4 Common Money Transfer Misconceptions + The Best Way to Send Money Internationally

When you decide to transfer money to friends, family or loved ones abroad, there are generally a few aspects that you first need to consider.

Whether you send money internationally on a regular basis or are just getting started, there are some common misconceptions about international money transfers that Paysend wants to help you clear up.

4 of the biggest misconceptions surrounding international money transfers:

1. Money transfers are time-consuming.

There is a common misconception that transferring money online is a time-consuming process. If you need to send money overseas, money transfer services like Paysend have created an easy to use and simple method of selecting the amount and allowing you to update your bank details and confirm a transfer to friends, family or colleagues in just a few clicks.

2. Money transfers are only used to send funds to family and friends.

Yes, international money transfers are commonly made in support of loved ones and on special occasions. But money transfers are also used to help pay off mortgages and purchase products online.

Use Paysend to transfer funds when you buy and sell items from individuals, enjoying a much faster and hassle-free transfer method.

3. Banks have the cheapest money transfer rates.

We often assume that bank services and existing money movement systems are the best options to transfer money.  

However, the research indicates that this is often not the case: there are more affordable and sustainable options, including money transfer platforms!

According to the World Bank, the average cost of transferring money abroad is around 7% of the money you wish to move. While this may not appear to be much, it does add up over multiple transfers.

Instead, Paysend charges a flat fee of $2 per transfer, no matter how much you send.

4. Money transfers take days to arrive.

Most digital money transfer methods are fast. The majority of Paysend transfers are completed in 15 seconds or less.

The Best Way to Send Money Internationally

Paysend is proud to share that we operate in over 91 countries worldwide, providing expert and reliable service to over 4 million customers, all putting their trust in us to provide them with over 40 fast and hassle-free payment solutions in over 78 currencies!

Visit the Paysend app* from the App Store or Google Play to begin transferring money internationally.

*Standard data rates from your wireless service provider may apply.