Sick of Paying Hefty Fees to Send Money Abroad via International Bank Transfers? Transfer money free!
Travel International Payments
Whilst traveling in 2010 I had to get friends & family to transfer money abroad to me. It was one of those situations: Deciding between two amazing opportunities. Skydiving over the Great Barrier Reef or diving on it. Life is a funny thing, it’s short, full of fun, expensive things to do and should be lived to the absolute full.
For someone who is living life to those rule, why would you want to decide which thing to do? Why not do both of them?! That is exactly what I did. Sending some foreign exchange cash from my home bank account to one I had set up abroad was the only option that made sense in order to afford both excursions.
It was only when I received my money transfer abroad that I was horrified to discover the fees that had been taken! The exact figure amounted to at least a few nights accommodation for me. It soon became a matter that simply could not go unattended to.
Does this sound like a familiar story to you? Many credit cards and bank accounts haves charges that are far from low currency converter fees when you are sending cash internationally.
TIP. This is a brilliant way of working out what foreign exchange charges you have paid in the past, or what you could be forking out in the future for these payments. You can use
this online foreign exchange calculator to calculate the exact charges you pay, or have paid when converting to another currency. It works for online bank transfers, travellers cheques and currency purchase transanctions you have made or are looking at making. Very useful for spotting what fees you have been experiencing!
Working Online? International Payments May Cost You Some of Your Pay Packet
AS many people do in the modern age, I have worked for an international company with offices in the Czech Republic whilst living in the UK. I found it increasingly frustrating that every single month a considerable fee was chopped out of my pay packet by the banks as an international transfer charge.
This exact thing happens to backpackers and travelers like me and you every day while abroad. Making payments abroad is almost part and parcel of being a global citizen today, and the big banks are taking advantage of this with extortionate currency conversion fees. In some cases of up to £40 per transaction with certain large UK banks. I don’t know about you but that may be considered a disgraceful amount to be charged.Payment Fees For Wiring Currency Internationally
Transferring Money to Overseas Students
I went to University in Liverpool and studied Mechanical Engineering. At least 100 people out of the 150 people on my course were from different countries across the globe such as India, China, Brazil and Malaysia to name just a few.
I was often informed by my international friends that cash transfers from family at home kept them going at times and helped them pay for everyday needs such as rent, bills and food. It is similar the bank of Mum and Dad but on a global scale.
This led to a bit of discussion on how they managed money transfer and which services they used. I was very happy to hear most were seeing the benefits of a low fee service like the ones described below.
Students studying overseas are some of the most active users of services such as this, as they often need to either revive cash from family at home or transfer money abroad to them. I thought they could be of great use to those spending long periods travelling and working, perhaps on working visas for example.
How to Get a Free Bank Transfer Overseas
Have a look at the table below for a comparison of services we have looked at.
After my bad experience using my bank I set about looking for a company with lower fees for making and receiving payments from overseas, or even better with none at all. I found, on recommendation from my university friends, a reliable service in World Remit.
The company was set up to revolutionise the way we help out our friends and families across the globe. Essentially, it simplifies the process and lowers the cost of sending currency to different countries in the world, and has had great success and popularity in doing so.
As an introductory offer you can use the promotional code “FREE” when processing your first transfer, and there will be no fee. This service guarantees exchange rates and you can send cash from 50 different countries to over 110 destinations.
After your first transaction fees are low, and remain low. There is usually a flat fee of around £2.99 no matter how large the money transfer is. If you want to send money to Australia, £1,000 for example, you will pay a simple flat fee of £2.99.
This is an unbelievably low fee to pay for this service but guess what? You can find cheaper. Transfer Go is a new player on the market offering superb rates and fees of just 99p per transaction. Feel free to get in touch and correct us, but that is the best deal on the market at the moment.
This has quite simply revolutionised the way I pay people globally for the long term future, as the charges are so much less than pretty much everywhere else. For pretty much the price of a beer you can send someone at the other side of the world some much needed cash, which will probably make them want to buy you a beer anyway!
If you do have to send abroad a large sum of money (£3,000+) you can also do it for free at HiFX. Although below this amount it costs £9, this is still a competitive fee compared to using your bank but does not beat the fee offered by World Remit.
Best Services to Send Payments Abroad
What have your experiences been while travelling and requiring funds from home or another country? Or maybe you’ve been working abroad and sending money home? Bad, or good, however large or small I need to hear them! Tweet me @1backpackerlife with your stories, hints, tips and suggestions.
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