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Santander is a Spanish bank with over 125 million customers worldwide. Many Santander account holders use the bank for international transfers.<\/p>
But is it worth sending money abroad with Santander rather than with a dedicated online money transfer company that could be faster, cheaper and more convenient?<\/p>
This blog will help you discover the pros and cons of sending money abroad with Santander, so you can decide whether it’s right for you.<\/p>
How to send money abroad with Santander<\/h2>
With Santander, you can choose to either go in-branch to make a transfer with the help of a cashier, or you can use their online banking service to send money abroad. You should remember that you’ll need to have a bank account with Santander if you want to send money internationally with them.<\/p>
What are the pros and cons of Santander Money Transfer?<\/h2>
There are plenty of money transfer options to choose from, so how do you know if Santander is right for you?<\/p>
Here are some of the pros and cons of using Santander for your money transfers, based on cost, speed and simplicity:<\/p>
Pros:<\/h3>
It’s a useful service if you already bank with Santander, as you won’t need to set up a new account<\/li>
You can send money to either a person or company overseas<\/li>
Santander supports 147 different currencies<\/li><\/ul>
Cons:<\/h3>
Santander charges an average of 5% above the mid-market rate for transfers involving a currency conversion - much higher than many money transfer providers<\/li>
Standard overseas transfers cost a flat fee of £25 \(or equivalent\) for non-SEPA transfers<\/li>
With transfers of less than £5,000, fees are calculated as a percentage - so you may end up paying a lot<\/li>
Transfers can take up to four working days to arrive<\/li>
You need to have a bank account with Santander to use the service<\/li><\/ul>
Is there another option to Santander?<\/h2>
Overall, costs for Santander transfers can often be much higher than using a specialist money transfer provider - although you can split the payment between yourself and the recipient.<\/p>
Santander money transfers might not be the best option if you’re looking to reduce fees for you and your recipient. It’s a good idea to take a look at all of the options available before making your decision about which platform you use.<\/p>
Paysend<\/span> <\/strong>is a fast, affordable and hassle-free money transfer app and web browser platform that lets you send money abroad to over 100 countries.<\/p>
Paysend transfers cost just £1, €1.5 or $2 \(or equivalent amount\), no matter how much you want to send. Paysend uses excellent, competitive exchange rates, so if you send money with Paysend you might save yourself some money!<\/p>