Does your lifestyle rely on living abroad? If the answer is yes, then you must know that if you want to send money abroad is a painful issue. Indeed, it usually is expensive, takes time and untrustworthy (what if the money does not arrive?). Your concerns are more than natural and you should be worried.
However, solutions exist to help you transfer your money from one country to another without wasting it.
Forget the banks
If your first reflex is to go to your bank because you feel more secure, it is a good one. However, you must know that using your bank might be the slowest and most expensive way to transfer money internationally.
Banks indeed charge huge fees. According to The World Bank, individuals pay up to 8% fees from the total cost of their international bank transfer. It is close to 100$ for a 1000$ bank transfer. Generally speaking, sending money in a foreign country by using your bank is the most expensive option. This is the fault of high change rate margins and banking charges when the money leaves your country and arrives in the one you have been settling in. Still, according to The World Bank, international money transfer made through a usual bank will be at 10.5% cost on average.
There are other solutions
While banks may not be a good fit, there are other options to explore. The international money transfer industry is full of different actors (private companies) that offer cheap and safe transfer from one country to another (and sometimes quite fast).
There are many providers and all of them offer different advantages. The cheapest might sometimes be the slowest while its competitor offers a-less-than-a-week transfer for 1 dollar more.
The best thing you can do is to choose wisely according to your priorities.
But how can you choose when there are more than 100 institutions on the market?
Full of services but how to make a choice?
Well if you need to ask… Monito.com is the Booking.com of international money transfers. They have accompanied thousands of people in transferring money into the country they live in (and back). Their goal is to help save the 28 billion dollars of fees that are lost each year and democratize a new secure and cheap way to help expatriate sending money abroad.
This startup compares more than 300 companies (from banks to private companies that are regulated and legit in their countries of operations). Each institution is reviewed in a transparency effort (those reviews are publicly published on Monito’s website).
More than enough to give it a try and take the fittest solution to transfer your money abroad, right?
Sending money abroad? Compare all your options at Monito.com.
Furthermore, if you are looking for more tips here are 8 Apps that make your moving abroad much easier.