What Is the Cheapest Way to Send Money Overseas online?
After trying several methods to transfer money online , I have decided to review some of these services as most of them have hidden fees not aparent when you register for the service. The site will answer the following " What is the best available services to transfer money online? " the approach I took is to measure for several factors including:
I have reviewed the following services and made a comparison at the end of which one can be considered the best method in terms of the criteria above. the summury comparison is below, however for detailed analysis of the most important services tested follow the links below:
One of the most inefficient industry exist today is the banking industry, specifically when transferring money abroad. The process of money transfer can be costly especially if you are sending a small amount of money . A person who received or transferred money abroad should be aware of the hidden costs that banks apply when he/she receive or send a payment. These costs can vary from high exchange rate to incoming and outgoing wire fees .
The money transfer industry is highly regulated and usually controlled by banks, the US dollar is still the most dominant currency for exchange and transfer . There are several regulations that are implemented by various countries to control the flow of money from a country to another , these regulations are intended to tackle issues like money laundry and terrorism. And although these regulations are justified , the high cost in terms of stated and hidden fees are not justified.
Therefore, I will try to outline the most known used methods to transfer funds from one country to another, with the objectives of understanding which service (if exist) has the lowest cost and the least hassle. My objective from this analysis is to provide a guide for anyone interested in finding the most efficient method to send money online or use another country's currency while traveling.
During my analysis , I have noticed that the majority of services would claim certain savings of using their services, however except few they all had hidden fees such as higher exchange rate, withdrawal fees, transfer fees ...etc
Below is the outline of the main services that required extensive testing and analysis, at the end, you will find a summary comparison with almost all other available services.