Age of the Internet
Nowadays, it’s so easy to connect with people all over the world. All you have to do is have a device like a computer or smartphone and internet access, which is becoming widely available, even in the less-developed regions.
With just a few clicks of a button you can order various goods and services from shops abroad. Moreover, you can even set up your own e-commerce store and handle international shipments and payments from your flat. It’s now easy to run remote business and hire people from all over the world. It has become an everyday thing to handle international money transfers.
Online and mobile banking are already industry standards and are offered by most of the mainstream banks. You don’t have to visit bank’s branch to order a transfer anymore. It’s so easy to order a payment online that people have even become picky when it comes to services that they want to use.
Online remittance platforms
There are thousands of different platforms and companies which offer money transfers online. Banks have no longer monopoly on handling people’s money. There are independent companies which are processing literally millions of transactions each day. You must’ve heard about PayPal. You come across their logo almost each time you buy anything online, as they are one of the most popular payment gateways for shops.
Recently, also companies like Skrill or Revolut started to gain more attention, as people are looking for cheaper and more efficient alternatives to their regular bank debit and credit cards. You can already hold multiple currencies on one account with platforms like TransferWise. That way, if you travel frequently, you don’t need to worry about exchanging money each time you visit a particular country. Simply, hold all currencies on your one card.
The possibilities aren’t endless, however the amount of offers makes it possible to choose services based on your needs and habits. Some platforms specialize in fast transfers, which are delivered in few seconds to your recipient. Other, for example, provide secure and privacy-oriented, encrypted transfers.
How to choose the best offer?
That’s a tricky question. Below, we will try to cover all of the things you should take into consideration when choosing your money transfer method.
Bank transfers vs. online platforms
Judging by the international transfer costs offered by mainstream banks, it’s obvious that they are not going to be the cheapest option. Regular SWIFT transfers usually take up to 3 days and can generate even more than $25 in processing fees. Moreover, some banks even charge you for simply receiving an overseas transaction…
When you google a simple phrase like “send money online” or “remittance platforms”, there are literally thousands of different offers and results. Most of the companies operate internationally, which means you can easily use foreign platforms to send the money. So, how to choose which remittance platforms to use?
Best online remittance platforms
There is no direct answer where you should go to get the lowest fees and best quality services. There are many factors which affect the transfer costs, so it’s hard to answer which platform will suit you, unless we know what type of transfer you need to make…
How can Wirly help you choose?
Here, on Wirly.com we created a simple calculator-like tool, where you can type how much money you want to send, in which currencies and to which country. This data is then used to look through a list of different remittance platforms. When the page loads up, you will see a list of how much would your transfer cost using each of the available remittance companies. You can simply click on the platform suggested at the top of the list to get the cheapest transfer available at this particular moment. You can also research which features are offered by the other companies.
For example, there might be a cheap transfer available, but it can take more than a week for your recipient to receive the money. Are you in a hurry? Then sort the list based on the fastests delivery times and choose the platform, which can handle your payment in a couple of minutes. Do you need to send a bigger amount and need a secure and reliable transfer? You can sort the list based on the overall safety of the platform. Read detailed review of each platform, check out the article’s section, which covers security and reliability. There are also user reviews, which can give you insight into the first-person experience with the company.
How to save money on international money transfers?
There are few simple things that you should keep in mind and be aware of, which can help you lower the transaction costs significantly.
1. Check exchange rates
Many companies claim to offer “cheap” money transfers. And while the sole “transfer fee” is in fact very low, they add hidden costs in the markup on the exchange rates. For example, if 1USD is equal to 0.9EUR, the company may exchange your dollar for only 0.7EUR. That way your recipient gets only a fraction of what you wanted to send. In our reviews we always look at the exchange rates, as not many companies offer the rates, which you see on Google for example.
2. Try different currencies
An interesting trick is to try out different currency configurations for your transfer. Some platforms have developed good connections for particular currency-pairs, therefore it might be simply cheaper to send EUR-GBP, rather than USD-GBP.
Moreover, there are also platforms which specialize in sending money to particular countries. You may want to research them to score some bargains.
3. Compare the platforms
Last but not least, you should compare the prices and features of different companies. You can do this very easily with Wirly compare tools and sortable lists. You can easily check which company offers the best exchange rates at the moment and has lowest transfer fees at the same time.
User reviews and satisfaction
Contribute to our platform
An important feature of Wirly is that we combine expert reviews and fees breakdowns with users’ reviews and real experience of transferring the money with all of these remittance companies. That way, you can receive both detailed and accurate information about the advantages and disadvantages of each transfer option. You can also help us develop the platform! Leave your own thoughts, reviews and share your experience in online money transfer services with other users.
Visit our blog section frequently to learn more about how to save money on international transfers, but also learn about interesting finance-related topics and stay up to date with remittance innovations and news.
We explain things from “How to open UK account as a foreigner?” or “What is SWIFT transfer?” to detailed tutorials on “How to send money with PayPal without account?” or “How to use TransferWise?”