Find the Cheapest Way to Send Money Abroad
Avoid inflated fees and find the cheapest way to send money, right here, right now.
What’s the cheapest way to send money abroad?
Yeah, we know. High transfer fees hurt! And you worked hard for that money--why throw it out the window? Here at Monito we’re dedicated to help you search for the fastest, cheapest and best way to send money or transfer currency internationally. We know that the world of global payments, currency providers, banks, and other services can be confusing. Fear not! We’re here to give you simple, straightforward, and honest answers to help you get the most value out of your international transfers.
What does it mean to send money internationally?
Simply put, it means transferring money from one country and currency to another. For example, if you’re living and working in the US and want to send money to India, you’d use a money transfer service to convert money from US dollars to Indian rupees and transfer the money to India in cash or as a deposit to a bank account for example.
Why might I want to send money overseas?
People have lots of reasons for transferring money internationally. You might have moved to another country and want to send money back home. You might be a business sourcing goods from another region. Perhaps you’re making investments or buying property overseas. The reasons for transferring money are almost as numerous as the people making transfers!
What’s the cheapest way to send money overseas?
In almost every case, the cheapest way to transfer money internationally is to use a specialist money transfer service . They provide much more competitive rates, fees, and commissions than banks or PayPal, meaning your recipient will end up with more money. But finding out which money transfer service is the cheapest for a given transfer is a complicated task and will differ a lot depending on your needs. Hopefully, you’ll learn below great tips on how to find the cheapest way to send money abroad.
How much can I save by finding a cheap way to send money?
According to the World Bank, some people are paying as much as 6% to 8% of the total value of a transfer in fees. That could be as much as £60 to £80 on a £1,000 transfer! Across the board, sending money through your bank is the most expensive option because bank fees are bonkers--according to the World Bank, the average cost to send money via traditional banks costs 10.5% per transfer.
We carried out an independent review to see how much we could save people when making international money transfers. The findings were startling — using the cheapest money transfer service compared on Monito.com would only cost 1.2%, on average. That means a £1,000 transfer could cost as little as £11 in fees, a saving of over £50!
Why should I use a specialized currency provider?
We recommend using a specialist currency provider to send money for several reasons:
- You will get a much better exchange rate than from your bank.
- You will generally pay fewer, lower fees.
- Transfers are normally completed very quickly and you will have lot of options when it comes to funding your transfer and/or receiving money at the other side.
- Their only do international money transfers, in comparison to banks that do a million things. This means that they value you as a customer and will focus their energy on solving your problems.
- You will get personal customer service.
I need to know the cheapest way to send money right now.
We hear you! The cheapest way to send money does vary depending on lots of factors. Fortunately, we’ve done all the heavy lifting for you, and worked everything out. Enter a few details about your transfer in the form now and you’ll see exactly how much you can transfer, and how much you can save.
Find the cheapest way to send money for your next transfer
There are lots of options when it comes to choosing the right currency provider. It depends on where you are, where you’re sending money to, exchange rates, fees, and much more. We’ve got extensive reviews of the most popular providers. Above are some of the cheapest providers.
Questions you may have
What else do I need to know about finding the cheapest rates?
Here are a few areas to be aware of:
- The cheapest way to send money depends on the amount you send.
- The cheapest way to send money changes over time.
- Currency providers often offer special deals and incentives which can lower your costs. Many of our reviews cover those deals and incentives.
- You can find the best deal right now by using the Monito comparison tool.
Is there anything else I can do to minimize the fees I pay for money transfers?
Yes, here’s some helpful advice:
- Open bank accounts for yourself and the recipient that don’t charge additional fees for international money transfers.
- Don’t use a credit card to fund your money transfer.
- Accept a longer transfer speed if that reduces your fees.
- Shop around to find the best deal.
- Spend time reading reviews and researching providers — sometimes it’s not just about cost. Speed, customer service, and reliability are also very important.
That’s it — our complete guide to transferring money as cheaply as possible. Use this guide the next time you need to exchange currency with the lowest fees and at the cheapest rate, and you’ll be able send funds to your friends, family or elsewhere without wasting money on excessive fees.
Got any questions? Please contact us, we’re here to help.
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