There are many reasons why an individual would need to send money to another country. Perhaps you’re fortunate enough to have purchased a holiday home in your favourite holiday destination.
Maybe you have family living or even working in a different country.
Whatever the reason, if you need to send money overseas then you’ll want to do it cheaply, securely and with as least fuss as possible.
A recent article on the Huffington Post explains:
Traditional brick-and-mortar financial institutions can charge significant eye-watering fees at both ends of the transaction, but luckily, they are not the only market players.
There are plenty of faster, cheaper and reliable companies providing similar money transfer services funded through a plastic card or a bank account, but at better terms and conditions: well-proven old guard members like Western Union, P2P foreign transfer services like TransferWise, new promising Fintech startups like TransferGo, and many others. Continue reading …
With advancements in technology and young, bright innovative companies challenging the status quo, new digital services are fast becoming available to help the consumer save money.
We seem to be in the era of specialisation. Long ago a company would want to be everything to everybody. That suited consumers needs then but now companies that are keen to understand the wants and needs of their market are focusing more on specialising and building businesses around one specific area.
One such company called Transferwise is changing the landscape of the money transfer market.
www.retirejapan.info highlight just how Transferwise works and the many ways in which they can benefit the consumer:
It’s designed to avoid the fees and inflated exchange rates that plague other international money transfers.
How it works is you make a domestic transfer to the TransferWise account in Japan, and they make a domestic transfer to the account abroad you are sending money to from their account in that country. It’s quick, cheap, and most of all painless once you have registered.
Registration is easy, you go to their website, type in your information, upload a photo of your ID (drivers license or zairyu card) front and back, and your My Number card, paper card, or jyuuminhyou, and wait for them to check the details. Took me about five minutes to complete the process, and about six hours for them to confirm my ID.
You can even use your Google, Facebook, or Paypal account to log in.
There are a few considerations to be taken before sending money abroad.
Exchange rates are always going to be an important factor.
Security is also one of the biggest concerns one has when deciding on which company to choose.
Different companies will offer different benefits dependant upon the amount of money you wish to transfer.
Sending small amounts to someone studying abroad is a lot different than transferring funds to purchase an overseas property.
You also do not want to be burdened with heavy transaction fees.
So just how much should you pay to transfer your money?
Thomas Cook, an established travel agent has this to say on their blog:
If you transfer small amounts regularly, you should go with an organisation that charges transfer fee based on the amount (the higher the amount, the higher the fee). If you are transferring a huge amount and only once, you should go with an organisation that charges a standard fee, irrespective of the amount being transferred. Read more …
So, there you have it. It basically comes down to due diligence on your part and making sure the company you choose understand and provide solutions for your unique situation.
Sending money abroad does not have to be difficult, costly or confusing. Especially these days with new companies starting up all the time, looking to fill the needs of specific pockets of people.
We hope this article has been useful and informative.