Sending money overseas can be expensive, with fees and exchange rates adding up quickly. If you’re looking to save money on your international money transfers, here are a few tips to keep in mind:
- Compare providers: Not all money transfer providers are created equal. It’s important to shop around and compare fees, exchange rates, and other costs to find the best deal. Don’t just go with the first provider you find – take the time to research and compare your options to ensure you’re getting the best value. For example, some providers might have a good exchange rate with really high transfer fees; ideally find a good exchange rate with a low transfer fee.
- Use online money transfer services: Online money transfer services, such as Félix, can be a more affordable option for sending money overseas. These services often have lower fees and more favorable exchange rates than traditional methods, such as wire transfers or money orders. Félix only charges a $2.99 fee per transaction at very competitive rates.
- Use a service that offers fee-free transfers: Some money transfer providers offer fee-free transfers for certain amounts or for certain types of transfers. For example, some providers offer free transfers for first-time customers or for transfers over a certain amount. Be sure to check for these promotions and take advantage of them if they are available. Félix offers a $0 transfer fee on your first remittance, occasional promotions and referral rewards.
- Use a credit card with no foreign transaction fees: If you’re sending money via a credit card, be sure to choose a card with no foreign transaction fees. These fees can add up quickly and significantly increase the cost of your transfer. Services such as Félix don’t charge any additional amounts for credit or debit card payments, this will help you save overtime.
- Consider the exchange rate: The exchange rate is the rate at which one currency is converted into another. When sending money overseas, it’s important to consider the exchange rate, as it can significantly impact the cost of your transfer. To get the best exchange rate, consider using a provider that offers competitive rates. A great option is to use Félix, they notify you when the exchange rate considerably goes up, this way you’ll always know when it’s a good time to send money abroad.
By following these tips, you can save money on your international money transfers and make the most of your money. Whether you’re sending money to family, paying for goods or services, or conducting business transactions, these tips can help you keep costs down and stretch your budget further.
Try Félix for $0 transfer fee on your first transaction.
