11 February 2020
Comparing providers: What’s the cheapest way to send money abroad?
What’s the best way to send money abroad without spending a fortune?
Millions of people working internationally need to send money to friends and families back home.
It doesn’t matter if you’re paying employees or sending money to a friend or family member — you need a fast, reliable transfer service that takes the stress out of international payments.
But finding the right transfer service can be tricky if you don’t know what you’re looking for.
Why you need to compare transfer services
Comparing transfer services is good for your bank balance.
Exchange bureaus and high street banks often fleece people sending money overseas and it can be hard to know which providers will make your money go further. Hidden fees, poor exchange rates and slow transfers can cause a headache for the recipient, too. Even if you’re being offered a commission-free transfer by a bank or exchange bureau, it’s possible that they’ll be making up the difference with an eye-watering exchange rate that leaves you and your recipient out of pocket.
How do I find the best deal?
When you’re comparing transfer services, remember to check the commission, exchange rate, transfer speeds and reviews to make sure you won’t end up out of pocket.
Using a trusted transfer comparison site is a good place to start.
Find a service that uses up to date rates and makes it easy to compare providers. Paysend’s partner Money Transfers offers users fast, reliable comparisons of secure, trusted providers and makes it possible to find rates that make your money go further. On average you’ll save over 90 percent compared with other money transfer providers.
That’s more money in your pocket, and less wasted on banks and exchange bureaus.
How does it work?
All you need to do is select the country you’re sending from, your currency and then do the same for your recipient.
You’ll be able to compare providers and transfer times with a few simple swipes. Money Transfers makes it easy to see bonuses or promos that cut the cost of sending money abroad — like Paysend’s first free transfer. That’s not all — Money Transfers tells you whether a service has transfer limits, requires ID or proof of address, and allows cash pickup.
You’ll also be able to tell whether your transfer service offers round the clock support.
Pro tip: many high street banks don’t, so if you’re worried about the money not reaching your recipient in time, it’s best to opt for a provider that, like Paysend, has a 24/7 support team ready to help walk you through the process or answer your questions.