Your 2020 guide to money transfers

Sending money abroad can be frustrating. After working hard earning money to send home to your friends and family, the last thing you want is high fees and poor exchange rates when you make the transfer.

Choosing the right money transfer method will save you lots of time and money, so you should do your research beforehand to make sure you find the solution that works best for you!

Here are the main methods for sending money internationally: 

Wire transfer

This involves going into a physical location - normally either a bank, post office or remittance outlet and paying your money to a cashier to make the transfer for you. 

Benefits:

• You can send money to someone without a bank account
• The cashier can guide you through the process if you’re unsure

Drawbacks:

• Both you and the recipient need to go in-store to send/receive the money
• High transfer fees from commission and poor exchange rates
• Lengthy forms need to be filled in by both sender and recipient
• Bank processing times can be long, so your transfer may be slow

Online money transfer platforms

There are a number of online methods of money transfer which can be done by yourself, from home. They are done using your internet browser or smartphone app.

Benefits:

• Much cheaper - flat, low fees and good exchange rates
• You can do them at any time, and you avoid queues
• Money is sent faster as bank processing times are bypassed

Drawbacks:

• Need to check that platforms are FCA-regulated to ensure top security
• Require the recipient to have a bank/card account

Digital wallet transfers

These are carried out by uploading money to a mobile-based app, before sending it on to another wallet or bank account.

Benefits:

• Can send money on-the-go from your smartphone
• You often only need the recipient’s mobile number or email address to send
• Cheap money transfers available with low or zero commission
• Secure platforms which keep your money safe

Drawbacks:

• Some wallets, such as PayPal, will charge a significant fee for sending money abroad
• Smartphones are required which have enough capability for digital wallets

Sending money with Paysend

Paysend Global Transfers is an online money transfer platform through which users send money via their web browser or the Paysend smartphone app. Money transfers with Paysend cost just £1, $2 or €1.5, and use competitive exchange rates. Money is sent from the user’s Paysend account instantly (delivery is determined by the recipient’s bank).  

How can the recipient receive my money?

Paysend is different from other money transfer companies because in most countries users can send money directly to cards as well as to bank accounts. This gives all Paysend users extra choice and flexibility for their money transfers.

The costs of sending money abroad

Paysend Global Transfers uses competitive exchange rates and low, flat fees of just £1, $2 or €1.5 per international money transfer. This can help you save lots of money when compared with traditional money transfer methods, because many high-street banks and remittance outlets charge extra hidden fees.

Hidden fees can include commissions (usually a percentage of the amount transferred) and weak exchange rates. Many banks profit on transfers by giving customers a worse exchange rate than they’d get on the open market. Annoying, right?!

Choosing a cost-effective money transfer provider is important so that your money will have as much impact as possible when it reaches its destination. The lower the cost of the transfer, the more money will be available to your friends and family when they receive it!

Paysend is on a mission to create a world without borders. Our Global Transfers platform makes it easy for users to send money abroad quickly, cheaply and securely. All of our money transfers enjoy excellent exchange rates and no hidden fees.

To get started, head to the App Store or Google Play and download the Paysend app.

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