Save Money this Christmas with an International Money Transfer Provider
Save big on exchange rates and transfer fees when sending money overseas this Christmas by comparing your options.
New research conducted by finder.com suggests comparing your options is now more important than ever before. When sending money overseas, specialist international money transfer services are now offering better exchange rates and lower fees than the big banks, and consumers are encouraged to find a better deal by considering the smaller players in the market.
Finder.com has seen a huge increase in the number of Americans searching for better deals when sending money overseas, compared to 2014. This may come as no surprise with the Christmas season fast approaching and Americans looking to send money back to their loved ones living abroad. If you need to transfer money overseas and are looking to save money this Christmas, compare your options to get the best deal available.
International businesses and online traders can also take advantage of the U.S. dollar by using specialist business transfers when repatriating funds, with services only charging 2.5% in fees.
How you can save this Christmas
A finder.com analysis has found that Americans can save on average $63 when transferring $1,000 overseas by comparing their options.
CASE STUDY: BIG BANK VS. INTERNATIONAL MONEY TRANSFER PROVIDER
The table below shows how much you could save when sending $1,000 to Mexico from one a U.S. big bank compared to an international money transfer service.
|Bank||International Money Transfer Provider|
|Exchange rate||1 USD = 19.385 MXN||1 USD = 19.735 MXN|
|Gross amount||19,385 MXN||19,735 MXN|
|Transfer time||1-3 days||1 day|
|Transfer options||Online, in branch||Online|
As this example shows, the recipient will receive 350 more pesos with the transfer provider, and the sender will save $45 on transfer fees.
In the past 5 years finder.com has seen an explosion in the number of specialist international money transfer services competing in the industry. This is great news for consumers, as they are able to take advantage of better exchange rates and lower fees. In addition, accessibility has improved, as there is now a wider range of options for receiving the funds, including: branch pick-up, bank deposit or delivery. It has now made the experience easier and more satisfying for all parties involved.
Some consumers may assume that international money transfers can only be done through their everyday banking, which is not the case. Comparing your bank’s option with specialist money transfer services could save you money.