What Is The Best Way To Send Money Overseas?April 10, 2015
A difficult but common question for people wanting to send money overseas is – what is the best way to send money overseas?
Even the International consumer watchdog, Consumers International finds it a bit tricky:
“The current industry standard allows for opaque pricing, which obscures unfavourable currency conversion rates, hides the real cost to the consumer and makes it almost impossible for the consumer to ‘comparison-shop’.”
Ok, so currency exchange can be confusing but does it really matter which is the best way to send money overseas?
We’ll let the neutral Australian consumer watchdog organisation, Choice, tell us:
“There’s no way to know how much might go missing in the course of an international money transfer. Unexpected fees and a laughably bad exchange rate could cost you hundreds of dollars along the way – especially if banks are involved.”
Exchange rates, fees and charges . . . it can all get a little confusing. See how CurrencyFair compares to other money transfer companies
Send Money To Another Country – Speed
If you are sending money abroad you don’t want to sit around for days on end waiting for it to be sent and received by different banks in different countries. Also, you don’t want unexpected delays that can cause major headaches. You want to know when your money will arrive and be confident that it get there on time.
Because CurrencyFair is online, we are fast. You choose which bank accounts you use to send and receive the money and then choose the timeline – everything is completely transparent.
If you want to see how fast an international money transfer will be for your chosen countries, click here.
Send Money To Another Country – Support
If you are sending money across international borders, you should never underestimate, the importance of having someone readily available to talk to or email should you have any concerns.
The sad truth is that, these days, Customer Service is usually an after-thought by most financial institutions. Customer Service tends to be a recorded voice function which can drive you crazy just at a time when you’re worried that your money might not make it safely to its destination.
If you want to see great customer service, you should browse around the CurrencyFair Facebook page or see what people say about us on Twitter. We’re real people who use the service ourselves. We can definitely help you if you ever have a question or a concern.
By the way, as this blog post was being written, our CEO was on the phone to a customer, helping them with their first transfer. He’d answered the Customer Service line and helped out because, like all of us at CurrencyFair, he loves helping the people who support us by being our valued customers.
Below are just some examples of the sort of customer feedback we get on a weekly business.
We’d love to see you as a customer too.
Send Money To Another Country – Cost
Let’s take a look at a real life example of a money exchange gone wrong.
The UK newspaper, The Guardian, recently covered a situation faced by one of their own journalists.
It was something that could happen to any of us – she left her laptop computer at the airport. When the journalist returned home to the UK, she arranged for a courier company back in Australia to collect the laptop from the airport (Sydney) and send it to the UK.
The courier fee was $232.
This is where things took a turn for the worse.
The courier company required up-front payment so the journalist used her UK bank to send the $232 to the company down under.
Here’s what happened in her words:
“I was informed that Santander would charge £25 for this transaction, and there may be charges from a “middle bank” handling international payments.
Five days later I received an email from the Australian company to say it could not send my laptop as it had only received $212. Santander had omitted to tell me that any charges levied by the middle bank would be taken from the amount I owed the delivery company.”
At CurrencyFair, we can get quite hot under the collar about unfair fees and unfair exchange rates. However, this example with the missing laptop had us hopping mad.
In the laptop example, bad foreign currency exchange didn’t just lose someone their hard-earned money, it had a direct and very negative impact on a person’s work and life.
Oh, don’t get us started.
This sort of trickery has gotten so big across the globe that the World Bank has even set up a working party to bring about reform to unfair exchange rates and fees when sending money abroad.
What Is The Best Way To Send Money Overseas?
As Consumers International quite rightly point out:
“Transferring remittances is a relatively straightforward transaction, for which it is often hard to justify a 5% charge, and there are an increasing number of examples that suggest the service can be provided for much less.”
You can see exactly how much you’ll save compared to regular banks and FX brokers on our “Money Transfer Companies Compared” page.
We invite you to examine our currency exchange comparison calculator and see which is the best way to send money overseas.
Alternatively, you can click here to Tweet your friends about the money saving calculator.
This post was approved by Brett Meyers, CEO of CurrencyFair. Come visit us now on Google+