When it comes to sending money abroad from a different country, the majority of people prefer visiting their banks. For many decades banks have been considered as a reliable solution to transfer money. Unfortunately, that’s not true at all.
Many people might not be aware of it, but banks charge a hefty exchange rate (in addition to the regular transfer charge) that can easily hike up your overall expense drastically. Modern-day money-transfer solutions, on the other hand, can help you send money to a different country without falling victim to expensive exchange rates.
The looming question is: what is the inexpensive method to send money abroad?
This brief guide will walk you through 3-best alternatives to transfer money abroad at relatively lower exchange rates than a bank.
1. moneyHOP
moneyHOP is a full-stack cross-border neo banking solution which enables individuals and businesses to Send and Spend money conveniently and economically across the globe at any given time. Being a full-fledged money changer regulated by the RBI, the company provides a unified interface through which users can seamlessly transfer money between multiple accounts at a near IBR rate. moneyHOP aims to simplify the international banking procedures and help India go global.
However, this isn’t the only reason that makes moneyHOP a reliable banking solution in 2022. You can also use it to lock ‘lower’ exchange rates in advance and avoid a hefty fee while sending money abroad. In fact, you can lock these exchange rates as early as a month before you have to make the transfer.
Why should you choose moneyHOP for sending money abroad?
Also, currently moneyHOP lets you wire money internationally at Zero Convenience Charges. You can now avail upto Rs. 10,000/- off per transaction while sending money abroad.
2. Direct Wire Transfer
Wire Transfer is another common way to send money abroad. It lets people from every nook and corner of the world safely transfer money without coming into physical contact with each other. Wire transfer can either be done via banks or through online services.
So if you’re planning to conduct an international wire transfer through your bank, the process will begin by telling them where to transfer the amount. Firstly, you need to provide the recipient’s information by going to a branch, filling out an online form, or even calling your bank.
You can look for third-party service providers that offer wire exchange and avail their services to transfer the amount. In many cases, if you research thoroughly, you may find a few financial institutions that offer lower exchange rates than your bank. However, we would like to point out that finding such institutions will most likely be a hectic task. Another option is going for online wire transfers since it provides you with greater flexibility when it comes to selecting exchange rates.
To learn more about international wire transfer, also read: Everything You Need To Know About International Wire Transfer (moneyhop.co)
3. Internet Banking
If you have availed e-banking services for your bank account, you don’t have to visit the bank or any third party to make the transfer. Simply log into the online portal and you’ll find a dedicated “foreign exchange” tab right on your screen. Internet banking is among the most convenient ways to transfer money worldwide. The only downside of this method is that you cannot lock exchange rates in advance and you’ll have to pay according to the current currency exchange rates while sending the money.
Final Thoughts:
So, that concludes our guide on the best ways to send money abroad while staying away from hefty exchange rates. It doesn’t matter to which country you want to send the money, the above-mentioned solutions will allow you to find the best exchange rates and save a decent amount during international money transfers.
