How to Lower the Cost of Sending Money to the US
The money transfer industry has been changing in recent years as more companies have entered the industry. Indeed, money transfer firms have become some of the fastest-growing startups in the United States and in some European countries. This competition has led to many of the oldest firms to transition from paper-based methods to digital platforms. In this report, we will look at several tips that help you lower the cost of sending money to the US
What Influences Money Transfer Fees?
There are several main factors that influence the money transfer fees. First, there’s the money transfer company’s business model. For example, there are companies that make money directly from the exchange rate.
If you are sending £1,000 to the US and the exchange rate is at 1.2800, a company could execute the trade at 1.2700. In this case, the recipient will receive $1,270 and the company pockets the difference. On the other hand, there are those firms that charge a small commission but send at the exact exchange rate.
Also, there are firms that charge fees for sending and receiving funds. Others also charge a fee for sending, receiving, and withdrawing.
Second, taxes are also a factor when sending funds. Some countries will impose a tax for sending money to the US. Third, there are currency conversion fees. Some firms charge a small percentage of your funds to address their currency conversions. Fourth, the number of intermediaries involved can determine your fees. To deal with this, some companies have stopped using these intermediaries.
Finally, the amount of money you are sending could influence your fees. Indeed, some banks allow you to negotiate the exchange rate if you are sending money.
In all, because of technology and competition, the cost of sending money has been reduced drastically over the years.
While the cost of sending money has fallen, you can use several approaches to lower your cost.
Find the Options Available
There are many options available when you are sending money. These are:
• Bank transfer – In this method, you will direct your bank to deposit the funds to your recipient’s bank account. The cost of this transaction is between $30 to $50 but it will depend on your bank. It also tends to be slow especially if your bank does not offer the service using its digital platforms.
• Online money transfer companies – In this method, you will use one of the hundreds online payment platforms like TransferWise and PayPal.
• Money orders – You can send money orders, which is essentially a pre-paid check.
• Digital currencies – You can send digital currencies like Bitcoin and Bitcoin Cash.
Research Their Fees
The next step is to find out the real cost of sending the funds to the US using these options. Researching and reading the fine print will help you understand the fees they charge. It will also help you identify the hidden fees that many firms charge.
Using a Money Transfer Comparison Site
You can save your time by using a free money transfer comparison site like MoneyTranfers.com. These companies have created algorithms that will automatically check the funds that you are sending and the cost involved. They do this by having data from these companies in their algorithms. The benefit of using such sites is that it will save you time and offer you more details about the firms. Also, the company will provide you with a complete review of the companies it recommends.
Some companies will have offers for first-time clients. Some offer to let you send money for free while others give you a discount. The goal of these offers is to entice you to remain their customers in the future. Finding such offers can save you
a significant amount of money.
Read Online Reviews
Finally, we recommend that you take time and read online reviews about the firm you decide to use
. You can find genuine reviews in some websites like Google. If you are using an app, ensure that you read the reviews from the play store and the app store. Doing this will give you more details about the experience of former customers and possibly save you some money.
The cost of sending money to the United States is falling as more companies compete for the same clients. Indeed, some companies are also offering generous offers to customers. Therefore, we recommend that you take time to research about the available options, their terms and conditions, and their reviews. Also, you should consult with the funds’ recipient for their preferred options.
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