Finding Money Transfer Services For Cheap International Bank Transfers

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Whether you’re partial to the odd overseas purchase, work with international clients, or enjoy vacations abroad, you’re likely running into the issue of exchanging money. The not-so-secret solution to this age-old problem of poor exchange rates is with money transfer companies. We can find all known money transfer services online; their fees, their currencies, their reviews. Here, in this article we made a list of money transfer services for cheap international bank transfers for you.

Ten years ago, the public was faced with a lack of information. The options presented to us were usually brick-and-mortar currency stalls, supermarkets, and banks. Not only was this inconvenient, but it meant settling for 2%-4% margins – costing us more than we realized.

money transfer service for cheap international bank transfers
money transfer service for cheap international bank transfers

The growing trend towards money transfer companies is quickly catching on, with more and more providers easily found in mobile app stores. Essentially, these companies have access to the interbank rate and offer transparent, highly competitive rates. Generally, between the currency margin and the fees together, you can expect around 1% cost or below – far better than the ~3% bank margin + fixed ~$30 fee. 

You simply deposit your funds, and they will exchange and send them in the most efficient way possible (they’re more flexible than banks when it comes to infrastructure). 

See also: 15 Best Apps to Make Free International Calls in 2020

Who Needs A Money Transfer Service?

Once we understand how quick and painless signing up to most money transfer companies is, it becomes difficult to justify anyone not having an account. Generally, signing up is a matter of using the mobile phone to take a picture of a driver’s license and perhaps to film oneself reading out a short script.

Account approval is often within a day, and debit cards (if the company does them) can be posted within a day or two. Sometimes debit cards cost, whereas opening an account is free. However, most companies have virtual debit cards to use for online spending, which are free.

With no account fees, the cost of having an account is a matter of ~50MBs of space on your smartphone. Those who venture abroad, receive payments from abroad, or buy international products will get the most use out of these accounts, whether it’s personal use or businesses.

They’re a great alternative to the highly expensive PayPal, which still has high international currency fees. Furthermore, they can be a place to purchase crypto and equities from, like at Revolut, making it a broad hub for most of your financial activities.

Two Categories Of Money Transfer Services For Cheap International Bank Transfers

It is essential to separate the types of money transfer fees, however.

Companies like Revolut and Wise are in one category (perhaps the more popular category that appears first in App Stores). This category is concerned with accessibility and convenience. In a beautifully designed app, you can send money abroad for super cheap in a flash. You can manage multiple wallets, pay for groceries with the debit card abroad, and it’s an all-around win for casual FX usage.

The second category, which is often less flashy, aims for more serious FX transfers. These companies have higher minimum transfers and are more likely to have varying margins. This doesn’t sound good, but it means they scale well. They’re the company you go to for large transfers or investments. These money transfer companies also have dedicated account managers and are fantastic for businesses. You’re more likely to receive a bespoke consultation and advanced hedging products. However, please make no mistake, they’re still low-cost and accessible.

The Top 5 Money Transfer Services for Cheap International Bank Transfers

Here are some of the money transfer services for cheap International Bank transfers:

Currencies Direct

It is a huge money transfer services for cheap international bank transfers with offices in the UK, EU, India, USA, and South Africa.

currencies direct
Currencies Direct

They’re one of the most credible companies, are regulated by four major regulators, and offer competitive rates and no fees. With very high ratings on TrustPilot, Currencies Direct offers great multilingual customer service but tends to perform better on the website and phone than with the app.

They Are Suitable For What Type Of Clients?

Because of the size of this money transfer service and their network, they have specialized in overseas properties and e-commerce solutions. This is a great choice for businesses and investors.

Wise

With a minimum transfer of £/$/€1 and a fixed margin of 0.5% (for most currency routes), Wise is a solid option for those wanting a great user experience on mobile.

wise
Wise

The multi-currency wallet makes it easy to visualize various holdings, and the onboarding process is very smooth. Plus, Wise is highly innovative so that you could benefit from exciting new boundary-pushing features.

They Are Suitable For What Type Of Clients?

Clients wanting day-to-day transfers of small-to-medium value.

Global Reach

Global Reach offers no app and no e-tailer services, but don’t write them off just yet. It has extremely satisfied clients and supports 138 currencies (Wise, for example, supports 49).

global reach
Global Reach

Global Reach has a dedicated dealer with fantastic support, particularly for business solutions. They offer several hedging products and are in partnership with TreasurySpring, meaning they now have a highly comprehensive treasury management service.

They Are Suitable For What Type Of Clients?

This is ideal for treasury managers and traders through their vast currency support and treasury services – particularly those looking for hedging.

Revolut

Like Global Reach, Revolut offers a tonne of functionality. However, they offer it in a completely different way. They’re more focused on the day-to-day usage of money management. Along with beautiful expense graphs, bill splitting, debit cards, and multi-currency wallet support.

revolut
Revolut

You might also like to read: 7 Best Credit Cards for College Students in 2020

Furthermore, there’s a tonne of functionality for those looking to invest in stocks, crypto, or simply enjoy loyalty schemes at airports. For most users, you can exchange money for essentially the interbank rate with no fees or margins within market hours. However, the monthly limits on this are quite low.

They Are Suitable For What Type Of Clients?

Customers who aren’t exchanging lots of money but want minimal costing FX that is accessible with a tonne of great features.

MoneyCorp

MoneyCorp is a veteran all-rounder. Whilst they won’t facilitate paying for coffee abroad on a debit card, they can transfer money to 120 currencies with a minimum £/$/€ 50 transfer value.

moneycorp
MoneyCorp

Being an old company, they have a lot of credibilities. While you’re not guaranteed the same fixed margin every time, they win endless awards for their great business solutions and diverse hedging options. 

They Are Suitable For What Type Of Clients?

Those wanting a lot of hedging options or bespoke business support.

Final Words

This was our list of Money Transfer Services for Cheap International Bank Transfers. Each one of them equally efficient. Go through the article once more and choose the one that you find is suitable for your money transfers. We really hope this write-up was helpful to you. Let us know in the comments below. We’d be more than happy to hear from you!

See also: ClickBank Review: How to Make Money with ClickBank (2020)

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