You probably have a preferred remittance service, always the same process. But what you don't know is that there might be more options available that could save you money and time. There is a lot of competing money transfer companies, you could take advantage of it by using the cheapest or fastest one. Let's say you are sending 250£ per month, you could find a service that cost 1% instead of 6% and save 150Â£ annually. That's a lot considering the amount sent!
Don't Fall Bait to Zero Fees Advertising! Those are just marketing claims. What they don't take from you using "fees" they'll collect in another way through back-end charges and currency exchange rates (read more about these hidden fees here). On Monito, All the fees (transfer fees, currency exchange rate fees, credit card fees etc.) are taken into account and compared. You then have the peace of mind that you are not getting ripped off by hidden fees.
Comparison services, like Monito, have arrangement with money transfer companies that allow them to give discounts or special deals to senders who use their special link or code, instead of going to the company's website directly.
Here is how you can recognize special deals for Monito users on our comparison engine:
I've already told you about the currency exchange fee, right? Well, there's another hidden fee most remittance senders don't know about. Why?
Because it's the recipient that gets stuck with the back-end fee, which is charged when the recipient claims their money. They charge you when you send money, and they charge your recipient when he claims it. And you'll never know about this, until they tell you..
Does the money need to be received, pronto? Are you sending a small amount or are you sending thousands? Some transfer services charge a flat fee, while others charge a percentage of what you send, so the best option will differ depending on how much you send.
Also, bank to bank transfers are, in general, cheaper than cash pick-up methods. You can therefore always use the cheapest/fastest money transfer operator depending on your specific needs by comparing each time you are sending money.
The foreign exchange market never sleeps, so currency exchange rates fluctuate on a daily basis. At the same time you look up the price of your transfer, you can also check out the live currency exchange rates.
The money transfer operators prices are also changing over time. Don't hesitate to subscribe to an alert to make sure you are not missing any deal or the opening of a new service that could save you a lot of money.