how to transfer money internationally?
Hey All Important Information — Money Saving Hack — Should Read!!!
Sending money abroad is an art in itself .. learn the art ..sharing my experience and what all you can save..
What else to ask for, when its a dependable brand with trust value. Fast and Dependable service. Use below mentioned link to get a free transfer to any destination in world.
Also read my blogs for more info and coupons: read this blog for more information
The best trick here is to use mix of all service as few services give you limited free transfers and limit on maximum transfer amount. What I learned in long run is to not create multiple profiles of same provider as it is not feasible and you end up loosing account. You need to be patient to check when currency rate is good and if urgent then this doesn’t matter. Use the referral links to get money back offers or extra bucks on conversion or gift cards and to top all free conversion rate and no fee on transfer. So, if you want to send more than the limit of the transfer service than you can do that with multiple service providers and same time get rewards. Use my links to get most of this and , If you appreciate this information, again you can use my referral links. You will get referral offers and I will also get a token of appreciation from the service.
“ ABSOLUTE ZERO FEE “. Many operators give you a transfer for no charges and are pretty fast. Try for yourself and share it. Write back for more hacks to transfer money and like and subscribe and share to this post as well. Believe me these are the best I found so far.
Check out this chart for sending money to India from the US:
For example, see the comparison of margins across top providers, while also please notice different numbers in the “duration” column:
I personally think that it is the smarter way to find the cheapest solution to send money to India when you need to, because it is never the same solution.
And if you want to save even more money for each transfer you do, you just have to send money at the right time : it means at a higher rate than the average on last 30 days.
Pros:
- Current mid-market exchange rate, as you can see on XE .com
- Customers have transferred $4.5bn using the platform
- Price Match Guarantee
- Available as an app on iOS & Android
- Signing up using the referral link will enroll you to receive the promotional bonus (Zero fees for your first transfer, limits apply)
Cons:
- No transfers are free. You are always charged a 0.9% of your total transfer amount, which brings down the effective transfer rate
- The transfer takes about 3 days and for some new customers it can take upto 5 days, however your committed rate remains same as of the transaction date
- You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation as it is required by the US Law)
“ ABSOLUTE ZERO FEE “. It gives you a transfer for no charges and is pretty fast. Try for yourself and share it. Write back for more hacks to transfer money and
like and subscribe and share to this post as well. Believe me it is the best I found so far.
Transferwise is an Estonian developed and UK-based peer-to-peer money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in Tallinn and New York.
More than £3 billion has been transferred through TransferWise.
TransferWise supports more than 300 currency routes across the world.
TransferWise was born of frustration
Sending money abroad is deceptively expensive, thanks to the hidden charges we’ve all been forced to pay. The banks claim “free money transfers”, “0% commission.” Sounds like money’s already flowing freely, but far from it. It’s pure propaganda.
TransferWise removes all the wrongness, letting people send money abroad at the lowest possible true cost. Using only real exchange rates and tiny not-hidden-fees. Headaches averted, and a revolution sparked.
How it happened
Taavet Hinrikus and Kristo Käärmann are two friends who believe that money is meant to flow freely. But in the absence of a global currency, it doesn’t. An epiphany saved them thousands of pounds.
Taavet had worked for Skype in Estonia, so was paid in euros, but lived in London. Kristo worked in London, but had a mortgage in euros back in Estonia. They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s euro account with euros. Both got the currency they needed, and neither paid a cent in hidden bank charges.
“There must be others like us,” the epiphany went.
And the rest is transferwise.
You might not need to read rest of matter, but read to gain knowledge as above described is the best you can get.Each year, an estimated 6 million households in the U.S. send billions of dollars to families, friends, and others abroad. The good news for senders is that the costs for these remittances have been declining and options have expanded over the years. In addition, new federal consumer-protection regulations that go into effect next February will require money-transfer services to provide prepayment disclosure of exchange rates, the amount of foreign currency to be delivered, and fees, and to resolve errors.The wide variety of options make it complicated to shop for the best money-transfer service. You can find remittance services in supermarkets, convenience and drug stores, retailers such as Walmart, and stand-alone storefront operations. Banks and websites also offer money-transfer services, funded through a bank account or a credit or debit card. Some services offer multiple ways to send and receive money — the number of which can depend on the country you’re sending to — while others are more limited.Given the large number of providers and variations on money-transfer services, each with its own complex combination of charges and sending methods, we weren’t able to identify one service that will prove to be the best deal in all circumstances. Still, we developed the following guidelines to help you determine which service might offer the best deal for your particular transaction.
Figuring the costs
The cost to send money is determined by the fees charged by providers as well as the currency exchange rates, which can vary by company and fluctuate frequently. When the new federal rules go into effect next year, services will be required to give you those details before you pay, and walk-in agents will have to give them to you in writing. Most money-transfer websites we checked and one walk-in center we visited already provide that information. For an accurate comparison among services, collect and review the following information as quickly as possible, since the numbers can change every day:
Exchange rate
This is the amount of foreign currency that will be generated for every dollar you send. For example, a service might have a rate of 12.48 Mexican pesos per dollar. So if you send $200, it’ll convert to 2,496 pesos. The exchange rate may change daily or even several times a day to reflect changes in the international currency market. The rate can differ among services because the companies adjust it by varying amounts to make money on the transfer. Make sure you get a guaranteed exchange rate rather than an “indicative” or estimated rate, though for some countries that might not be possible.
Fees
Many services charge transfer fees, which can vary depending on how much you’re sending, how fast you want to get it there, whether you’re sending online or through a walk-in agent, and how you fund the transaction. For example, if you want $200 to be delivered to someone in Mexico the same day, Western Union charges $10 or $12, depending on whether you’re handing over cash to an agent or sending online. The online service Xoom charges $4.99.
Total cost
This is the total amount of money you’re out of pocket. It includes the amount you’re sending and any fees.
Total currency delivered
This is the total amount of currency that will be delivered in the destination country. It’s determined by the number of dollars you’re sending multiplied by the exchange rate. Generally, the higher the total currency delivered the better, though that’s not always the case, especially when there are fees added on. As with the exchange rate, estimates should be avoided when possible.
Determining the best value
Once you have these figures, determining the best value can be confusing because you’re often dealing with a combination of exchange rates and fees. The best deal is a no-brain teaser if one company offers you a higher exchange rate and lower fee than another. But often your choice is between a company that has a higher fee but also a higher exchange rate and one with a lower fee and lower exchange rate.
“There’s no way to know how much might go missing in the course of an international money transfer. Unexpected fees and a laughably bad exchange rate could cost you hundreds of dollars along the way — especially if banks are involved.”
Send Money To Another Country — Speed
If you are sending money abroad you don’t want to sit around for days on end waiting for it to be sent and received by different banks in different countries.
Also, you don’t want unexpected delays that can cause major headaches. You want to know when your money will arrive and be confident that it get there on time.
Send Money To Another Country — Support
If you are sending money across international borders, you should never underestimate, the importance of having someone readily available to talk to or email should you have any concerns.
The sad truth is that, these days, Customer Service is usually an after-thought by most financial institutions. Customer Service tends to be a recorded voice function which can drive you crazy just at a time when you’re worried that your money might not make it safely to its destination.
What Is The Best Way To Send Money Overseas?
As Consumers International quite rightly point out:
“Transferring remittances is a relatively straightforward transaction, for which it is often hard to justify a 5% charge, and there are an increasing number of examples that suggest the service can be provided for much less.”
I often get this question — are new (or not new) entrants to the person-to-person payments scene, such as Paypal or the emerging mobile phone payment schemes, a threat to the banks?
My opinion is yes — they are. And I was looking for a way illustrate easily and clearly why I think it is so.
That’s why I imagined the following experiment.
I have a bank account in the Unites States. Recently I wired some money to an account in a bank here in Belgium. The sending bank charged me $40 for this. It’s a flat fee, not dependent on the wired amount. I know what SWIFT charges for a message (a tiny fraction of this amount), so you can understand I find this amount … outrageous. BTW, the whole process takes 3–4 business days and there’s no information at all as to its status and progress. Finally, the FX rate that was used was far from the best.
There must be a better way. So the experiment is: use alternative payment options to reduce the transfer fees, and find the best FX rate.
the goals of the experiment are — prove my point that new payment entrants are disruptive to the banks, and also more practically to find a better solution for transferring my hard earned cash.
Conclusions on the experiment so far
The point of this experiment is to show that -
a. banks charge high fees for international transfers, in an opaque process.
b. the new entrants are sort of not attacking (yet) on this business, but you can use them, with a little creativity, to improve it.
c. imagine what’s going to happen when the new entrants start to actually focus on international transfers……..
But — you know the eternal optimist that I am — I think that there’s a way for banks to embrace this rather than fight it. But before that, banks and all of us need to understand exactly what’s happening.
Viewing and comparing is good, but make sure there is no favoritism shown for any particular service or site. The easy way to catch them is over hyped transfer rates and always shown on top for conversion rates. My point is to not hurry things and see patiently. It’s better to loose few pennies on researching time than to loose a big amount paying in transaction or conversion.
Banks are never good option as they charge heavily on transfer and conversion. Their wire service is a total rip off. For a few thousand dollars, services from banks with big brands will loot you completely. They usually charge a ‘Service Tax’ mandated by the Bank Regularities, which is the minimum charge you will pay for
Forex money transfer ( but this minimum nowadays turns out to be maximum and you end up loosing 10 to 15 % in commissions ). Many Forex transfer service providers will add their own service fees to the transaction or remittances but due to competition all over this has been reduced to great extent.
Also in this app world all services are available on just touch of your finger. XOOM app is easy and convenient to use, try it for experience. Try it for faster convenient service and you can initiate transfers to saved list of recipients anytime convenient for you.
In the time of technology certain online apps help to transfer money instantly, but they are limited to smaller transactions and are prone to security threats.
Things are changing on daily basis and its expected that as new services will come, biggies like western union and money gram will loose market as they charge more, and are only convenient for bigger/larger amount transfers with one time transaction as they have no limits ( but their commission is painful aspect, which is very well avoidable ). I will keep adding changes and discovery to this post. Till Then Enjoy..
