Sending money abroad always seems hard on your first try. You don’t know the ins and outs, the exchange rate, the hangups, and the transfer fees. But, it doesn’t have to be this way. All you need is to find the right remittance provider to send money to someone in another country.
You need a provider that can help you make the transfer in a jiff while paying minimum fees and getting the best exchange rate margin for your money. To help you make that choice, we’ve listed three types of remittance providers right here.
Banks
Banks are the most well-established remittance providers today. As you already know, the biggest benefit of utilizing banks is their security. Since they’re a part of an established system, they must comply with laws and regulations.
However, security is not without a trade-off. Since they have to abide by strict laws, you’ll have to endure a lengthy paperwork process to make the transfer. Furthermore, you have to pay hefty fees during the process ( as high as £40 for a single transfer).
PayPal
PayPal is easy to use, simple, and pretty quick when transferring funds. There’s almost no paperwork involved compared to banks, and you can virtually make the transfer in a matter of hours.
But, PayPal comes with significant fees. In addition to regular fees and a 4% fee for using your credit card, both sides of the transaction are charged a percentage of the transfer as a fee as well. As the transfer volume goes beyond a specific limit, the fees will rise exponentially.
If it’s urgent and you need to send money to someone in another country, PayPal may be a good choice. But, you have to pay hefty fees. Moreover, PayPal is notorious for freezing accounts due to the slightest suspicious activity.
Online Remittance Providers
The biggest advantage of online remittance providers over traditional ones like banks is that their fees are considerably lower, and they take far less time to make the transfer. You won’t have to go through a lot of paperwork because the transfer process is somewhat similar to PayPal’s.
Online remittance providers are also more affordable than PayPal because they usually charge lower fees and provide better exchange rates. Plus, you can easily send money to someone in another country without worrying about account suspension due to strict enforcement.
Bottom Line
When looking for a way to send money to someone in another country, the choice is up to you. If you’re willing to pay hefty fees and wait a long time in exchange for security, banks are a reliable choice. If you’re up to taking all the risks and expenses for a simple, quick transfer, PayPal is not bad either. But, if you’re seeking the best of both worlds, online remittance providers are what you need. Lycaremit is one of the top remittance providers that allows you to send money everywhere while paying minimum fees while receiving favorable rates. Therefore, please register with us right now and save yourself some time and money.
