Sending Money Abroad: A Guide to the Cheapest International Money Transfers
At a loss over losing money when you need to send money internationally?
In the past, arranging an international money transfer was often a very expensive and time-consuming process.
Thankfully, this is no longer the case!
Don’t make the mistake of transferring money using your bank accounts, as they charge you additional charges on the exchange rates along with ‘sending’ and ‘receiving’ charges.
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What is an International Money Transfer?
Questions about international money transfers come up often in the Irish Women Abroad Facebook group.
An international money transfer is an electronic transfer of funds from one person or entity to another.
It is administered by numerous banking and money transfer services around the world.
They allow you to send money abroad, in a specific currency and amount to a friend, relative, or company overseas.
What is the Cheapest Way to Transfer Money?
There are so many different options available now and many International money companies to use, with OFX being our number one recommendation for transferring money.
>> Read the OFX Money Transfer Review to find out why! <<
In this guide, we explore 3 main services that offer the cheapest way to send money internationally – and go through other options.
The 3 Cheap Ways to Send Money Internationally
The recommendations below are reputable, convenient and affordable options for international money transfers.
OFX has existed in the money transfer business for more than 20 years. To date, OFX has transacted more than €67 billion.
The company has operation offices in San Francisco, London, Hong Kong, Sydney, Toronto, and Auckland.
BENEFITS OF OFX
- 24/7 Customer service
- Lower fees and exchange rates
- Saves time and money
We have partnered with OFX to save you time and money on international currency transfers.
Don’t forget to >> Book through this link for FREE transfers <<
Send is a third-party money transfer service that specialises in international money transfers. Send was founded in 2018 in Australia and allows you to save on transfer fees and currency exchange rates. Send is ASIC and AUTRAC regulated with their own Australian Financial Services License.
BENEFITS OF SEND
- Dedicated account manager
- Exchange rates that can be up to 8 x cheaper than the banks
- Fee-free transfers for members of Irish Women Abroad
- It’s easy and fast to set up an account
- You can make 24/7 transfers
- ASIC and AUSTRAC regulate and multi-award winning service
3. Wise (TransferWise)
Wise (formerly TransferWise) offers an affordable and effective way of transferring money across borders.
BENEFITS OF WISE
Very minimal fees compared to banks
- Send money cheaper
You can pay with debit or credit cards, which tend to be more expensive than other options, use a money transfer service or use your bank or building society.
Another option is to use a third party like Revolut, Paypal or Stripe.
Do your research to determine the most competitive rates – a little research can go a long way!
Selecting the right money transfer company may not just lead to savings, but may give you much needed peace of mind knowing that your money is in safe hands.
Since individual requirements tend to vary, make sure you run a thorough comparison before making a decision.
Returning to Ireland? Or Relocating in 2022?
We have the perfect new group for you!
Overall, depending on individual needs and preferences, any one of the money transfer services explored above will be the best way to send money internationally for most people.
Avoid using a credit or debit card to fund your money transfer.
Don’t withdraw money abroad with your traditional bank card to avoid sneaky hidden exchange rate mark-ups.