International Money Transfer – An Overview of the Process
An international money transfer is the process of transferring money abroad from one account to another. This usually involves an exchange of currency as money is moved across borders and can often attract fees and other charges from banks, and their counterparties, involved in the process.
There are lots of reasons that you might need to make an international money transfer. The three most common reasons to pay money abroad are to give money to friends or family; to pay for your dream wedding or to buy or sell property abroad*.
Your bank can help you pay money abroad, although they will take more than their fair share of your hard-earned cash in the process! The most cost effective and often the easiest way to make an international money transfer is to use a money transfer provider who can also be described as remittance providers. As their name suggests, they are dedicated to helping people (and businesses) send money internationally.
Money transfer providers offer the most competitive foreign exchange rates and often don’t charge any fees, making them the cheapest way to transfer money abroad. There are a lot of them though and so finding the right international money transfer provider for you can be tricky. Sending money abroad shouldn’t have to be confusing. That’s why we’ve created Xompare.com; a simple way to compare market leading money transfer providers in real time.
Using Xompare.com you can see the total amount that will arrive at the other end of your international money transfer.
We break down the fees and show the actual foreign exchange rates that are being applied right now, not a historic best guess! Providers often change their transfer fees and rates so it pays to check regularly to make sure you’re always getting the best deal before making an international money transfer.
*There are lots more reasons to send money internationally. Here’s a few!
Paying school fees, bringing money earned abroad back home, buying stock for your ecommerce business, paying wages to employees abroad, buying art, bringing home that inheritance your Great Aunt left you, buying a prestige car, paying your son’s utility bills, paying your daughter’s university fees, investing in an AI start-up, paying suppliers aboard...