Currency transfer comparison

For years international money transfers have been topics inaccessible to the general public. They were reserved only for financial experts, while the wider public did not have access to enough information, leading to high fees and costs when it came to sending money abroad.

However, with the internet, things have changed. Now, volumes of information are just a click away. This does not mean you don´t need a financial expert to advise you. It means you can educate yourself and will make better decisions when dealing with your money.

Money transfer companies have seen the opportunity to reach more and more people and started explaining how to do a currency transfer comparison, how to send money overseas, how to get the best exchange rates and so much more.

When sending money abroad, you most probably are overpaying if you use transfers through banks. International money transfer companies are powerful competitors to banks, giving you the opportunity to send money faster and, at the same time, save on fees and exchange rates.

So, whether you need to buy a property overseas, move to another country or work abroad, or to help a friend or family and repatriate you salary, you should know there are some tips in finding the best exchange rates.

Currency Transfer Comparison
You can find competitive currency transfer rates by educating yourself on the products and services offered by money transfer providers. Use comparison websites and compare them based on the minimum amount to transfer, fees they charge, how long does the transfer take, exchange rates, etc.

There are several types of international money transfers:

  • Online transfers – are, probably, the cheapest money transfers. You usually need to have a bank account or credit card and access to the Internet to set up an account. After paying a small fee, you can make transfers by yourself.
  • Inter-banks transfers – it´s a more expensive option, as banks have high fees and offer poor exchange rates.
  • Cash transfer through companies called MTOs (money transfer operators). They move your money from a country to another in matter of minutes, but have high fees.
  • Transfers through FX brokers – these transfers are recommended when you have to send large amounts of money overseas to buy a house or to start a business (for example).

The best way to send money abroad will ultimately depend on you. Yes, on you and on your needs: how do you want your recipient to receive the money, how much money you want to send and how fast you want to send them.

There is no right answer and no service is better than another. You can use one money transfer service or a combination of several, again, depending on your specific needs.

When comparing currency transfer firms, you should look for security, rapidity in sending your money to destination, fees they charge and exchange rates. Not convinced? Shop around until you find the best possible offer.

As discussed above, use comparison websites. Besides bringing you the best exchange rates, they also vet money transfer providers. Knowing that the international money transfer companies listed will be regulated and supervised brings you peace of mind.