If you’re planning to relocate to a new country or just arrived in France for example, you’re probably wondering how to do it. Let’s see what are your options.
Making a bank transfer between banks
Let’s say you arrived in France and opened a bank account. The first solution that comes to your mind to get funds here is to make a wire transfer. You should be aware that, according to the World Bank, this option is probably the most expensive solution to transfer money internationally.
Indeed, banks are notorious for charging a lot of fees on such transactions. You’ll end up paying fixed or/and variable fees. And even if you’ve subscribed to an international package to get free international transfers you should be aware that such things do not exist. In the end, you’ll be paying fees on the exchange rate.
How is that? Banks typically apply exchange rates that are lower than the real ones and keep the difference for themselves.
Sending money with Western Union or Moneygram
These options are perfect if you’re in a hurry and need to receive a small amount of cash quickly. In the case of a relocation you might need to transfer a certain amount of money. Well, Western-Union and Moneygram are as expensive as banks and do not allow you to transfer large amounts. On average, they charge you 10% of the amount sent.
Using a money transfer operator
Lately, newcomers appeared on the money transfer market: online money transfer operators. They managed to drastically reduce the cost of sending money internationally. The process is very simple. Let’s say you want to send money from the USA to France (USD to EUR). First you’ll make a transfer to the money transfer company in your local currency (USD) on its american bank account. The company converts the money into euros and makes a deposit onto your French bank account. Thus, your bank is not in charge of converting your dollars into euros and cannot take any fees on this operation. Clever isn’t it?
Money transfer operators are entities that are regulated by the same financial authorities as banks: the FCA (Financial Conduct Authority) in the UK and the FINRA (Financial Industry Regulatory Authority) in the USA. This makes them just as safe as banks.
The need to compare money transfer operators: Moneytis.com
There are more than 500 money transfer operators today on the market. It can be hard to compare them and see which one offers the best rates between the USA and France for example. This is the reason why Moneytis has been created: to compare operators and quickly find the cheapest way to send money between 2 countries.
Moneytis has been created by 2 expats for expats. They were tired of paying bank fees when sending money from Asia to France. Their mission is to help expatriates to save money on their international money transfers. If not convinced, try to send half of your transfer with your bank and the other half with a money transfer operator, you’ll be surprised by the difference of money received in each case!