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The best money transfer services when studying abroad

Depending on where you will be studying abroad you (or your parents) might need to send money internationally to help you with your daily expenses. Many banks from you country of origin will offer you “international student packages” but you should be careful with this.Here is a simple guide to help you with the process of sending money abroad and which gives you the best money transfer services to use.

 

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Why use money transfer services?

A common thing expats and foreign students (or their parents) do when they need to transfer money internationally is using their bank to make international transfers. This solution, even if it seems simple, secure and easy, is very expensive. Indeed you generally pay around 10% of the amount in fees. On the other hand, money transfer services are much more cheaper and as secure as banks. They’ve been emerging for the last couple of years on the money transfer market. Transferwise, in Europe is probably the most famous one. Money transfer services unlike banks do not apply hidden fees when sending money internationally. The exchange rate applied is the real one and not a poorer one in order to make even more out of your transaction (yes, banks do that). Expect to pay around 3 to 5% fees on the amount you’re sending. The only question you should then ask yourself is what you’ll do with the extra money you’re saving by not using your bank for your transfers!

 

How to choose the best money transfer services?

The only issue today with money transfer services is that they are more and more numerous and it is getting harder to choose among all the options. It is even harder because there is no one that is operating on a global scale, each of them are specialised in specific areas. The cheapest ones are not the same depending on how much money you are sending. You might also be looking for the fastest solution if you need to receive money quickly for renting a flat for example.

One thing to remember is to use a comparison platform to help you find the money transfer services that best suit your needs in terms of costs, time delivery and payment mode.

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Which money transfer services to use when retiring abroad?

Here you are planning your new life of retiree in Mexico. Dreaming about white beaches, transparent waters and good tacos by the sea. Apart from health insurance, the main thing that might concern you is how to receive your state pension. One thing that is sure is that you’ll need to make international transfers to convert your US dollars into pesos. You might already thought about using your bank or Western Union to send money to Mexico. Take a minute to read this article and discover about money transfer services that are much cheaper than your bank when it comes to international transfer.

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Why use money transfer services for international transactions?

Even if your bank seems to be the safest solution to send money to Mexico, the first thing you need to know is that you should forget about it when sending your pension. Indeed, using it will cost you a lot of money: you’ll end-up paying fixed, variable and even hidden fees on your transfer. Most of the time you’ll lose the equivalent of 10% of the amount you sent. You might also be tempted to use operator like Western Union. Same problem here: this option is really expensive.

The only thing left are money transfer services. They recently emerged on the money transfer market with the aim of reducing the global costs of money transfers. Each year, according to the World Bank, money transfers account for $600 billion and the average cost is between 8 to 10%. Imagine a second what you could do with 10% of $600 billion!

These money transfer services operate 100% online, which might explain how they can reduce costs and unlike banks, do not apply hidden fees on each transfer.

 

How to choose between all money transfer services

The main drawback of choosing to avoid your bank is that you’ll need to find a service that perfectly fits your needs. Indeed there are so many of them today on the market that this selection can be very time consuming. Make sure to use a comparison platform that aggregates all money transfer services to save time and money on your transfers.