Author of various online financial companies community audits, rankings and reviews. Compares money transfer services. Freelance writer, contributor at blogs such as Wirly, Transfer Tips and Reviews and others.
3 tips when sending money abroad
Whole new market resting on sending money abroad has been created recently. Although the business is comparatively fresh, it already offers a great choice. Choosing the right option does not have to be hard. Look at the 3 tips below.
Set your needs
Most important thing is being aware where to look for the best option. And that depends.
Where are you sending money to?
Before you are going to go through a dozens of firms, google a website where you enter the country you want to send money to and it shows you all firms that realise transfers to the tapped destination.
How much money are you sending?
If you need to make a small or regular transfer, maybe it is not worth taking the trouble of searching the firms, when you can just make bank-to-bank transfer. But, if you want to save some money or time, your target is a transfer firm. They offer better exchange rates and a quicker service for a smaller price than banks.
On the other hand, if you need to send a lot of money, search for some FX brokers. They offer best conditions for larger amounts, but remember to take care of it in advance, as creating an account takes a day or two.
Are you sending money regularly?
If you need a regular cash flow, you may want to consider setting an account in an international bank, that has branches both in your country and the one that you make transfers to. Firms as Revolut are also worth mentioning here, as they enable you to have an account and make transfers in a few currencies.
While making one-time transfer, one should go with an FX broker or a transfer firm, depending on the amount of a transfer.
If you decide to go with the transfer firm or the FX broker, you should read some comparisons that catalogue best firms available on the market at the time. Always check more than one such list, as some of them may be biased. For example, you can start your research with this TransferWise review(http://wirly.com/reviews/transferwise/), where the author covers both positive and negative sites and quotes most frequent problems mentioned by users. That way you can learn a full picture about particular money transfer service.
Transfer firms are relatively new in business. Also, most of things are done online, often without an account, so one may ask: Is my money safe? You can never be sure, as such firms are not protected, but to minimize the risk, go through some reviews. The more positive opinions the firm has, the safer you may feel.