The advent of quick, seamless money transfers between countries has been a blessing for those who find themselves working overseas. Being able to transfer money back home to family and loved one was always a major problem for those choosing to work away from home.
It hasn’t been without issues, though.
The biggest issue without a doubt that most people face when transferring money from country to country is the fees imposed by many financial establishments. In the US alone the average fee for sending money overseas from a US bank was $47.50 through 2015. Some banks, such as BB&T were charging as much as $65 to their customers for sending money overseas while even a domestic transfer was coming in at $25 on average.
Two factors that play a part in the cost of such transfers is whether the transaction was conducted in person at the bank or online, and the currency used to make the transfer. Obviously, US Dollars provides better value as far as fees go, with some banks, such as Wells Fargo and Bank of America charging anything up to an extra $10 if you want to make a transfer in a different currency.
It’s vital that you take into account the exchange rate of the currencies you’re using, any possible tax deductions as well as the aforementioned fees. One trend that was highlighted in 2015, and which is undoubtedly going to continue through 2016 is that of banks increasing their fees for customers who wish to use their money transfer facilities. The likes of Citibank increased their wire transfer services right across the board in May of last year, with increases of between $5 and $10 being the norm.
Banks may be expensive, but other wire services can easily out charge most banks, taking advantage of those who either don’t want or can’t get a bank account. With costs fluctuating and the high street banks raising prices and adding charges on a regular basis, you can save some real money working with a money transfer company such as Ria Money Transfer.
Sending money via credit or debit card takes only 15 minutes, although processing a transfer via your bank account can take longer due to security verifications and ensuring the funds are available. Where Ria come into their own is when it comes to money transfer fees, especially when you transfer straight from your bank account or you use your debit car.
There’s a misconception that sending money farther, to somewhere in Europe for example, can accrue significantly more costs.
Sending $900 to Spain using your bank account will cost you $5, and slightly more at $15 if you wish to use a debit card.
With more than 25 years experience, Ria Money Transfer is one of the front-runners when it comes to affordable, quality money transfer facilities in the world.
Don’t take my word for it, feel free to have a look at our website and use our instant currency and price calculator to compare prices with your local bank or wire transfer company.