In the last 50 years or so, technology’s impact on our financial lives and the way we move money around has been revolutionised. In an era where you can send money to foreign bank accounts with a single click, sending money by cash, a bank draft, or any traditional method seems ancient.
Today, you can choose a bank wiring service, digital wallets, or money transfer companies for transferring money abroad. But, of course, each of these methods has its unique upsides/downsides. Hence, it’s critical to look at both sides of the scale and see which outweighs the other. In this article, we’ll do just that.
Banks
The bank’s wiring service is always a reliable option, but only if you’re willing to incur significant fees, accept the extended waiting time and the hassle of paperwork. In most cases, you’ll have to pay at least a $40 fee and provide a great deal more information, including the name and address of the account holder, the SWIFT or the IBAN of the recipient, and additional information about the financial service you use.
Additionally, banks take forever to transfer the money because there are so many fraud prevention measures and policies that make the bank hold on to your money for a while before it’s cleared for transfer. Once you wire funds to a foreign bank account, you can’t change your mind because you have to go through so much hassle to prove that you have valid reasons to cancel the payment, especially if you don’t know the recipient.
PayPal
Digital wallets like PayPal offer instant transfers and require less paperwork, but they still charge significant fees and impose strict limits on the amount and the recipient country. With PayPal, you can just enter the recipient’s email address, the amount and click send. In addition to regular fees and the 4% fee for the recipient, PayPal’s fees exponentially go up for transfers above £500. It’s no secret that for newcomers, PayPal imposes limitations on the transfer amount, and it doesn’t generally support a wide range of countries.
Lycaremit
Generally, when you use a money transfer company, you tend to get the most competitive exchange rate deals. Each of these companies endeavours to gain an edge over their rivals by offering competitive rates (around the mid-market level). Compared to banks or digital wallets, a company like Lycaremit charges significantly less. Furthermore, you won’t have to deal with accompanying hassles like paperwork (banks) or transfer limits (PayPal).
Lycaremit offers reasonable exchange rates and fees. Some companies claim to charge zero fees, but they bury the fees in exchange rate margins in reality. Lycaremit doesn’t claim to charge zero fees, but it charges the minimum with complete transparency. Once you send the money using Lycaremit, it will usually arrive at the foreign bank account in 48 hours or less.
Bottom Line
To get the best deal for wiring money abroad, it’s advisable that you look around, investigate and weigh all existing options. Generally, the optimal choice doesn’t charge a significant fee for a single transfer or offer non-competitive exchange rates. Moreover, it doesn’t take forever to send/deliver the money.
With Lycaremit, your wired funds arrive at their intended destination safe, secure, and on time. What’s more, you’ll get sensible exchange rates with no hidden fees and can rest assured your hard-earned money is in safe hands.
