Finding the best money transfer services is not an easy task. I went through this a couple of months ago as I started a new expat life in the USA. I needed to send money back to France to pay back my student loan, on a monthly basis. I’m happy to share with you my experiences of testing banks, online operators and all the things that let me to find the best service according to my needs.
Search for the best money transfer services
You basically have three options here. The easiest one being to use your bank. As an expat I guess you’ve kept a bank account in your home country (we are all planning to come back at some point, aren’t we?) and obviously opened one in the country where you are now living to receive your salary and for your everyday life. One thing you should be aware of is that using your bank is probably the most expensive solution you could opt for!
What happens when you send money with your bank? You end up paying a fixed fee, a variable one (depending on the amount sent) and hidden ones. Hidden fees can be found in the exchange rate that is applied at the moment of your transfer: it is poorer than the real one, almost all the time!
Another that might tempt you is to go for the worldwide leader Western Union. I cannot blame you for that. Especially because they are very good at marketing! I remember seeing an ad last year about Christmas offer that said: “$5 fees for $50 sent”. euuu how is this supposed to be a special offer? 10% fee does not look attractive AT ALL to me! But you know, they used a Christmas tree and everybody is nice when Christmas is coming..
Last but not least: online operators. You should definitely go for them. They take between 2 to 5% fees, the cheapest you can find today. The only problem is that none of them is operating on a global scale so there is no big leader that I could send you to. You need to do some research and find the best one covering your countries.
How to choose the best money transfer services?
You probably do not have time to compare all the operators to find the best money transfer services but there is a platform that did the job for you. It is called Moneytis and it only takes you 3 clicks to get a comparison of all the operators between 2 countries and for a given currency. Thanks to them I’ve found the best money transfer services and I keep on returning on the platform as depending on the exhcange rates the best one varies.