When an individual or a business needs to make an international transfer or payment for the first time, it can be difficult for them to know where to start and how to follow through with the process. Most people are likely to go to their banks despite the fact that a variety of cheaper alternatives exist. When it comes to currency exchange, there are plenty of other great services out there, offering added benefits with far less fees.
Compare the available solutions for sending money abroad
The best solution for a transaction depends on 5 features having been determined first.
Available pay-in options are via bank transfer, credit/debit card or cash deposit. The transfer can be more expensive or slower, depending on the pay-in method. Generally speaking, a bank deposit will take longer than a card or cash deposit, but a transfer by card is more expensive.
There are many options available to receive the money in the recipient country: bank deposit, cash pick-up, prepaid debit card, ATM withdrawal or SWIFT. There are also other options like email, mobile recharge, mobile wallet, and home delivery.
The speed of the transfer is dependent upon the chosen MTO. Generally speaking, if you need an urgent transfer, the fastest way to send money abroad is to make the payment by credit card and to receive it as a cash pick-up, or via mobile; alternatively, you may use the MTO's express service, though this will be more expensive.
There are two types of fees charged on a transaction. There are the flat fees, which depend on the amount sent, and then there are what we call the “hidden fees”, those related to the exchange rate used/charged by the money transfer money abroad operator. What often occurs when comparing money transfer solutions is that either the provider offers you a lower transaction fee but a lower exchange rate, or it offers you a higher exchange rate but a higher transaction fee. This can make comparing costs very complex, because you have to consider the total cost of the transfer and not only look at the fixed fees announced by the MTO.
Source : moneytis.com/send-money-abroad