Don’t Waste Money On Money Transfers!

Thanks to modern technology and the constant connectivity most people enjoy in their day-to-day lives, it’s never been easier to move money around or even transfer funds to friends and family. It’s the associated fees that become inconvenient after a while, so it’s important to make sure you’re choosing wisely when it comes to how you handle your money transfers, especially if you need to be able to transfer money internationally. The following are just a few tips to keep in mind.

Think Beyond the Banks

Whenever you’re getting ready to send money, give some thought to which method makes the most sense for that particular transfer. Don’t simply assume the best choice is always a bank transfer simply because it’s the traditional way to go. A standard bank transfer is typically only your best bet if you’re looking to transfer a large amount of cash ($10,000 or more) within the United States. Otherwise, you’re likely better off looking into an alternative. The following are good examples.

  • For modest, everyday transfers that are easy to complete on your smartphone, try a popular option like PayPal or Venmo.
  • If you’re transferring money domestically and want the fastest method, try Zelle or Google Pay.
  • Does the recipient both live in the United States and need to pick up the cash in person? Western Union is a good choice.

If you’re sending money overseas, there are additional factors to take into consideration if you’re serious about saving as much money as possible in the process. For instance, foreign exchange rates are constantly fluctuating, so you need to know where they are currently before you transfer. You’ll also want to make sure you’re fully aware of the fees you’ll be charged if you go with a particular method, because they can be steep.

Compare International Transfer Platforms

It only takes a few moments to compare your options when it comes to international transfer systems, but it could save you big bucks. The right platform can also take a lot of the hassle out of the process and make an international transfer as painless as paying a friend back for lunch over Venmo or PayPal. Generally speaking, you’re looking for the following qualities:

  • Guaranteed access to the best possible exchange rates.
  • The lowest, most reasonable transfer fees.
  • Overall service reliability.

ShareMoney is an excellent example of a platform that really simplifies the process of transferring money overseas in all the right ways. Their no-hassle system guarantees excellent exchange rates, ease of use, and speedy transactions even if you’re sending money to South America, Asia, Africa, or Central America. You have a variety of options to choose from when it comes to how your recipient can receive their funds as well. Bank deposits are an option, but so are cash pickups at a number of different locations.

Cover All the Bases

Choosing a platform that’s transparent about factors like fees and transfer time is a good start, but you’ll still want to double check the details of any money transfer method you choose. Will the recipient need to pay any additional fees in order to receive their money? Are their any liabilities involved in the event something goes wrong with the transfer at any point? What guarantees does your platform of choice make when it comes to the transactions they facilitate?

At the end of the day, a little bargain hunting and smart thinking is really all it takes to make sure you’re using the most affordable, user-friendly method to transfer funds from one place to another. What are your favorite ways to send money both domestically and internationally?

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