We are witnessing the Era of Internet of Things (IOT); also the buying and selling have taken new paddle to shift along with modern era. Not many are willing to go bank to exchange their money, checks, bank drafts or for the money order; now it is an old story. These methods seem less popular as there are easier and new ways to transfer money.
Often many got stuck and shocked because when they get acquaint of the bank money transfer methods. You might have to spend your fortune to transfer your money. After all, the most often question asked by many is what are low-cost ways to transfer money. There are more options available for free and at a very low cost to you. Here are four cheaper alternatives that are worth exploring.
1. Instarem has zero transfer fees
Instarem is one of the fastest and safest remittance company in the market, they claim to be an ‘Instant Remittance’ company hence the name Instarem. Instarem allows you to transfer money to Philippines, Hong Kong, Australia and to 25 more countries. They provide fast and secure cross border money transfer services for commercial purposes and individuals. They provide the best exchange rates, with 0% transfer fee and no hidden charges.
2. Paypal – Best ways to transfer money
Right – Paypal. Paypal is one of the best ways to transfer money to overseas. Even though the currency conversion rates aren’t superb, but the fees are almost non-existent. Paypal allows you to transfer funds electronically from one PayPal account to another at overseas. It’s very speed delivery when another party also has a PayPal account. PayPal is cheaper than a bank as they don’t charge the transfer fee, which normally will be between $18 to $32. For transfers up to $3,000 USD, the charge is 2.9%, plus $0.30 per transaction.
3. Peer to Peer Transfer (P2P)
Another CurrencyFair and Transferwise are famous and biggest companies that offer P2P ways to transfer money. Without going to the bank, you can buy currencies of any country. This peer matching lets you have best exchange rates, and you can also change them. P2P transfers are one of the cheaper options for transfers between $1000 and $100,000.
If you are aware of digital currency, Bitcoin can be another most affordable ways to transfer money overseas. The important thing you need to do is to set your account with a Bitcoin company, like Coinjar or any other. Then fund it with your money, convert it into Bitcoin, send it to a person over overseas who already have a Bitcoin wallet, then convert it to their local currency. They also need to have a Bitcoin wallet and then convert it to their national currencies. Bitcoin transactions are one of the ways to transfer money at a lower cost because you don’t have to visit banks to send funds physically.
5. The Western Union or MoneyGram
Other ways to transfer money internationally involves services like MoneyGram and Western Union services. They collect a small fee for the transfer, by type of transfer, its location, and speed of transfer you are sending. It is one of the best ways to transfer money services which have nearly 4000 locations around the world where you can transfer funds. Also, fees for exchange rates will be charged. Main advantages of these services are that they tend to be both highly dependable and convenient.
Here are two things of the overall cost you will be charged while following these ways to transfer money.
- Transfer fee: Every bank and money transfer company will collect a fee to send money overseas.
- Even though there is no standard exchange rate, each bank, or company will offer a different currency exchange rates based on the currency; you want your recipient to receive.
Using a bank is one of the easiest ways to transfer money overseas. Unfortunately, it is also the most costly. To send money to international is previously considered as a daunting and tough task but not now when you look the above options, you’ll find the best deal for money transfer. Take your time and explore your options, and is the cheapest method of transferring money. All you need is to do a good investigation before you choose any way to transfer money and don’t let you hard earned money to big financial institutions or money transfer companies take away.