I’m going to tell you a little story that happened the other day when I was talking with my flatmates about money transfer services the other day.
Who uses money transfer services?
First of all let me set the scene: I am Sophie, 27 and I’ve been living in London for the past 5 years. Ana is from Colombia and she arrived in London 6 months ago. Finally, Erik is from Washington in the USA and he arrived last year. We have been living together in the UK for the last 6 months. We love each other and generally have good times at home. Sometimes our debates can turn into confrontations as all of us like to be right. That’s what happened the other day when we talked about money transfer services.
Basically the conversation started with me saying “I do not understand why people do not compare money transfer services before sending money abroad”. Both Ana and Erik did not understand why I said that as they’ve been using their banks to make transfers and are happy with this.
So I started telling them that there were more than 500 money transfer services operating today all around the globe and that nobody could say that one is the best without comparing them. Even with that they were sticking to their position.
Then I got an idea: “Ok so let’s forget money transfer services and let’s talk about flights. Imagine you’re preparing your next holidays, would go on British Airways website to buy your plane ticket? NO! You’d go to websites like Skyscanner or Kayak that compare flights and help you find the cheapest one. RIght? So why don’t you do the same when it comes to sending money abroad?
You should have seen their face at that moment! They were speechless!
Why compare money transfer services?
For the same reason you are comparing flights before buying one: to find the cheapest, the fastest or the one that suits your needs better. For example you might need to receive cash quickly or send money to a bank account, then you might be using the same provider for each transfer.
Just keep in mind that comparing money transfer services is the new black 😉