Money transfer services are a new service that we usually name fintech for the abbreviation of finance and technology. New technologies allow small companies to compete with the banks. The new money transfer services drive the cost down so much that it costs 10 times less than a bank. And it’s efficient because the current cost of sending money abroad is around $34 billion and dividing it by 10 would help many countries receiving more money and accelerating their development. The questions are what are those money transfer services and how to find them, and also what are the best money transfer operators to send large amounts abroad, if there is a difference?
What are money transfer services?
Money transfer services are multiplying those days. In 2016 there has been officially 2 new money transfer suppliers per week. All of them are active, work well and provide better rates than banks. Expats and students abroad are the ones using them the most. People living abroad are the ones targeted by money transfer services because they have this online spirit. In the past people living abroad were going to a Western Union or Moneygram office. Now there are more than 400 offices like that. All different brands.
In the present and in the future people living abroad are going to surf on the web. They simply use a money transfer comparison to find the best way to send money abroad. Using a money transfer comparison service is going to provide you an overview of all the money transfer services and their rates in real-time. Indeed exchange rates that are applied are changing every minute because it’s online and the mid-market exchange rate also changes every minute.
What are the best money transfer services for big amounts abroad?
Let’s say I’m in the US and I come from India. I want to send a large amount of United States Dollars back home in India. How do I do? Do I use my bank? No. Of course not. Banks are going to charge you 3% minimum. You can use a money transfer service. Which one?
I would say that there is no big answer but there is a way to find the answer in real time: money transfer comparison services. You’re going to have an overview on the market and there are good chances that you find a broker. For big and large amounts brokers are usually the cheapest solutions. The easiest services are usually the online money transfer operators and brokers are also online but they will request a phone call for verifying your identity. And they will get a very good rate because they can access the market in real-time. Still, a good rate will be around 1% for a very big amount.
Money transfer services are new and they are multiplying. It’s a good opportunity for financial services to become cheaper. Take it using a comparison service for money transfers.