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.