You have to do a money transfer but you don’t know which solution to choose among every solutions ? It’s difficult to find the best way to send money abroad because the options are different and the exchange rate is not the same for all. I suggest you to follow this guide to find the cheapest way to send your money abroad.
Determine your needs
Before to send your money abroad, you have to determine your needs and ask you some questions. Which country do you want to send your money from? Which country to? What is the amount? How do you want to pay it? Bank transfer, credit card, debit card… There a so many options, you need to know what you are going to do.
To find the best way to send money abroad, you have to compare every solutions.
Pay attention to the hidden fees
You have to know that the cost when you are transferring your money is due to the hidden fees. Indeed, some services like your bank, MoneyGram or Western Union add fees named “hidden fees” in the exchange rate. They say that your money transfer is free (no flat fees) but not at all. They include hidden fees in the exchange rate.
So comparing the exchange rate is very important if you want to use the cheapest solution.
To optimize your money transfer, saving time and money, I suggest you to use a money transfer comparison tool.
Use a tool to help you find the best way to send money abroad
To save your money and find the cheapest way to send money, you can use a money transfer comparison tool.
You just have to give the country from, the country to and the amount that you want to send. You will see that you can save money compared to a bank service.
Method of payment
You have to pay attention when you are choosing your payment method. Indeed, some options impact your additional fees and transfer delay. So if you choose the cheapest solution and you have to pay additional fees during the payment, the total will not be cheap. You have to take in count the payment method before to validate your money transfer solution.
Send your money
Now you can send your money. You just have to keep with you some documents for security reason like ID proof, bank address (for you and for the receiver if you do a bank transfer). According to the solution and operator you may have to give additional documents.
To conclude, to optimize your money transfer, you have to follow these 5 steps. Thanks to this guide, you will pay attention to bad surprises now.
Ultimate bonus tip: You should compare every solution in real time because the exchange rate can varies during the day so the solutions as well.