Whether you’re about to send money to family members back in Romania or paying your business partners, an international money transfer can be a bit of a hassle. It doesn’t matter how much you’re transferring; the purpose is to find the cheapest way to send money back home. Fees and exchange rates are the two main drains on the transfer amount.
Some money transfer services claim to charge little to nothing, but their exchange rates are lower than the mid-market range. Therefore, to get the best possible deal, you need a remittance provider to strike a balance between the two, and we’ve found three of them right here in this article.
Wise
Wise is a popular, safe choice for online money transfers. Once you set up an account, you can start making transfers via the website or the smartphone app. Wise is many people’s go-to option because it doesn’t bury any fees in its margins and provides one of the best exchange rates on the market. Using Wise, you can send 100 GBP to Romania and receive 574.16 RON. However, Wise charges a 9.79 GBP transfer fee to send money to Romania and delivers the cash within two days.
Remitly
If you’re planning to pay for the transfer using a credit card, then Remitly is a viable option for you. While it’s not as popular as Wise, its “no minimum limit” policy has made it vastly popular for people who want to transfer funds to Romania. A 100 GBP will translate into 570 RON, an optimal exchange rate considering the 3 GBP transfer fee. However, if you opt for the Express option, you’ll pay an additional 5.99 pounds.
Lycaremit
Lycaremit is another trusted name in the international remittance market. Out of all remittance providers out there, only a handful support international transfers to less-common destinations, and Lycaremit is undoubtedly one of them.
Why is that important? Because with more comprehensive payment options and a strong presence in these exotic locations, you can save some money on the transfer fees, and your loved ones back in Romania will be happier with the amount they receive. Lycaremit’s 5.8 GBP to RON exchange rate is undoubtedly one of the highest in the market. Once you combine that with a 2.5 GBP fee and a 2-day delivery window, you see that it’s a pretty sweet deal.
Bottom Line
Non-transparent exchange rate markups, unfair transfer fees, and lack of proper support are why many remittance providers don’t have an established customer base. Whether you’re trying to send money to Romania, Germany, Benin, or France, you want to find a company where you pay as little as possible on fees and get an exchange rate beyond the mid-market range.
Luckily, Lycaremit exactly fits that description with its ultra-competitive fees and reasonable exchange rates. Not only that, its established presence in these remote locations makes it an option superior to any other provider on the market. So what are you waiting for? Contact us and let us do all the heavy lifting for you.
