- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
Alida’s family emigrated to Yemen from Africa, while Alida decided to travel to the UK to study at a prestigious university here. After graduating, Alida found work in the UK and wants to send money to her family in Yemen.
Surprised at her UK bank’s high fee and poor exchange rate, she decides to compare a couple of money transfer companies. Below is a summary of her findings when using £1,000 GBP as the transfer amount.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 GBP = 308.594 YER||1 GBP = 311.081 YER|
|Transfer fee||£20 GBP||£50 GBP|
|Yemeni Rial received for 1,000 GBP||308,594 YER||311,081 YER|
|Transfer time||Minutes||1 day|
|Transfer options||Online or branch transfer with a cash pickup at an agent.||Online or branch transfer with a cash pickup at an agent.|
|Difference in YER||2,487 YER|
Keep in mind these factors when comparing transfer providers:
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major UK banks offer money transfer services, they usually offer less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
Whether you’re picking up cash in Yemen or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.
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