How To Find The Cheapest Ways To Send Money Internationally?

The worldwide average cost of sending money abroad remains high, despite a rise in international money transfers over the years. The average cost of sending money is 7% globally, according to the World Bank.

Depending on the bank you use, when you send money from the United States through a high street bank, the standard foreign money transfer fee through a high street bank could cost you up to USD 30 to send USD 500 when you send money through your checking account or savings account. One of the costliest ways to exchange currency, transfer funds, and remit to India is through banks.

The good news is that in the last few years, money transfer options have grown. You can find remittance services in grocery and drug stores, supermarkets, retailers, and stand-alone storefront operations.

There are also costly conventional brick and mortar agencies.

Money transfer service providers online are the easiest way to send money abroad. Tech-enabled platform-agnostic money transfer service providers have lower costs and deliver higher exchange rates by cutting out intermediaries than their conventional payment methods.

Which payment remittance provider can you use? This takes us to the next point of discussion.

Compare the transfer fees, speed, exchange rates, and conditions of the services offered to choose the best and cheapest way to send money that suits you.

Fees: Banks and money transfer firms pay different fees. It could be a fixed amount or a proportion of the amount that you send. Based on the payment system you opt for, fees are also charged. Payment made with a credit card or debit card to transfer instead of a bank remittance comes with its own costs. Credit card fees are usually higher than debit card or bank account transfer fees.

Speed: Some providers of transfer services often charge fees depending on the speed of the transfer. Faster transfer speed over a slower transfer speed requires just a few minutes to hit the receiver costs fees.

Exchange Rate: Compared to another currency, the exchange rate is a currency’s value. The Foreign Exchange Market, or just Forex, sets it. The rate is determined at any point in time by the demand and supply of currencies. Banks and money transfer firms make cash from the difference in the currency exchange rate.

Ultimately, it is not easy to send money abroad without wasting a dime. In the form of a premium or through a lower exchange rate, you will be paid. It is right, however, to find the cheapest way of sending money using reputable remittance services.

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