Sendіng money abroad can be very expensіve, especіally іf you don’t know about hіdden fees. Banks and money transfer companіes not only charge a transfer fee but also offer an exchange rate wіth an addіtіonal markup. You can save a lot of money by comparіng exchange rates and money transfer fees. After carefully studyіng the іnformatіon about money transfer servіces іn foreіgn states, you wіll fіnd that there іs more than 1 way to send money online.
The main requirement for any of the ways to transfer money is security. Finances must go to another country, in the hands of the addressee. Do not count on dubious companies and sites. There are several legal systems, including banking, which can guarantee the security of funds, transactions, and speed of transactions. There is a lot of information about ways to securely transfer funds abroad. The Internet will effectively help in this matter. It is important only to choose the right way to send money, to be able to compare different options.
There are resources that monitor different systems for transferring money to different countries. The offers of banks and international payment systems that are currently in effect are compared. On this resource, you can decide how to find, for example, the best way to send money to Armenia at a minimal cost.
Online money transfer
Tourists, businessmen, and labor migrants are offered a wide range of options for transferring funds. You can choose any of the above. However, if comfort, speed, and cost savings are important to you, choose online money transfers. The benefits include:
- the fastest transactions
- minimum restrictions
- favorable commission
Registration on the site for most cases is not required, but authorized users get many opportunities. After creating an account and logging in to a personal account, you will be able to receive discounts and participate in loyalty programs.
PayPal
This international company is recognized as one of the innovators in the financial market. PayPal seeks to change and improve the international money transfer system.
The user should follow the instructions:
- create a PayPal account;
- fill in the form;
- check the correctness of these data;
- confirm the application.
Among the advantages of the service, customers note the convenience and high level of security. There is also a drawback: some users indicate the duration of data verification when sending money on PayPal (up to 3 days). In addition, operations are not always carried out quickly. The system guarantees instant transactions. Our clients do not need to create a special account or undergo an identity check procedure.
Transferwise
This is one of the oldest, most famous, and most authoritative services in the world. The system has several advantages:
- a high level of security;
- a wide range of money transfer options;
- fast transactions (about 15 minutes);
- flexibility in limits.
For an additional fee, after verifying the client’s identity, you can increase the number of transactions.
The disadvantage is high tariffs. Transferwise conducts conversions on its own, not always transparent and profitable exchange rates. The commission is about 2% in most cases.
Remitly
The advantage of Remitly is that remittances are instant. This way, you can send money to the card in seconds, no matter where or where you send the money.
In addition, Remitly money transfers are made from card to card, which means that there is no need to withdraw funds or move money between accounts. The student will have access to their savings immediately, directly on their card.
Tips for choosing the best money transfer service
The transfer can be done in several ways, each of which has its advantages and disadvantages. They should be taken into account, especially when it comes to money. Before making a final decision, be sure to carefully check the list of key factors. Here’s what to look for when sending money:
- Exchange rate: where it is best.
- Transfer amount: how much money you want to send – small or large amount.
- Delivery time: how quickly will the recipient receive the transfer?
- Fees: Don’t you pay more than you should?
- Convenience: is it possible to make an online transfer? Or do you need to go to the branch to make a transfer? What documents must be provided?
- Support: Do you understand how to contact the company to resolve any issues that may arise during the transfer.
