17 July 2020

What’s the cheapest way to send money internationally?

What’s the cheapest way to send money internationally?

When you send money internationally, you want to get the best possible deal, and the cheapest transfers you can find. If you do this, you won’t waste much of your hard-earned cash on fees, and more of your money will reach its destination!

High commission transfers are frustrating, and to be honest we can all agree that we’re better off without them! Looking for the cheapest way to transfer money internationally is the easiest way that you can make sure you send as much money as possible to your loved ones.

This blog will give you a few pointers about how you can reduce the cost of your money transfers.

Here are the two main ways that you’ll be charged for your money transfers:

 

Upfront costs

Money transfer companies will charge you a transfer fee for sending money abroad. This could be a flat fee or a percentage of the transfer amount. The transfer fees will change depending on a number of factors, including the destination, transfer method and receiving method.

The upfront fees can vary massively. For example, Barclays charge £25 for all international transfers made in-branch or over the telephone, whereas Paysend charges zero transfer fees on money transfers to bank accounts.  

Many banks charge a receiving fee for the recipient, so you should check this out as well - you might well think that this is an unnecessary charge, as most online transfer companies won’t charge you for this.

 

Hidden fees

Hidden fees are charges that money transfer providers will add on without making it explicitly clear that they’re doing it - they’re allowed to do it, but you must take care to ensure you don’t get caught out by it!

Many banks and currency exchange companies use profitable exchange rates so that they can make extra money without telling the customer. Always check the exchange rate beforehand to make sure you aren’t being ripped off.

 

Online vs offline transfers - which are cheaper?

A few years ago, the only way to send money abroad was to go into a bank, a money transfer outlet or a post office, hand your cash over, and hope that it doesn’t take too long to be delivered!

These methods still exist, but nowadays there are loads of online options that can be much cheaper, faster and easier. In many cases, all you need is a card and a smartphone and you’re ready to go!

Paysend is an online money transfer service that you can send money with either using the app or via your web browser. This means that, unlike offline transfer methods, you don’t have to travel anywhere or wait in a queue to be served - you can send money from the comfort of your own home!

 

How to find the best way to send money abroad

Before you decide on which transfer platform to use, go online to do your research into which is best for you. You can do this by: 

  • Reading reviews - for example on Trustpilot
  • Use transfer calculators - these can normally be found on companies’ homepages
  • Look at comparison websites

 

Paysend lets you transfer money either to a bank account or directly to a card, using just the recipient’s name and card number. Sending to a bank is done with zero transfer fees, and to a card costs just £1, €1.5 or $2 - our transfer fees are always low, flat and transparent. Paysend always uses excellent, competitive exchange rates to help you and your recipient get the most from your money.

Download the Paysend app today from the App Store or Google Play to get started!

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