- Fair service fees and mid-market rates – a major market differentiator
- Next-day delivery for most currencies
- Easy-to-use app
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While banks do offer secure wire transfers around the world, they also tend to have weaker exchange rates, higher fees and fewer options to send and receive cash when compared with a money transfer service. Unlike banks, they specialise in one thing: transferring money to countries worldwide.
There are lots of factors to consider when sending an international money transfer in addition to the fees, including the exchange rate, the payment method, the speed of delivery and the level of customer service. Keep in mind that we don’t compare every product in the market, but we hope that our tools and information will allow you to compare your options and find the best service for your needs.
Although the process differs by company, to send money overseas you’ll generally need to do the following:
You may also receive an email or text when your recipient has received your funds and the transaction is completed.
With so many specialised money transfer companies to choose from, it’s no surprise that you have options when it comes to how your recipient receives your funds.
How you send your money and how it’s received will ultimately affect delivery speed and how much you’re paying in fees. In general, your options include the following:
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates and is current as of 7 March, 2021.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||65.00 HKD + additional correspondent bank fees||8.00 HKD||49.19 HKD|
|Exchange rate||1.00 HKD = 0.107289 EUR||1.00 HKD = 0.1070 EUR||1.00 HKD = 0.108033 EUR|
|Transfer speed||2-5 days||Within minutes||Same day|
|Amount received||1,065.92 EUR||1,069.24 EUR||1,075.02 EUR|
The bank option is the slowest and transfers the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with almost 10 EUR more than they would from the bank. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.
There’s a lot riding on a competitive exchange rate and low fee. But depending on how much you’re sending, how soon your recipient needs it and rates at the time of transfer, you could save even more with the following tools.
You’ve probably noticed that the exchange rate you see online or reported in the media (known as the wholesale or mid-market rate) isn’t the same rate you get when you make a transaction. Banks and most money transfer services make their profit on the margin added to this wholesale exchange rate, but it can vary from 0.1% to 10%.
With this in mind, it pays to compare the products available to make sure you find the best overseas money transfer solution for you.
Unfortunately, fee-free transfers are never really free. Even though international money transfer companies are cheaper than the banks, they still have margins and fees. While there might not be a fee included, the company is still making money by adding a margin to the mid-market rate.
Please note that the process is different for every provider. The example below shows just one of the ways you can initiate a transfer.
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