it’s important to keep taking a look at the competition otherwise the broker is going to increase fees. You have to watch also the best exchange rate.

Most of the times the first rate is very good which make you choose the operator and make the signup process which takes long. And then after 2 or 3 transfers the rates start to be expensive but it has been such a pain in the ass to make the signup that you get screwed. Better always take a look at the comparison then.

send-money-to-uk-safe

New online money transfer operators to send money to UK

Another kind of money transfer solutions to send money to the UK is online money transfer operators. Online money transfer services are good on the user experience point of view so they are more specialized in people who need to send money on a regular basis. Indeed those people are going to need to transfer money to a country such as the UK, and they are going to need to like their experience so that they come back. So the rates are not the most important. If you pay 10 pounds to make a transfer with a difficult operator which takes 2 hours whereas you can pay 15 pounds for a transfer which is an easy process in 5 minutes you might choose the second option. It is always the same with promotions though. Operators offer the first transfer so that the customer doesn’t really know how much it costs. Then it’s quite easy to make the signup process and the solution needs to keep providing quite good rates (but not as good as the first one) so that they keep the user as client. However because it becomes easy to change from a solution to another the providers need to stay quite competitive even though there is no incentive for them to be much more competitive than other options.

Depending on the amount we want to send it might be useful to choose either a broker or an online money transfer operator to send money to UK. Indeed sending bigger amounts is the specialty of brokers whereas sending regular remittances is the specialty of online solutions.

Uncategorized

The 3 best alternatives to Paypal & Venmo to send money to India

Paypal and Venmo are common ways to send money around the world. On of the most important country receiving money from abroad is India. Indeed the Indian diaspora is huge. Especially in the USA. The money transfers from the USA to India are quite cost-effective compared to 10 years ago. However there is a big competition about prices among +100 money transfer services currently providing the service.

Transferwise: a cheap but slow way to send money to India

Transferwise works quite ok from the USA. I’m saying “quite” because for some states it doesn’t work. Indeed money transmitters need licences for each state and Transferwise is a new one. On the cost-effectiveness it’s one of the best operators even though their rates change every day. On the speed it doesn’t have a good reputation because the company usually declares being able to make transfers in less than 4 days but a lot of customers complain about +10 days money transfers. It’s not cool but as it’s a good startup with a good reputation we can admit that it’s ok to have some mistakes sometimes. At least money always arrives.

send-money-to-india-alternative-paypal-venmo

Xoom, the most convenient way to transfer money to India

Xoom has been acquired by Paypal in 2015. The company is a money transmitter allowing to send money to India, from the US. An important point about this actor is the fact that it is specialized in money transfers from the United States to the rest of the World. That’s one of the reasons why the service has the licenses in almost all states. Good news. It’s supposed to be cheaper than banks and Western Union but in reality it’s rarely cheaper than Western Union. Rates change every day/hour and Xoom tend to remain quite expensive.

Worldremit: an easy way to remit money to India

Worldremit is a money transfer solution which claims to be everywhere. See its name. Remitting money to India is one of its specialty. I think that Worldremit is an easy way to transfer money anywhere especially because it’s one of the rare operators allowing various ways of payments and various ways to receive money such as cash, card, mobile and bank accounts.

Paypal and Venmo have been used a lot over the last few years to send money to India. However there are +100 money transmitters providing good rates now. Transferwise, Xoom and Worldremit are good examples but they are not always the cheapest because their rates change all the time. Using an online comparison service might help to get a list of the best money transfer operators to India.

Uncategorized

The ultimate guide to transfer money overseas using blockchain

More than 200 million people currently live abroad. The main reason why they need to make money transfers is to sustain their family’ life back home. This is called remittances. Western Union is one out of 10’000 money transfer actors existing on the market, but Western Union is the oldest. The company recently announced to be working on blockchain technology in order to improve the efficiency of international transfers. Knowing that such a dinosaur is interested in this technology probably means that there is something interesting here.

1/ how to use blockchain to transfer money overseas

The tricky part about money transfer operators is that it’s not easy to find them. Moreover they usually don’t communicate about the technology they use. You can always find the best money transfer solutions on a money transfer comparison and you will have to take a look in details to know which technology they use.

Let’s give you a few clues so that you find that kind of actors : theblockchainnetwork and Align Commerce are two good actors. Abra is also very promising.

transfer-money-overseas-blockchain

2/ what makes the blockchain technology so promising for international money transfers?

It’s still difficult to transfer money overseas. Indeed there are many actors and even our banks have very complex systems. Is the blockchain technology going to help in easiness? The answer is no. Blockchain is a new technology and the regulators need to take a look closely at it. Even though it’s a secure technology the regulators want to control it a lot. At the end it becomes more difficult to create an account at a money transfer operator using blockchain than at a solution sending money with another technology. What is promising then? The cost of money transfers. Remitting money overseas is going to be much more cost-effective in the future.

It’s not easy to find online money transfer operators but they are very promising for the future. Let’s keep watching the operators to not miss an opportunity.

Uncategorized

The insider guide to send money internationally

If you are a newbie and you need to send money internationally, what is better than having an insider guide ? How experts do to send money abroad ? What are the best tips to send money internationally? Here are all the advices for you to start !

  1. Use an online service not your bank

    People you send money internationally knows that using their bank is too expensive. Indeed, banks will charge you with 3 kinds of fees:

    1. Transfer fee, the cost the make your transfert
    2. The withdrawal fees, the cost to withdraw your cash
    3. The change fees, the commission on the exchange rates

    Moreover, the delay are longer, as money transfer companies will take 1 day, banks will takes 3 to 4 days!

    2. Plan your transfer

    Acting last minute is not an option if you want to send money abroad. From one day to another, exchange rates can change a lot and taking your time to check the best day can save you a lot of money !

    3. Always compare the prices

    All the transfer money companies are not equal and the fees can be extremely different from one company to another. To save money and choose the best option I recommend you to use a money transfer platform that will compare everything. That will allow you to find the best options according to your needs. Moreover, it will allow you to see all the « hidden fees.»

    4. More is better than less

    If you can plan your money transfer and pull together some of your transfert, do it. Indeed, each operation will cost you supplement fees that you can reduce if you send bigger amount of money less often.

    5.Get back the money

    Depending on how you have chosen to take back your cash, you must evaluate your options. If you don’t have a bank account in the country where you are sending your money, ask your bank if they have partners. Fees to withdraw your money will be usually cheaper. If you have chosen the cash pick-up, check about the delay and the condition, and if they have any repayment policy in case, your money is not here on the forecasted date.

the-insider-guide-to-send-money-internationally

Uncategorized

If you read one article about send money overseas, read this one

Sending money overseas is not a topic we usually particularly enjoy to discuss among friends.
However, when a needs comes up having the right information can help you save tons of money, time and peace of mind. So if you are planning to send money overseas and you are struggling to find the perfect option to do so, I can already tell you that you are at the right place. Follow this super easy steps to send money abroad!

Your bank is probably not the best solution

Yes, I know it seems to be pretty logical to contact your bank to do this operation as they are the one with who you are dealing with for everything concerning your money. But two main reasons did that your bank is not the best. First, their commission. In average, they take 7% commission of the total amount plus the best currencies rates…at least for them. Second, the delay. Transferring money international take several days (usually 3 to 5 days) so if you are in a hurry, bad for you. Finally and not the least, they ask tons of information, and the process can be a pain in the ass.

if you read one article about send money overseas, read this one

It is all about timing

From one day to another, the exchange rate between currencies can change a lot and so wait for the right time can save you. If you have a few days in front of you, check the exchange rate and pick up the right timing to send you money overseas!

Inform you about money transfer companies

If you are wondering which money transfer companies are the best, the answer will change according to the amount of money you want to send abroad, from and to which country you are sending money but also from your point of view. Is it the best the cheapest? The quickest? The safest? For example, the Western Union can be the cheapest between France to Spain but can be the most expensive from France to Portugal. Take your time to compare the best options before going for a company or another!

Compare your options and pick the right one!

The best way to compare all the money transfers companies is to use an online comparison platform. Those platforms will allow you to find the best options in seconds and at no cost to you! On the same way, we are not visiting each hotel website to book a hotel, use money transfer will allow you to compare all the prices and get all the pieces of information that you need to make your transfer!

Uncategorized

Who really send money abroad?

In a lifetime, we pretty all, at least once, send money abroad. You are on holidays and can’t withdraw anymore? One of you friend lost her credit card in a foreign country? You fall deeply in love of a foreign country, and you want to buy the house of your dreams? If sending money abroad is pretty irregular for some people for others, individuals who  live outside their home country, sending money abroad happens on a regular basis.

So who are the people who really send money abroad ? Let’s find out!

 

Expatriates

With over 232 million people living outside of their home country (UN statistics, 2013), expatriates are one the largest community of people to send money abroad. Expats send money to their home country because expatriation doesn’t last forever usually, so they transfer their savings to their primary bank account every month to support their family and save some money in their local currency. Working abroad also mean being paid in other currencies that their home country and transfer using your bank can be really costly. Indeed, most of the banks charge high fees to do the transfer and some of them even add hidden fees in the exchange rate. But sending money abroad using the right service can save you more than extra charges. For instance, people who work in Switzerland and live at the borderline in France can increase their salary significantly by exchanging their Swiss Franc in Euros when the rate is favorable.

Migrants

Migrants are our big winner with over $583 billion sent back to their home country often to support their families stayed their birth country. For instance, Mexican who lives in the US sends over 22 billion per year to their countries of origin.

Students

…or more precisely their parents. Each year, about 5 million students study abroad their home country and need the support of their parents to live. Unfortunately, Withdrawing or paying with a credit card abroad is  costly that’ s why sending money is so attractive for students.