Cheapest way to send money overseas
Today we have quite many service providers for transfer of money from Abroad. It is quite a challenging task to choose the one that benefits you the most.
I have been using and exploring
or SKRILL.
I had continued to use one for long time considering that the transfer fee was NIL.
It did not take too long for me to realize that the exchange rates were low if the transfer fee is NIL.
so what factors to look for when you choose the service provider for Foreign Money Transfer.
1. The new service providers may have better exchange rates mainly to attract and retain new customers.
2. Fixed Cost Service provider charges only X amount irrespective of the amount of money you intend to transfer.This is beneficial if you are transferring higher amounts.
3. NIL charges service provider may charge a fixed percentage of exchange rate. Though the amount may be minimal this may not be the good option if you are planning to transfer bigger amounts.
Here is a analysis on different service providers on a specific day for SEK to INR .
The Transfer Go, Pay send, Remitly had NIL charges but the exchange rates were lower.
XE currency had variable exchange rates meaning if the amount being sent is higher, the exchange rates were better.
Transfer wise had a fixed fee based on time taken to transfer( Low cost, Easy , Fast)
As you can see there the Fixed cost offer from Transfer wise was found to have good conversion rate for the end user/ receiver, however that comes with some delay in the fund transfer.
You can explore Xendpay also which has a better rates inspite of the charges applied for fund transfer.You can also avail free of cost transfer upto 2000 Euro in Xendpay.
The Opinion expressed are personal and readers discretion advised.
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