All the individuals who do transfer money abroad frequently will say you the same thing: using money transfer services is a good idea. At least if you want to save money, time and spare you troubles. Let’s have a deeper look into it and verify if people are right or not!
Money transfer services are cheap: True
At least if you are using the right service. No all money transfer services are equal and choosing the right one can be challenging as its depends on several criteria and that their rates always evolve. The first thing you need to understand is that banks are not the best options if you want a cheap transaction. Why? Because they are applying two types of fees on each international money transfer: the fix one, to make the transfer; and the hidden ones that are charged on the exchange rate. As they are making their margins on the last one, they take a rate much lower than the actual exchange rate.
To be sure that you are using the cheapest money transfer services always use a comparison platform that will compare all the options and allow you to choose the best one!
Money transfer services are EASY
Unfortunately is not true for all kind of services. If you are looking for the easiest options possible, you have 2 solutions:
Cash collection service: Sending money by cash is easy as you only need to fill a form, give your ID and give the reference number of the transaction as the receiver can go to his local agency to take back the cash.
Prepaid debit card: Sending money through prepaid debit card is easy and effective immediately.
Before choosing a money transfer services or another, check their process online and use a comparison platform that will evaluate the user experience.
Money transfer services are Fast
One more time not all services are equal. To find the best operator regarding rapidity, you first need to know your needs. How do you want to pay? How fast you need the transfer to be? are you willing to pay an extra fee for your transfer to be faster? Once you are all clear about these questions, you have four main options:
Using a cash collection service such as Western Union. If you pay by cash or card, the deposit is made instantly. Be aware that the fees are higher than other solution.
Using a prepaid debit card service
Using a MTO express service, if you are looking to do a bank-to-bank transfer and speed up the delay to one or two days, ask for this service.