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What is the cheapest way to send money abroad?

1 minute read

Aren’t you tired of paying too much money to send money to your family or friends abroad? I definitely am! And if you also want to know how to save on your next remittance- this article is made for you.

When looking at the cheapest way to send money abroad you should check three main things: commission fees, exchange rate and modality:

Commission – Most remittance companies charge a commission based on the destination, the origin currency, and the amount you are sending

Exchange rate – Usually the remittance involves an exchange rate process to convert the original currency to the destination one. Many companies offer zero commissions, but in return they offer you a not so attractive exchange rate

Modality – The place and speed that you choose to send the money are other drivers of the remittance cost. Usually, sending and receiving money in cash through an agent is more expensive than sending money online from a bank account. Likewise, immediate transfers usually cost more than deferred transfers that take 3-4 business days on average.

Keep in mind that the costs of different providers vary very constantly. That is why using a search engine is the most effective way to compare remittance companies and find your best option.

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Harris Yoon

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