I’ve used a number of money transfer methods to send money to different countries. Last year I purchased a house in Portugal and came across a new (to me) provider called TransferWise.
I set up an account to receive money from the US originally but soon came to realise that TransferWise was potentially the best way to save money sending large amounts of money abroad for property purchases.
Most money transfer providers will make their fee by taking a cut out of the currency exchange rate. So, you may see a rate on XE.com for example but the rate your transfer company will give you will be less (a lot less in some cases – just look at simple holiday money exchanges). TransferWise don’t do this, they give you the spot rate but charge a % fee instead. The fee goes up or down depending on how much money you are transferring. So a large amount will incur a smaller fee.
I like this approach because it is very clear how much you are paying TransferWise and this is usually a lot less than other providers, especially banks. The app and website is also very easy to use and it’s easy to see costs before you sign up. I would definitely recommend using TransferWise to send money abroad.
They also have other facilities such as foreign bank accounts and business accounts but I have yet to use this so I cannot commit on how good these services are.
If you have used TransferWise and have any feedback or if you use another money transfer company then please leave a comment below. Thank you!
Summary TransferWise is a great company for sending money abroad. The app and website is easy to use and the fees are low and transparent.