International Money Transfers: Beating the Banks

There are many instances when you may be required to send an international payment. While there is no doubt that such transfers are normally quite secure and expeditious, it is still a fact that countless clients are charged fees by banks and similar financial institutions. Some studies have shown that international transfers can be associated with charges as high as three per cent of the value of the sum being sent (1). This is a potential concern when funds could be limited. Thankfully, there are alternatives to these traditional methods. Our experts have compiled a comprehensive list of the top money transfer firms in existence.

Taking Banks Out of the Equation

One of the most pervasive and ill-founded myths is that banks are the only means to send a payment abroad. Of course, such institutions prefer their customers to utilised this option due to the profits accrued through fees over time. The main takeaway point here is that third-party providers can offer excellent deals and some are not associated with any charges or mark-ups whatsoever. Unfortunately, it can often be difficult to know which ones are the most reputable as well as any special amenities that each is able to offer. These situations can be solved with the help of our team at International Money Transfers.

Providing Clients with Informed and Accurate Advice

There several advantages of working with our firm. The most obvious is that customers will be provided with a side-by-side comparison of the top transfer services in the industry today. It is therefore simple to appreciate the potential fees and charges associated with each. However, we offer much more than a simple rate comparison.

Our technicians have thoroughly tested their mobile applications, their history, the reviews of previous customers and their levels of customer service. The end result is that clients will receive a well-rounded and completely objective overview; enabling them to make the most informed decisions well in advance. We also evaluate issues such as:

  • The minimum allowable transfer.
  • The applicable countries.
  • The possibility of speaking with a personal transfer agent.
  • Whether the portal is best for personal or for business use.

In addition, we have written comprehensive reviews of the best services in the business. All fees are made quite clear from the very beginning and this enables anyone to avoid the frustrating mark-ups often associated with larger banking institutions.

Saving Time and Money

Alongside these in-depth reviews, visitors can also access mid-market exchange rates, as these should always be determined when sending money between countries with two different currencies. The ultimate goal is to highlight bespoke advice that recognises only the cheapest rates by top providers in the industry. Whether wiring money to a student studying in the United States or you need to transfer funds back to the United Kingdom on short notice while abroad, we are your go-to source for all of the latest and most pertinent financial information.

Sources: https://www.moneyadviceservice.org.uk/en/articles/bank-fees-at-a-glance#foreign-transaction-fees

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