The best ways to send money abroad – TOP 10 services

What is a Money Transfer Service? Money transfer companies are a modern solution in the financial market.  The main goal of the companies is to reduce the cost of international money transfers and this is almost always the cheapest and fastest way to send money abroad. The fee for the transfer is usually 5-10 lower than traditional banks fee, while the same level of security and reliability is guaranteed. Money transfer provider's fees depend on the current market exchange rate, as well as many other factors, such as the country of origin and country of destination, the amount of the transfer, etc. The main goal of our service is to compare all the factors and find the solution that will be most beneficial for you in the current situation. What Factors To Consider When Choosing The Best Solution? While the best exchange rate for an international money transfer is probably the most decisive factor, for some users, the speed of the transfer will be more critical, and for some, the ability to receive a cash transfer will be important. When looking for the best offer for transferring money, you need to consider the following factors: Speed Always pay attention to the estimated translation time. For many large providers (TransferWise, XE or Paysend), the transfer speed can take several minutes. But this speed is not always available in all directions. Also, restrictions may be present on weekends and holidays. Fees & Exchange Rates Some money transfer providers, such as Wise, convert currencies based on mid-market rates, adding a flat fee for their services. Conversely, other companies may not charge transfer fees, while at the same time adding their margin to the mid-market exchange rate. Most banks add margin to the exchange rate between 4% and 5%, while the margin of money transfer providers usually does not exceed 1%. It is important to note that all providers will charge some form of fee for their services, but it is important to ensure that these fees are transparent in advance, before you make a transfer. Security Make sure the money transfer provider you choose is regulated by a government agency to ensure that your money is safe and secure when transferred. The main regulators are:

• - FCA (Financial Conduct Authority), UK
• - ASIC (Australian Securities and Investments Commission)
• - FinCEN (Financial Crime Network), USA

It is also worth learning about a company's reputation by reading reviews from its users. This is a good way to double-check that their services are up to the high standards they advertise. Accessibility/Availability Make sure the remittance provider you are looking for has the ability to send money to the country you want. Not every company offers its services in all countries and states. Also, check out pick-up methods for transfers. Most providers offer to receive money to a bank account or payment card. However, some providers also offer cash pick-up (for example, Azimo), pop-up mobile phone account, or even delivery of funds by courier to your home (XOOM for some countries). The Importance Of Comparing  Not all providers offer the same conditions for different types of transfers. While some companies are great for sending small amounts of money, others are better for sending large amounts of money. The cost and speed of the transfer can also vary significantly from payment method and payment method. Depending on where you send money, what currency you send, the amount you send. We've compiled this list of our top 10 money transfer companies with a quick overview of their pros and cons to bring you the most cost-effective solution.