If you want to make a cheap money transfer online, then there are lots of options available to you.
Ranging from a host of online services to super-advanced options, such as cryptocurrency transfer through Blockchain, CashLady looks at the cheapest ways to transfer your money online.
The Need for Cheap Money Transfers
Transferring money across the globe can be time-consuming and expensive, particularly if you opt to do it through your bank.
Whether it is sending money to a far-flung relative or buying an item through an auction website from a seller abroad, there are plenty of reasons why you might want to transfer your hard-earned cash cheaply, quickly and securely.
It is natural to think that your bank might be your first port of call for moving money, but the banks can charge heavily for foreign bank transfers, passing a number of costs onto you.
These costs can include:
- Currency conversion rates, which fluctuate throughout the day and are set by your bank
- A fixed fee for international transfers, ranging from £4 to £40 depending on your bank and the amount of money that you transfer
- Charges from the destination bank, these vary depending on the bank
Alternative Low-cost Money Transfer Options
Instead of sending money through your bank, there are various ways of transferring money at a low cost, online.
Online money transfer services, such as TransferWise and Virgin Money International Transfer, typically offer no fees and lower rates than your bank.
Newer digital technologies like Blockchain are also opening up more inexpensive routes for secure money transfer.
Cheap Money Transfer Services Online
These popular services allow you to send money all over the world and are typically recommended for sums of under £5000 that you want to pay quickly and without extra charges.
When comparing prices, you will note that most services claim to offer no fees. Instead, you should compare the current exchange rates as this is where they will vary in price.
Some of the top online providers are listed below.
Torfx is an award-winning money transfer service, which has scooped International Money Transfer Provider of the Year 2016-2019. They claim to offer no fees and bank-beating exchange rates.
TransferWise is one of the most popular UK money transfer services. They claim that they are on average 8x cheaper than leading UK high street banks.
Virgin Money offers fast free transfers and great exchange rates for minimum sums of £1000. Transfer money via its online platform or over the phone.
Moneycorp offers great rates and zero transfer fees to local accounts all over the world. Transfer options are available online, over the phone and through a mobile app.
Currencies Direct provide bank-beating rates, no fees and expert support. That is whether you transfer online, over the phone or via their app.
Xoom is a PayPal service, that allows you to send money around the world quickly, offering deposits into your recipients’ bank account and even delivery to their door.
Affordable Money Transfer Services Using Cryptocurrency
The rise of cryptocurrency has been touted as an instant way to move money around the globe – with zero fees.
For most people dealing in cryptocurrency isn’t something that they are yet comfortable with, yet Facebook recently announced its Libra Coin.
This is aimed at making it easier to transfer money around the world, without having to go through financial intermediaries like banks.
So far Facebook has faced pushback from global regulators and lawmakers, however just this week they have met with global central banks to discuss the rise of cryptocurrencies, which could be set to become part of all of our financial futures.
Watch this space for even faster and cheaper money transfer options.