Everything you need to know when you have to send money to India

According to the UN, India has the largest diaspora population in the world. In 2015, 16 million people were living outside of the country. No doubt that given the figures many of them are confronted to money transfers. Many questions on that matter can arise; like how to find the best way to send money to India, what solution is the cheapest. Here is a guide to help you with this because money transfer does not have to be complicated or expensive.




How to send money to India?

There are actually many options to send money to India. It all depends where your family, or the person you are sending money to, lives. If they are located in rural areas, you’ll probably need them to receive cash as they might not have a bank account. On the other hand if they live in a big city you’ll be able to make a wire or to use online operators.


In both cases there are solutions that you should be avoiding as much as you can.

  1. If you want to receive cash: make sure to avoid high street operators such as Western Union or Moneygram. I know they are the most famous and they have good reputation but they will charge you outrageous fees. The normal price of a transfer with them is around 10% of the amount sent. Imagine you send $50 they’ll charge you $5!
  2. If you intend to send money to someone who has a bank account, make sure you avoid your bank. Same as the solutions just mentioned, the fees are extremely high. Apart from paying fees related to the transaction or amount you are sending, you’ll pay some on the exchange rate as well. Banks typically apply exchange rates that are poorer than the real one and keep the difference for themselves.


What is the best way to send money to India?

So if you followed me you should be avoiding either you bank or Western Union when planning to send money to India. Then you might be wondering what is left? Actually a lot of solutions exist apart from that two: online money transfer operators. According to the World Bank there are more than 500 of them operating around the world. The main advantage of these solutions is that they are cheap and quite easy to use. Make sure to used comparison platform to find the cheapest one.


What is the best way to send money to Switzerland?

I live in Switzerland for years and for the first time of my life one week ago I had to make an international money transfer to Switzerland. It’s obviously more frequent to do money transfers from Switzerland because it’s there where there is the place to work and earn a lot of money. As I just bought a house in Switzerland I had to wire some money back to Switzerland, from Portugal. The interesting part of sending money abroad is the fact that it depends on the country you send money from. The second interesting thing is the fact that there are so many different options that you can spend hours searching for the best one. Anyway when you just bought a house or a property it’s about big amounts and you don’t want to be screwed. That’s why I spent so many hours online. Now that I have found a good method I share it here.


The best way to send money to Switzerland depends on where you send money from

If you send money from the United States to Switzerland of if you send money from UK to Switzerland, the money transfer operator which is going to be the cheapest is going to be different. The fastest money transfer service is also going to be different. That’s why this criteria has to be taken into account. The amount you send from a country to Switzerland are also changing the ranking of the best solutions to transfer your money.



The best ways to send money to Switzerland are numerous and you have to choose only one the day you do the transfer

According to the WorldBank there are more than 550 official money transmitters in the World. According to Angellist there are 2 new money transfer service every week. And according to UK and US regulations there are more than 40’000 licensed organizations that are allowed to do money transfers. At the end the most important is the fact that you choose the best one. Yes but the problem is that the best ones are new ones, you have to make sure they are safe and you need to know if they perform better than others. There is only one solution which is completely secure: it’s to use an online money transfer comparison service to send money to Switzerland. You are going to see all the listed operators, including your bank (even though it’s the most expensive option) and the new alternatives that are licensed and verified by the comparator.


You can now save a lot of money thanks to me. At least I hope so. If you too you are buying a property abroad and you have a big amount to transfer my method has to be respected in order to save thousands of euros. Money transfer comparison tools are easy to find online so that money transfer becomes simple.


The cheapest way to send money abroad from Canada

It’s easy to send money from Canada and recently I discovered that none of my friends were using the cheapest way. The strangest point is the fact that almost all of them were sure to be using the cheapest solution, “because I compared”, they say. So the question is what are the different methods to compare and why their method didn’t work.


Comparing the best options to send money abroad from Canada, only once

Let’s say you want to transfer money from Canada now, you are going online and are taking a look at the different options. First problem: there are more than 500 operators providing money transfers from Canada, how are you going to compare all of them in one day? Second problem: their rates change every second: how are you going to know which one is the cheapest. There is no doubt, you should take a look at a comparison website which is already comparing all the options in real time. Easy. Simple. Fast.




Comparing the best options to send money abroad from Canada, every time in a few clicks

Let’s say you are going to transfer money from Canada every month, then you should not choose one solution. However you should choose to use a comparison service every time you need to send money abroad from Canada. Therefore you are going to use the cheapest solution on the market every time. Simple. Efficient. In a few clicks.


If you compare the best alternatives to send money abroad once, you are going to be screwed because you are going to choose to register with a solution currently promoting good rates. What is important for you is to transfer money with an affordable solution, not transfer money once for free and then with huge costs. So the best option you have online when you want to transfer money from Canada is to use a comparison service every time you need to send money abroad. Comparison services make money if you use them so they tend to feature accurate rates in partnership with money transfer services. The good news is that money transfer comparison tools are free for individuals.


What is the best way to send money to China?

I’m a Spanish guy currently living in China. I arrived there 5 years ago and I am quite active in the European communities in Shanghai. In 5 years I discovered many new ways to send money to China. Transferring money to Shanghai has never been easy though. I’m happy to share my experience here. First I want you to know that you can send money to China. Second, it might be useful to use a comparator before, I’m using moneytis.

The good news is you can send money to China

Yes we can. It seems probably obvious for you but you have to know that it is almost impossible to send money from China or to simply leave the country with your money. So the fact that we can send money to this country is a good news.  I understand the Chinese government which wants to master international money transfers so that there is more money coming in than money coming out.

Cash is not easy to send but you can always find a Western Union office somewhere sand try. Exchanging renminbi for euros or dollars is not easy because you can for small amounts and the exchange rate is going to have a lot of hidden fees.  Anyway the subject I want to explain here is that there is a good way to send money to China.


How to find the best way to send money to China

Moneytis compares all money transmitters in the World in real time. It means that whatever the day and hour when you need to transfer money, Moneytis shows you the best operator at this very moment. Rates are 100% accurate. Because rates offered by providers are changing a lot, using Moneytis allows you to use the solution you prefer.

And there is something interesting you might use on moneytis website: it’s the alert system. You can receive alerts when the best operator changes and you can receive alerts when the exchange rate you are interested in changes a lot. It allows to watch exchange rates without stress.

Finally, I have to say that I didn’t mention the best way to send money to China. I explained the best comparison to always be sure that you send money using the best operator. I’m proud to be able to teach a method instead of simply giving a name of a solution. Hope my synthesis is useful.

Dangerous and best practice to send money overseas

Everyone must have wondered once in their lives: what is the best solution to send money overseas ? Well, many different solutions exist and the best one simply depends on your needs.

Is it easy to send money overseas ?

Well, if you don’t want to get screwed by the amount of fees you pay, I guess the answer is no…unless you use the same magic tool as I use.

Why is it so complicated ? Well the money transfer market is extremely complex and expensive.  No solution out there is the best solution worldwide. There are more than 500 serious solutions according to the world bank. Plus a new Fintech is created in London every to help people send their money faster & cheaper… at least this is what they say. Last but not least and maybe the most important point: nearly all the solution out there apply hidden fees in the exchange rate when you want to send money overseas! Therefore, the best way to send money overseas is to compare every solutions in two click thanks to the magic free tool I have just shared with you.

What are the different ways to send money overseas ?

Now, let’s look at our options. Whatever the amount you would like to send, you can go use your bank (which I would disrecommend when you see the amount of fees they hide in the exchange rates) or go for a cash to cash solution which usually are extremely expensive as well. Alternatively, you can use mobile wallet solutions which are very used in Africa for example. Or you can also chose to send money overseas using your credit card and allowing the recipient to pick-up the money in cash.

All this having been said, the cheapest solution is when you are capable of wiring money from one bank account to another by using a MTO which stands for Money Transfer Operator (more infos here). The later have been created especially due to the high fees charged by our banks and enable a very fast and secure payment. Meanwhile as their are so many of them out there and knowing that most of them are not transparent at all when it comes to presenting their fees, you ought to compare the different options using the free tool I suggested you. This will save you a lot of time and money when sending money overseas.

If ever you had to send money from cash to cash, I would invite you to look for new solutions which currently exist and enable you to exchange money hand to hand with people living in the same town as you and who are interested in the opposite currency as yourself. Tried that once myself & it works well though is quite time consuming I must admit.


How do I send money abroad to my child studying in Mexico

This is it your child has been accepted for a semester in a university in Mexico and obviously you will need to send money abroad to help him with the day-to-day expenses. It is always hard in a parents’ life to let your child go and live the adventure of studying abroad.

You might get panicked at some point, not only because of the departure and the separation but on the financial aspects: how do actually send money to Mexico? You have probably never done that before. No panic, we’re here to help and sending money abroad has never been so easy.

You actually have several options when it comes to international money transfers. Let’s figure out which one is the best.


Send money abroad using your bank

It is probably the easiest solution for you, providing that your child will open a bank account in Mexico. You just have to call your branch and they will set up everything for you. You just have to give them your child’s IBAN and BIC.

The only problem with this solution is the cost of such transfers. The fees are outrageously high and you’ll generally end-up paying fixed fees, variable ones and hidden ones because of a poor exchange rate. The receiving bank might apply some fees as well. In total, be prepared to pay around 10% of the amount you are willing to send in fees.

Send money abroad using high street operator

Another option that you have is to use an operator like Moneygram or Western Union that you can easily find in post offices. This is also an easy option; however fees are also extremely high and you do not get the level of security you have with your bank (there will be no compensation if something occur during the transfer). The only advantage it has is that your child will be able to collect the money without having a bank account. So it might be a solution for the first month but we do not recommend using it for an entire semester or academic year.

Send money abroad online

Using online money transfer service is probably the safest and cheapest option on the market as of today. There are many of them Transferwise, Azimo, WorldFirst etc. The process is quick, simple and saves you money as their fees are super low compared to banks. You always know how much you’ll be paying for your transfer and your child will never be surprised by the amount received. Transfers are generally processed within 2 to 3 days.

The only downside is that there are many online operators today on the market and a growing need to compare them before choosing one. Fortunately, a company recently created an online comparison platform that you can access here. With 3 clicks you get a full comparison of the money transfer operators that send money from the UK to Mexico.

In the end, just make sure you compare your options before sending money abroad to your child. And just relax, everything is going to be fine.


Why sending money overseas is expensive?

As an expat I have been sending money overseas for a long time and I have always wondered why it is still that expensive in the 21st century? It seems that the industry has not changed much for the last decades. Let’s try to understand why.


Sending money overseas is very lucrative

The industry has been dominated by 2 major actors for a very long time: Banks and Money transfer operators such as Western Union or Moneygram. According to the World Bank, the cost of sending money overseas each year is of $32 billion. This money goes directly to the actors I have just mentioned. Can you image what we could do if we manage to reduce that cost?

The worst think with banks and MTO (money transfer operators) is that they make you believe that sending money overseas is cheap or sometimes free. They are so good at marketing and manipulation that everyone is going for them. But there is one thing you should know: free money transfers simply do not exist.

First, you will always pay a certain fee, either fixed or variable. Then, the most pernicious thing they do is that they generally apply a poor exchange rate, meaning that they will make money due to the difference between the real exchange rate and the one they have applied to you.

How sending money overseas can be cheap?

You first have to stop trusting your bank or misleading advertising trying to sell you free money transfer. Always look for the small asterisk with sneaky conditions. Let me give you 2 tips to make sending money overseas cheap:

–       First make sure you monitor the exchange rate. If you send money when the exchange rate is low, you’ll be indirectly losing money right? It seems logical but very few people actually do it.

–       Second: find and compare services before sending money overseas. There are many new actors today on the market such as Transferwise that allow you to send money at almost no costs. They do not have hidden fees and you end up paying only 2% of the amount transferred. Nothing compared to the 10% of banks! The only issue with these new actors is that there are many of them covering different areas of the world. So there is a growing need to compare them.


13 secrets about transfer money overseas the governments are hiding

There is a huge list of secrets the governments all over the world are hiding. Some of them suppose them to transfer money overseas. I’m not telling that any tool could solve all of them but there might be some reasons to put a transparency filter on the governments actions. Today I list here 13 actions that the government has made. More or less serious. More or less interesting. Hope you have fun.




The 7 bad secrets about transfer money overseas the governments should keep hiding

1/ Sending money abroad is very expensive: 7.5% on average, according to the World Bank. I don’t care what they do the money with but people are paying the 7.5%. It’s atrocious.

2/ 7.5% of the amounts sent abroad represent not less than 30 billion dollars whereas using a comparison service would drive the cost down to 1.5%…

3/ Who is getting this money? Governments, banks and currency specialists. Who is paying? Us.

4/ There is no law against hidden fees in the financial market. There is no law against banks and fees they take without the consent of the customers. The only law that matters is the law of consuming. That’s why we, people, should keep analyzing the situation before buying anything from a bank. Let’s choose fintech startups.

5/ Most governments members transfer money overseas. They use fiscal paradises to put their money somewhere without tax. Sending money abroad is not forbidden but avoiding tax is.

6/ Sending money overseas is one of the slowest technology in the world

7/ There are transfers between the US and the middle East that are unidentified.

They will have to transfer money overseas in 6 cases

1/ Trump is elected. I think he is. But it was a joke, right? If not they will have to transfer their money internationally to keep it from him.

2/ Taxes. Just improve taxes and government members themselves will send their money abroad.

3/ Oil. Once the US need more oil the government will have to transfer a lot of money to pay bills. I would suggest to start being more ecological in our daily life to prevent this from happening.

4/ Gold. A lot of gold is bought by governments.

5/ Boats. Gold is imported via boats.

6/ Investments. There are strategic funds which invests in huge projects and companies. Transferring money overseas would become cheaper so that governments would be able to transfer less 😉

You see. Governments are more or less good at hiding things. It might help to hide from the people because then we will look mysterious and people love mysterious people.

However I wouldn’t recommend to keep hiding secrets because after a few years I will discover those secrets. There is no such Sherlock Holmes as me…

Why Revolut is not the best way to send money abroad

Revolut is great. Especially for travel money. Revolut is also a good way to send money but there are reasons not to use it. Indeed Revolut is not the best way to send money abroad for 3 reasons: technical, financial and regulatory. Here are the explanations why.

1/ The technical reason why you should choose another service than Revolut to send money abroad

The first thing to know is that the definition itself for Revolut services is travel money. Travel money is a service you use when you go on holidays in a country where the currency is different than your home country. Sometimes you travel for longer than 1 week and it’s useful to have multiple currencies available. With travel money you are able to exchange the currencies of your debit/credit card so that you avoid some fees. Anyway the suppliers you pay to still have to pay the 3% fees that they usually pay with other payment cards. So the result is having traveling money onboard is simple and is useful. However transferring money abroad is not the main use of Revolut as there are fees as soon as you spend more than a certain amount. The risk is that you are going to think that you can transfer 10’000 euros but at the end you are going to be screwed up because you end up paying even more than by using your bank.


2/ The financial reason why you should not choose Revolut

As I was explaining the cost of ATM withdrawal, payments and money transfers with Revolut is free at the beginning. I mean it’s free for small amounts. It makes us believe that it’s free. At the end it’s not and we have no idea how much it costs because there is no transparency about costs on their app.

Revolut is great but I warned you. Don’t use it for money transfers without mastering the cost first. Try to always make a money transfer comparison first.

3/ The compliance reason

Oops… Even though Revolut is great, it was not licensed for all cards they sent to users… In November 2016 they deactivate all cards whose beneficiaries were outside Europe, and also completely stopped having new customers. The company claimed to be able to get licensed in a week. The question here is about another matter. If the service is not licensed, what are the consequences? The consequences are that their founders might be trialed. Their company might die. Their users might be stolen without regulatory guarantee behind…

That’s a good challenge for them but anyway their service is liked by users. It’s the same as Uber. If people like what you do, you live. Otherwise you die.

For Revolut the chance for them is that for the moment people like it especially because they think it’s free. Maybe it would change in the future but anyway this is a simple and pleasant tool that we can both keep using and keep mastering costs. Hope it helps.