Best Way To Transfer Money Overseas
By using an international money transfer company you will pay much less in fees and you can safely, securely and quickly transfer funds
You can see how Total Costs in the form of Exchange Rate + Fees can be pretty high!
Imagine if you purchased a house overseas?
How to Transfer Money using an International Money Transfer Company
For each country there are different services available.
In the UK there are many awesome services to choose from, because that is where many operations started and London is the financial capital of the world.
In Australia, New Zealand and Canada, there are only a handful of operators due to the regulatory environments there.
While in the good old USA, each state has regulatory hurdles for companies so it depends where you live as to which companies operate there.
The UK there are only a handful that have offices overseas.
Worldwide there is one main tip I can give you:
To save a lot of money simply do not use banks!
I used banks for many years and realised later that I wasted many thousands of dollars simply because did not know overseas money transfer companies even existed.
Then I got educated, although I was a bit sceptical of giving my hard earned to a third party I used a small test amount of money to try out a service to see if it would save me some money – the results were awesome!
That service is now listed on the stock market and has offices all around the world.
More importantly, going forward I started saving lots of money each time I sent money overseas. Usually hundreds of dollars can be saved with each transaction of sending just a few thousand dollars.
Over the years, I have saved many thousands of dollars and you can too, but each service is also slightly different. Ideally you should choose a service that best meets your needs.
What is the cheapest way to transfer money?
Over the past decade a new service has emerged. These money transfer companies are usually less expensive than all other ways of sending your money simply because they are efficient – dedicated services who have offices in many countries overseas.
Caution: “Free Money Transfers” While free fees are a good thing, many people forget to check the exchange rate being offered is often a much bigger part of the total costs. You really need to add the exchange rate difference to the fees – which can be at both ends.
Total Costs = Fees + Exchange Rate Difference (from interbank rate)
Apart from being cheaper – they are also better – more secure, faster and transactions are easier to do as well!
You might also like, 7 Cheapest Ways to Transfer Your Money where we also look at P2P and Crypto as options.
More secure than a bank?
Amazing but true: Money transfer companies have to conform to security regulations just like the banks, but they also have to do this in multiple countries. In addition to meeting the needs of these countries they have to meet extra criteria to prevent money laundering and fraud.
This is all good news for you.
Faster
Compared to a bank, dedicated services are almost always faster. This is mostly due to the fact that banks do not have operations in other countries whereas a dedicated service has a bank there two and they pay into your bank account abroad using a local bank account.
Note: There are services that are faster which we cover in the “How to send funds” section of this website but they also charge an significant premium for this. If you can wait a few days then an money transfer service is the best way to go.
Easier
One of the key advantages of a dedicated service is that they are focused on one thing only so that your experience is quick and seamless. If you have a problem or just need to ask a question they have excellent customer support. Because they operate in many countries overseas, if you call, someone will pick up the phone 24 hrs a day – try doing that with a bank.