Transferring money abroad often brings a great deal of stress with it. The process is expensive and hard to navigate through and at times the process can feel like forever. However, if you are looking for the cheapest way for international money transfers, here are a few things you should look at.
Reasons why you may need to send money abroad
There are endless reasons why you may need to send money abroad. If you have one or more reasons to send money abroad, it is extremely important to make your international money transfer cheap to save more on your payments overseas.
Here are some of the reasons people may be sending money abroad:
Buying property abroad
If you are investing in buying a property in a foreign country, you are required to transfer the money internationally. It is already quite an expensive leap to buy property abroad, and you should not be charged furthermore for the process of transferring money.
Paying for overseas education
If your child or relative has set off for their educational journey abroad, they may need you to send them some money from time to time, even if they try to work there to make a living. In this case, you may have to pay for their education and paying in a different currency can be quite expensive.
Sending money to family or friends
If your friend or a relative is living in a foreign country, you may need to send money. Whether it is to help them out or an occasional gift, you need to be ready for such situations by knowing the perfect ways of cheap international bank transfer.
International travel
If you are a lover of new cities, countries and experiences, you know foreign trips often become a bit too pricey due to currency exchange. However, it is nothing to worry about as you can save a tonne once you have planned things out beforehand with the right way to transfer money to the destination you are travelling to.
Paying for work/service
If you are working with someone abroad on a project, a freelancer, for example, you need to pay them for the work they have put in. Instead of raising the cost of the work or service you are getting done abroad, choosing a cheap international money transfer online method is better.
Why do we need to find ways to send money abroad for cheaper during times of inflation & recession?
During this time of growing inflation and a possible upcoming recession, it is extremely necessary to save money wherever possible. Transferring money abroad for various reasons can be a huge break in the bank, but saving more on the process is the smartest thing to do right now. Let us understand how inflation and recession affect us.
Inflation is a situation where the prices of goods rise, leading to a decline in the buying power of money. At the same time, a recession is a time of negative growth where prices of assets and commodities fall dramatically, leading to lower consumer confidence in the economy. Although inflation is an ongoing aspect of the economy and recession occurs with a sudden fall in the country’s GDP, both are a state of economic crisis and directly affect the public. Inflation can make it harder to save money as the prices of goods and services skyrocket. Still, a recession can cause widespread unemployment and it is reasonable to save as much money as possible during these times. During inflation, the buying power of certain currencies can drop making foreign exchange and international money transfer expensive and difficult for most people. Recession is also a time of economic instability; thus, finding the cheapest way for international money transfers is necessary.
What are the options for sending money abroad?
There are several ways of sending money abroad. Let us look at some ways you can transfer your money to a foreign country.
Credit/Debit card
Although a card payment is usually a quick, simple and paperless way to make a payment, it’s not a good idea to use a credit card or debit card for transferring money in another country or another currency as you may not get the best rate for your exchange. It is better to contact a money transfer provider to avoid higher costs.
Bank transfer
Bank Drafts and Cashier’s Cheques are accessible at various bank locations around the country. You may physically buy bank draughts and cashier’s cheques in the currency of the area to which you’re sending money. They are an excellent option to transfer money abroad since they are inexpensive but take longer to reach the receiver. The drafts and cheques are traceable if they do not arrive at their destination and they provide complete peace of mind when transferring money overseas.
Google Pay/Apple pay
Online money transfer is one of the most convenient ways to send money internationally. The majority of people utilise this way to send money abroad. The method just requires the destination account data, the receiving bank’s IBAN or SWIFT code, account holder information, and so on. However, because this approach removes intermediary banks, you may face significant taxes and higher exchange rates.
Wire transfer
You can make a wire transfer using a variety of financial firms, such as banks or authorised money exchangers, such as Western Union and The Currency Club, among others. This technique takes longer than online money transfers but it is one of the cheapest ways to send money abroad. Online wire transfers use intermediary institutions to transport money across borders to give low or no overhead rates.
You are no longer restricted in the number of possibilities accessible to you to conduct inexpensive international money transfers online, and you now have access to an abundance of organisations and online platforms to pick from. However, do not forget to compare prices and exchange rates to get the best deals.
What influences the cost of sending money abroad?
When it comes to international money transfers, several factors can influence its final cost. It could be the rate of the destination currency, the wire fees, taxes, and so on. Take a look at the factors that influence your cost to send money abroad.
Service cost
One of the two key components that contribute to the overall cost of the transfer transaction is the wire transfer charge or service cost, which varies widely across money-transfer service providers.
Exchange rates
A currency exchange rate is the price of one currency with respect to another. However, selecting the most suitable rate might be challenging due to its frequent fluctuation.
To get the best deal, consider both the service cost and the exchange rate since the hidden charges of exchange rates can significantly influence the total currency provided after the transaction, especially with bigger transactions.
Amount transferred
Another factor that impacts how much you will pay for the service is the amount you desire to wire. Each service has its own set of restrictions for sending various amounts. Bank wire transfers, for example, might be advantageous for transferring larger quantities of money because banks charge a flat rate. On the other hand, certain money transmitters charge depending on the amount sent.
How can Currency Club help you send money abroad for the lowest rates?
Transferring money abroad is an expensive and risky task. However, the Currency Club offers the best exchange rates and service fees in order to make your money-transferring experience much easier and stress-free.
Using transparent online currency professionals is the cheapest way for international money transfer in the market. It is because Currency Club allows you to see the interbank exchange rate before booking online. Furthermore, there are no hidden costs. Additionally, optimising the timing of when you transfer money overseas might save you money. And a currency expert can assist you with this.
Currency Club provides low-cost exchange rates while also providing access to the real interbank exchange rate at the time of the transaction for total transparency. Currency Club provides a specialised industry expert that is well-versed in every aspect of the foreign exchange business. When you are ready, an expert will also give on-site assistance. This allows you to compute the margin taken.
