Thanks to the well-developed online remittance market, we are no longer limited to pricey bank wires, which could costs as much as $30 just to send money abroad. Nowadays, you can send a quick payment to a friend, colleague or merchant at the other side of the world for a few dollars. However, with so many different transfer options available which one should you choose?
How to research international money transfer platforms?
Well, a quick google search of a simple phrase like "send money internationally online" gives you thousands results. And most of the sites are in fact a fully functional and reliable transfer platforms. However, each of them has its own features, costs, pros and cons. So you need to ask yourself:
What Are You Looking For In Your Money Transfer?
Do you need to make an urgent payment and have it delivered within few minutes?
Are you able to wait few days longer but cut down transfer costs thanks to it?
Does your transfer require currency conversion and you need good exchange rates?
There are so many variables to take into consideration that the research process quickly becomes quite complicated. Therefore, there are multiple online platforms and sites to go to, which can help you in choosing best service.
Compare Money Transfer
Platforms such as Wirly, Finder or Monito just to name a few can help you compare individual transfer services. For example, the tool available at Wirly allows you to just type in how much money you need to transfer and to what country and the algorithm will automatically display you transfer costs at every available provider.
You can then simply go with the top cheapest provider or sort the list based on other features like transaction speed, safety and reliability or customers reviews.
Read Different Reviews
Speaking of reviews, there are also one of the important steps when choosing which service to use. Try to read both expert and users' feedback to learn about both advantages and disadvantages of particular service. For example, here is a full article TransferWise Review. The author breaks down their fee structure, exchange rates and explain how to sign up and use the service. What's more, there is also a section with different customers' reviews, which help you learn about the real first-hand experience. It is just one example of money transfer review, you can navigate to different companies and compare them.