When you’re looking for the best way to transfer money internationally, there are a number of factors to consider. These important factors include; the speed of transaction, cost, convenience, security, the destination, the amount of money you are sending
All of these things can have a big impact on what is the ‘right’ way for you to send your money internationally. The best way to transfer money internationally will change depending on your specific needs.
In this guide, we’ve covered some of the most important things to consider when finding the best way to transfer money internationally. Plus our top recommended provider you can trust to deliver regardless of where you are in the world.
Important things to consider when sending money abroad
Money transfer companies are particularly useful when sending money in emergencies or to remote areas where people have no access to formal banking services. But they can be used in any scenario and are most often the best option when transferring money overseas.
There are several things that you need to consider when looking for the best way to send money internationally, such as:
The exchange rate
This can sometimes be referred to as the ‘hidden cost’ of money transfers. As opposed to fees, the exchange rate may not always be shown upfront – but it can add up to be more expensive than upfront fees, particularly when transferring large amounts.
To put this into perspective, consider a scenario where you are sending £2000 from the UK to the US. Financial service providers will process your transfer at the mid-market rate (the mid-point between the buy and sell prices of two currencies) and charge a set-rate fee for your transfer.
Some companies will offer you an exchange rate that is a small percentage higher than this rate. Some with no additional fees, and some with an added set charge. The difference between the two rates is called the exchange rate margin. The amount charged may differ from one currency pair to another. Outside of this, international money transfer comparisons can help when making a choice between two companies directly.
While this may sound expensive for sending your money abroad, it’s important to note that these rates compare favorably when transferring money using banks.
Banks vs Money Transfer Providers
Money transfer providers will almost always offer more favorable exchange rate markups than banks – usually adding on a percentage between 0.5% – 2% compared to 3 – 5%
The transfer fee
All money transfer providers will charge you for the cost of using their services to send your money abroad. What’s key is finding out exactly how much you can expect to be charged for your transfer. Some providers charge a set fee on top of the current exchange rate, while others charge a percentage-based fee. This can also differ depending on where you are sending the money and on the size of your transfer.
For example, let’s assume you want to send money to Australia from the United States. Depending on the bank or online money transfer provider you choose, you’ll find a range of fees being charged to transfer money overseas. Online providers tend to come in cheaper than banks.
When looking at the fees charged by banks, it’s common to find the rates varying depending on the currency in which the transfer is processed. For instance, a transfer of $1000 from Chase Bank to the Commonwealth Bank of Australia will cost $5 if it is processed in Australian dollars, but $40 if sent in USD. On top of this, the Commonwealth Bank of Australia will charge the recipient A$11 to collect the funds. These fees are in addition to correspondent and intermediary fees where applicable.
Sending and disbursing network
It’s important to make sure that the provider you are looking at can actually support the transfer you are looking to make. Both facilitating transactions between the countries you’re sending from and supporting the relevant currencies.
Money transfer providers allow their customers to send funds only from specified countries and currencies to their recipients in designated markets. Normally, a provider would make its sending and disbursing network coverage public, but this is not always the case. However, you can find out from the provider’s customer support team, FAQs section, or by trying out a transfer if your sending and receiving countries are supported on the platform.
Comparing currency corridors
Some providers are more equipped for transfers between particular countries (known as currency corridors) and can offer much faster transfer times than others, so this is a good factor to compare!
Whether you are making a small or a large transfer, nothing beats good customer support. It is not unheard of to experience technical issues such as transfer delays, unexpected fees, and transfer payment challenges, so choosing a service where you can quickly get any questions answered is essential.
Some providers have online support teams available through live chat services, others can be reached through email and telephone 24/7 or during specific times. Ensure that you always have your transaction reference details for prompt assistance.
Accessibility across different platforms
Would you prefer to be able to go somewhere to make your transfer, or would you prefer to access your transfer via an app? A large majority of money transfer providers do now have free mobile apps to allow customers to transact on the go for added convenience, but it’s worth noting that some providers only work through their online platforms or have restrictions on their apps.
Having access to transfer services on mobile does give you an additional level of convenience and speed when transferring funds. But for some, the ability to make a transfer in person is desirable (for example, if you’ll be making cash transfers frequently). Depending on where you are sending your funds, you may be able to begin your process online and complete it at a physical shop.
Ease of setting up an account
For you to send money through any online money transfer provider, you first have to open an account. The procedures for setting up an account, including the required information, vary from provider to provider. Some will ask you to provide proof of your identity and address before completing the process. Others will allow you to send a limited amount of funds and only lift the limits when proper verification has been done. If you want to send money online instantly you should consider the impact the ease of setting up an account will have on this.
The best way to send money abroad
The best way to transfer money internationally depends on your specific needs, which is why we recommend Changera. Talk about the best rate and transfer speed, Changera has got you covered in all aspects. It doesn’t matter the cross-border transaction needs you have as an African, we are continually innovating to make restrictions a thing of the past. Here are some reasons why Changera is the best way to transfer money internationally.
Boycott the process
Changera is the quickest and most secure way to send money from one country to another. It only takes a few minutes to send money abroad. No need to use the slow and tedious SWIFT network. The blockchain route which Changera uses remains the swiftest and most secure way to send money abroad.
Nigerian banks have reduced their monthly international spending limit on naira cards. Customers will only be able to spend between $20 to $ 50 a month for international transactions. It is an indication of the banks’ struggle with the scarcity of foreign exchange. But with Changera, you can send up to $10,000 at once and even convert the funds to foreign currency as needed.
Physical and virtual cards for your international payments
Changera physical and virtual cards enable you to perform cross-border transactions without monthly spending limits. Whether it’s to pay for your Facebook, Instagram, or Google ads. Or to buy software tools for your business needs, pay international school fees.
You need to have an account on Changera before you can request any of the cards. With Changera, funding your card is very easy. Fund your Changera wallet through a bank transfer. After which funds in your wallet can be used to fund your card. Once your card is funded, you can begin making payments anywhere Mastercard is accepted.
Our app is the best way to transfer money internationally. It’s very user-friendly and easy to navigate. With this, you would not need to be present at a physical branch, join a queue or wait your turn. In the comfort of your home, office, or even on a bus, you can send money to your loved ones living outside your country. Get it now on Android or iOS stores