Let’s explore 3 ways to send money abroad cheaper and without queuing for ages! Explorer? Loyal? Cerebral? Passionate? Introvert? Selfish? Let’s see who you are… and with which team you can send money abroad!
Using your bank
1. SEPA transfer
If you are located in the European Union you can easily send money to another bank account held by a different financial institution which is also part of EU.
- Why shall I do so? This is definitely the cheapest and fastest solution within Europe.
- Psychological portrait: Loyal
2. International Money Transfer (IMT) – Wire transfer
You can send money to 200 different countries converting to more than 40 currencies. You can both send to another bank or to the same financial institution (Wire transfer).
- Why shall I do so? Really secure way to send money although it can be really (depending on the sending and recipient country and your bank) and not that fast. Fees can vary a lot! If it is your first time using IMT, you will have to activate the option at your bank. Take into account it will take more time. If you are sending to the same bank, obviously it will be faster and cheaper.
- Psychological portrait: Generous & Charitable
3. Personal checks
A personal check is generally used on a daily basis to pay grocery shopping or bills because it very easy to use. You can use a personal check to send money to someone else either via the bank or via post. The recipient will only have to go to a bank office to deposit the check.
All you have to pay is the post service fee and eventually an insurance (not more than 3$).
- Why shall I do so? Beware that both sending and recipient entities can take commission. When receiving a personal check you are not sure that the funds are available on the account. From the moment you drop off the check at your bank, it will take maximum 3 working days.
- Psychological portrait: Methodical
1. Money Transfer Operators (MTOs)
- Why shall I do so? Did you know how much you save compared to you bank transactions? It is faster and cheaper than your bank. It is secure but not as your bank. If you want to send fast and cheap, this is a good way to consider.
- Psychological portrait: Revolutionary
2. Comparator & Comparator/Integrator
Instead of shopping around comparing all the available solutions, some online comparators give you the ranking of the cheapest solutions directly! Sendthatcash will give you the options to save money and redirect you to the website. Some others as CurrencyLive will have the solution integrated in their unique platform.
- Why shall I do so? Those revolutionary innovations allow you to save your time, money and nerves because they are right there, one click away! Simply ask and they will give you the solution instantly.
- Psychological portrait: Smart explorer
With PayPal, you can send money to an email address (if the recipient already has an account) right away.
- Why shall I do so? It is very easy to use, almost done in a minute! You can be charged a lot sometimes depending on your bank and the recipient country though.
- Psychological portrait: Audacious
Via Physical MTOs
You do not need to have an account, you just give cash and the recipient will receive cash back in another physical agency from the same retail money transfer all around the world. You probably already seen Western Union, Moneygram or Ria offices.
- Why shall I do so? You You might want to visit a physical agency because you feel secure and you have decided to send your money directly as it is in cash. It is quite fast, but be aware of commissions!
- Psychological portrait: Gentleman
Same model as cash-to-cash, except you are withdrawing the amount you want to send abroad from your credit or debit card.
- Why shall I do so? When paying by card you might have fees up to 4% on your bank and your card type, but you avoid walking through offices with cash. Similar to cash-to-cash transactions, it is quite fast and secure.
- Psychological portrait: Curious Gentleman