How to Save Fees on Sending Money Overseas
Sending money overseas has become easier than ever before. There are many transfer companies that allow users to send money to almost every part of the world.
This gives you an array of options whenever you want to send money abroad. However, the problem is that some companies charge high fees, making it out of reach for many customers.
How can you save fees when sending money overseas?
No one is against saving money when purchasing goods or making any form of transaction. The same thing applies when it comes to sending money overseas. One of the best ways of saving fees is by getting a list of various money transfer companies and comparing their rates.
Another great way to save fees is to talk to friends and family members who have sent money abroad recently. They will be able to recommend you the cheapest ways of sending money to different countries around the world.
Additional tips to save money on international money transfers
- Use bank to bank transfers
Technology has enabled banks to send money to other banks across the world. Today, established banks provide wire transfer services to over 25 currencies around the world. You can also transfer money directly to a recipient’s bank account, depending on the bank you are using. This option is however not the best because the waiting period can go up to one week.
- Money transfer companies
There are several money transfer companies like MoneyGram and Western Union that you can also use. All you have to do is plan early to avoid being inconvenienced. For example, if the transaction is urgent, you can schedule a payment to be sent and get to the recipient at the expected time.
Although such transfer services are slower, they are way cheaper compared to wire transfer and other service providers. Another option you can use is PayPal, which allows you to transfer money from one PayPal account to another. The charges are also very minimal or even free.
- Check all the fees
There are different fees you will be charged when sending money abroad and some companies might not show all of them. That’s why you should check to find out all manner of fees that you will be required to pay before sending money.
Some of the common fees include currency exchange rates or conversion fees, transfer fees, and facilitation fees. Understanding all these fees will help you make an informed decision.
- Bank drafts
Bank drafts are also a great way of saving fees when it comes to sending money overseas. They are also referred to as cashier’s cheques in the U.S. or money orders in Canada.
All you have to do is draw a bank name bearing the name of the recipient and mail it to them. The recipient might take longer to receive the money but the method saves you a lot of money on fees.
Sending money overseas doesn’t have to cost you a fortune. There are many ways you can use to save fees when sending money abroad.