Sending money abroad

Some may think that when one wants to send money abroad, the only option is to do it through the bank. It is an option, of course, but probably not the best one, and certainly, not the only one.

Sending money abroad via bank

Bank-to-bank transferring has its pros and cons. The main benefit is probably simplicity in wiring money. You already have an account so the only thing you have to do is to enter the account number of the recipient. But at what cost? 

Well, most banks are adapted for domestic services and when it comes to international transfers, usually the exchange rates are very low, which means that the recipient will not get all sum that you have sent. Also, they often charge extra for making a foreign transfer.

Other alternatives

So if not a bank, what then? Well, it depends on how quick you want to have the money at the target account, how much do you want to send, how often you need to make transfers and of course, how much are you willing to pay for that. For example, you can read this TransferWise review to learn more.

 

Revolut

You may have heard about the firm as it was lately ‘in fashion’. It enables its users to have an account manning up to 30 currencies. It offers interbank exchange rates for a small 0,5% fee for the bigger transfers. It also provides users with a convenient app which is certainly very comfortable for the ones who make international transfers regularly. Read more about Revolut reviews here.

PayPal

You probably have heard about the PayPal or at least, you have seen the option to pay for your shopping with their services. Paying with them means basically creating an account and attaching your credit/debit card to the account. It is certainly very convenient for shopaholics, who love doing shopping online on foreign websites.

Transfer firms

Such as Western union, MoneyGram or Xoom. They specialise particularly in making international transfers. They can be very favourable option if you have a large sum to wire, as they offer competitive exchange rates and much lower fees than banks.

Always remember to compare these firms and choose one carefully. Taking your time can help you save some money. There are special websites comparing such services in the terms of time transfer, fees, rates and limits. There are even sites that will show you how much money will the recipient’s get after the exchange.

Sources and more information:

https://moneytransferreviews-48.webself.net/blog/2020/07/04/nowadays-money-transfers-connect-peopletitre-de-votre-article-de-blog-1

https://joshuahiggins.podia.com/

https://moneytransferreview.hatenablog.com/entry/2020/07/05/020518?_ga=2.78500564.1574120672.1593882140-2061314592.1591367700

https://5f00c84739c00.site123.me/blog/what-stands-for-a-good-review