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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.

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