Cheap Money transfer?
Yes, please

Do you need a cheap money transfer from one country to another one? If you don't know this system, there are several other ways to do this and they are usually quite expensive.

Read here how you can finally save a lot of money on every international money transfer.

Expensive Money Transfer options

First let's see some of the different options to transfer money.

You can go to your local bank and do it through them and they will charge a fixed amount and a percentage on the amount of money you send.

I've done this several times and I was always really annoyed because of the high fees.

Otherwise, you can transfer money through one of the many operators, such as Western Union. They are very famous, however, from their website it's impossible to find their fees, you can see them only at the time you make a payment. This alone makes me suspect that the fees are very high. Also, as to currency exchange, they say that Western Union 'calculates its rate of exchange based on commercially available interbank rates plus a margin'. What margin? No way to know.

You can transfer money with many online currency conversion services such as: PayPal, Moneybookers, Moneygram and similar ones. The advantage is that they transfer your money almost  immediately.

These ones too are quite expensive:

PayPal is the most established, best known, they will charge you:

  • between 2.9% and 3.9% + $0.30 USD
  • also, a 2.5% fee for payments requiring a currency conversion
  • finally, if you send the money by using a debit or credit card they charge a further 3.4%.

Always Cheap Money transfer?

Eventually, after paying a good amount of money over time, looking for a cheap money transfer I found two ways. The first one is TransferWise that lets you make cheap international money transfers.

They charge only a £/€1 flat rate for amounts up to £200 and over that amounts, always 0.5%.

Your first money transfer is FREE, but only if you click on this special link. Get your free money transfer! (£200 minimum transfer).

You can use TransferWise to send money or to request money, setting everything up in you account and then sending a link to the person who owes you money. You can also create a button for a website or blog.

The transfer will take 1-3 days.

The only problem is that they do not support all currencies, here is the full list of currently supported currencies:
EUR - Euros
GBP - Pounds Sterling
USD - US Dollar
CHF - Swiss Franc
PLN - Polish Zloty
SEK - Swedish Krona
NOK - Norwegian Krone
DKK - Danish Krone
CAD - Canadian Dollar
JPY - Japanese Yen
AUD - Australian Dollar
HUF - Hungarian Forint
GEL - Georgian Lari
INR - Indian rupees
RON - Romanian Leu
TRY - Turkish Lira
CNY - Chinese Yuan Renminbi
SGD - Singapore Dollars
NZD - New Zealand Dollars
ZAR - South African Rand
HKD - Hong Kong Dollars
CZK - Czech Koruna
BGN - Bulgarian Lev

It's better to check their website as they add more currencies.

Another way to send a cheap money transfer

I use another way to send a cheap money transfer. It is a foreign exchange trading website, www.xe.com, that enables you to make cheap money transfers and even free money transfers. The only problem is they are not immediate. Have a look.

They trade all possible currencies and it's also very useful if you want to check exchange rates.

Here's how it works. It is as if you traded currency:

  • you choose an amount you want to trade (buy), let's say you want to exchange some Euros into 100 British pounds;
  • select how you will send the money to www.xe.com for the transaction
  • select delivery method to the recipient: draft and ACH/EFT (electronic funds transfer) are free for the following countries and currencies: AUD to Australia, CAD to Canada, EUR to France, Germany, Italy, Netherlands and Spain, GBP to The United Kingdom, NZD to New Zealand, USD to The United States or Canada. Wire transfer is faster but there is a fee (£12.50/€14 or other currency for any money transfer amount)
  • select or add the recipient's name
  • select or add the recipient's bank

They'll give you a quote that lasts 40 seconds, after which you have to request another quote. Click on Confirm Deal.

Click on the screen shot to view it larger.

Free money transfer

Then you'll receive an email from them telling you how to send them the money for the transfer. You should send them the money to a bank of theirs which is in the same country you are sending your money from, so you won't have to pay for the transfer. In doubt, ask them, their customer service is very efficient.

Once you've transferred the money to their account, you have to send them an email with the transaction details. They will convert the money and deposit it into the recipient's account within a couple of days. All together it may take 4-5 working days, but I've seen that most of times it takes only 3 working days.

Other limitations:
you cannot pay by bank cheque, cash, credit card, PayPal or similar transfer systems.

It's not immediate but, if you are not in a terrible hurry to send money, it's the perfect way.

Summary

Simple, isn't it? So, why not try it and start saving money on your next transfer? Now you know where to go.

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