You need to send money abroad and don’t want to waste time searching for the best solution. Here are 7 reasons to use a money transfer comparison service.
Compare ways to send money abroad : Reason 1
Save money by comparing: you currently use hotels and flights comparison services why not using a money transfer comparison service too? You could save even more than by comparing hotel prices.
Compare ways to send money abroad : Reason 2
Save time: it’s a mess to sort out 500 different money transfer operators. Fortunately, comparison services already did the job. Comparing money transfer services can take hours especially because of the high number of solutions: more than 500 according to the WorldBank.
There are many competing money transfer companies, you could take advantage of it by using the cheapest or fastest one. Let’s say you are sending $500 per month, you could find a service that cost 1% instead of 5% and save $240 annually. That’s a lot considering the amount sent!
Compare ways to send money abroad : Reason 3
“Zero fees” transfers don’t exist (yet). But many transfer operators say they have zero fees. Zero Fees Advertising campaigns are popular! Those are just marketing claims. What they don’t take from you using “fees,” they’ll collect in another way through currency exchange rates: we name them hidden fees).
You can use CurrencyLive to compare the fees of the transfer providers.
Compare ways to send money abroad : Reason 4
Discover Special Deals: special partnerships between comparison services and money transfer operators make users benefit from special deals. Comparison services have arrangements with money transfer companies that allow them to give special deals to senders who use their special link, instead of going to the company’s website directly.
Compare ways to send money abroad : Reason 5
Comparison services give you full transparency. We’ve already warned you about the currency exchange fee, there’s another hidden fee most remittance senders don’t know about. Why?
Because it’s the recipient that gets stuck with it—the back-end fee, which is charged when the recipient claims their money. They charge you when you send money, and they charge your recipient when he claims it. And you’ll never know about this, until they tell you.
Compare ways to send money abroad : Reason 6
The best option changes with your needs: one month you need to transfer cheap, next month to transfer fast. Everybody wants to transfer money using the cheapest way… but sometimes there is an emergency and you need to find the fastest way. Usually you send a certain amount and one day you could have to send much more or far less…
Some transfer services charge a flat fee, while others charge a percentage of what you send, some have fast services, others have slow services, so the best option will differ depending on how much and how fast you want to send money.
Also, bank to bank transfers are, in general, cheaper than cash pick-up methods according to the WorldBank October study, while cash pick-up methods are usually faster services. You can therefore always use the cheapest or fastest money transfer operator depending on your specific needs by comparing each time you are sending money.
Compare ways to send money abroad : Reason 7
Price changes every hour: currency exchange rates change, the services have changing prices too. At the same time you look up the price of your transfer, you can also check out the live currency exchange rates and the fees you have to pay.
The best way to get the cheapest solution is to use a real-time comparison service.