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How to send money to Cyprus: A guide

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Image by mvzero / CC0

There are many reasons why you might like to send money to Cyprus. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Andorra each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Cyprus. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Cyprus; and with a bit of luck, we’ll save you some money along the way.

About the currency of Cyprus

First, a quick word on Cyprus. The country is an island located in the Eastern Mediterranean, south of Turkey. The official currency is the Euro. The currency code for the Euro is EUR, and the currency symbol is €. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The European Central Bank.

How the foreign exchange market works

What is the best way to transfer money to Cyprus without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Cyprus when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Cyprus. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Cyprus: A list of services

Here is a comprehensive list of services that can help you transfer money to Cyprus. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred EUR currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Cyprus. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to Belgium: A guide

Last updated by

Image by tomcoussement / CC0

There are many reasons why you might like to send money to Belgium. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Belgium each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Belgium. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Belgium; and with a bit of luck, we’ll save you some money along the way.

About the currency of Belgium

First, a quick word on Belgium. The country is located in Western Europe and neighbours Germany, France, the Netherlands, and Luxembourg. The official currency is the Euro. The currency code for the Euro is EUR, and the currency symbol is €. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The European Central Bank.

How the foreign exchange market works

What is the best way to transfer money to Belgium without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Belgium when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Belgium. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Belgium: A list of services

Here is a comprehensive list of services that can help you transfer money to Belgium. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue through charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred EUR currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Belgium. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to Austria: A guide

Last updated by

Image by paulgilmore_ / CC0

There are many reasons why you might like to send money to Austria. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Austria each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Austria. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Austria; and with a bit of luck, we’ll save you some money along the way.

About the currency of Austria

First, a quick word on Austria. The country is located in Western Europe and is surrounded by European neighbours such as Germany, Italy, and Switzerland, to name a few. The official currency is the Euro. The currency code for the Euro is EUR, and the currency symbol is €. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The European Central Bank.

How the foreign exchange market works

What is the best way to transfer money to Austria without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Austria when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Austria. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Austria: A list of services

Here is a comprehensive list of services that can help you transfer money to Austria. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred EUR currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Austria. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

Cash pickup: How to send money to a physical branch

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Image by alistairmacrobert / CC0

Despite the growing popularity of transferring money to a bank account, the traditional cash pickup payment remains an essential service for many people around the world. While this form of payment isn’t exactly new, it has a broad range of uses for people of all walks of life.

If you are looking to arrange a cash pickup, you are spoiled with options. There are many money transfer services out there that can help you, but this won’t necessarily make it easier to choose the right one for your needs.

In this post, we’ll take a look at how cash pickup works, and see how it can be used to deliver money to your favourite recipient, wherever they may be.

What is a cash pickup payment?

Cash pickup is essentially the ability to send money to a person in another location, whereby they are able to pickup the payment in cash, usually from a physical branch. Cash pickup is often used to send money to family or friends who live abroad, who don’t have access to a bank account. For these people, a cash payment is the easiest way to ensure their funds reach the intended destination.

One of the reasons why cash pickup is so useful, is that you don’t necessarily have to have access to a smartphone or computer to complete a payment. Most of the services that provide this method of payment have physical branches, such as retail stores, and use a combination of authorised representatives, such as convenience stores, petrol stations and the like.

Interestingly enough, cash pickup is the oldest forms of money transfer methods. Western Union (review) was the first company to begin to offer this service in 1871, as an extension of their original business model, telegrams. Today, they remain one of the most popular services in the world, along with MoneyGram (review). However, recent times have seen many new competitors enter the market, which is great news for consumers.

Cash pickup: A list of money transfer services

Below is a list of services that can assist you with a cash pickup payment.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

Why is it so popular?

There are a range of reasons why cash pickup is so popular with its users, here are a few of them.

Quick. A great thing about cash pickup payments is that they’re quick. A typical transaction can be completed in a matter of minutes, and be available to the recipient not long after. If you urgently need to get money to someone, perhaps because of an emergency or other time critical situation, cash pickup is going to be the best way to do it.

Secure. The cash pickup process itself is very secure. One you make payment to the service, the funds will often be available shorty after, at any one of thousand locations across the world. To pick up the cash, photo identification must be presented to the branch, which confirms the validity of the transaction. Along the way, the payment status can be viewed to keep tabs on its progress.

Easy. Finally, many people like to use cash pickup because it is easy. If you have a computer or smartphone, you can arrange a payment with a few clicks of a button. If you don’t, no problem, you can visit a physical branch yourself and complete a transaction from there. Cash pickup is probably the most flexible payment options around, and simple enough for most people to figure out.

Examples of cash pickup scenarios

Here are a couple of example of cash pickup payments in use:

Sending money back home. Imagine that you left your home country as a young adult, and that you now live and work abroad permanently. To assist your family, you have decided to send part of your pay cheque back home. The only problem; your parents don’t have a bank account because they never needed one.

With a cash pickup payment, this isn’t an issue. You tell you mother and father, “no worries”, and arrange a cash pickup transaction with a service that you know have a physical presence back at home. Your parents then look up the address of their local branch, and after presenting photo ID, pick up the funds.

Lost wallet while travelling. You’re on a holiday and lose your wallet that contains all of your cash and credit cards. It is unlikely that your bank would be able to reissue your card immediately, and in the meantime you cannot access any money to continue with your trip. This is a big problem, as now you have no money to eat, drink, or pay for accommodation.

Instead of being helpless, you call your mother and father, and ask if they can send you some emergency funds. It would be pointless for them to wire it to your bank account (as you have no bank card), so instead you ask them to get in contact with a money transfer service and make cash available for pickup at a nearby physical branch.

What are its limitations?

Expensive. Another key downside to cash pickup services is cost – they’re not cheap! Their fee structures are relatively complicated, combining a exchange rate spread and transaction fees, meaning the overall rate you pay will be of some significance away from the mid market exchange rate. Depending on the service you choose, expect to pay between 2-4% of the overall value of the transfer for the privilege.

Limited to low values. Cash pickup payments are limited to relatively low values. The exact amount depends on the service you use, and the country in which the recipient is located, however, as a general guide, a typical payment is limited to between $5,000 and $10,000. Some services will also place an aggregate limit on transfers that can occur with a specific period of time.

Carrying cash can be dangerous. While the transaction itself is secure, often one of the biggest risks is carrying the cash once it has been picked up. Many physical branches are located in highly populated areas of cities, and unfortunately this means that there is a risk of criminals targeting recipients once they leave the safety of the branch.

Susceptible to scams. Speaking of criminals; the difficult-to-trace nature international cash transfers means this is the preferred method of stealing used by scammers. Some unsuspecting people are fleeced of their money when they are enticed to send money to someone they don’t know, or have never met in person.

If you’re not sure if cash pickup is the right method of payment for you, take a look at our article on how to compare money transfer services

How to be safe when using cash pickup

For all its convenience, there is a somewhat dark side to cash pickup services – they are often used for scams. Bad players will turn the tables on everything that makes cash pickup a great service, and use it against the very people it aims to help. When using a cash pickup service you need to be careful. Here are a few tips to keep you safe:

As a sender:

  • Don’t send cash to someone you haven’t met in person
  • Don’t send cash for an emergency situation you haven’t confirmed
  • Don’t send cash for products or services offered by a business
  • Don’t send cash in response to a telemarketing call
  • Don’t send cash to pay your taxes
  • Don’t send cash to a charity

In my opinion, cash pickup services aren’t well suited for commercial purposes, and rather are best reserved for personal use if it can be helped. If you do need to send money for commercial purposes, you should be suspicious of businesses who are requesting a cash payment, especially when it is difficult to determine their street address. Instead, to minimise the chances of getting tangled up in anything you shouldn’t, take a look at our dedicated guide to business money transfer.

As a recipient:

  • Avoid pick up locations in unsafe areas
  • Call ahead to confirm a branch location before visiting
  • Carry your money discreetly
  • Store the cash received in a safe place as quickly as practical

It really does make sense to do your homework before using a cash pickup service. If you eventually decide to make payment online, be sure to check out our guide on how to transfer money safely.

Common scams to look out for

There are a lot of different scams out there, however, here are a few that are commonly encountered:

Relationship scam. As internet dating becomes more popular, scammers will use distance to an advantage. By using a variety of websites, apps, and social media platforms, they will establish a virtual or even a phone relationship with their target victim, before asking for money to pay for medical bills or travel, and disappearing once the money is sent.

Internet purchase scam. Scammers will use websites, forums, or classifieds such as eBay, to advertise items for sale that don’t actually exist. They will then request that you send them cash, and promise to post the item to you once payment has been received. This sounds reasonable enough until the item never arrives.

Tax payment scam. Some scammers will call their victims out of the phone book, and impersonate a government official, requesting payment for taxes or other false penalty. They will often use threats to encourage an immediate cash payment to avoid legal proceedings or arrest. It’s important to remember that it’s highly unlikely that a government agency would call without first having mailed a formal notice.

Many money transfer services do their best to keep their customers informed of the latest trends in scams. Western Union, for example, maintains a list of common fraud types as a reference.

What to keep in mind when using cash pickup

Cash pickup services are the best and worst of money transfer. It is perfect for making occasional cash transfers to friends and family, but it can also be used for a broad range of criminal uses as well. If you are looking to make regular payments to a bank account, you might like to consider a service that offers its customers to make a recurring payment.

Here is a quick summary of the pros and cons of using cash pickup:

Pros

  • Fast
  • Secure transactions
  • Easy to use
Cons

  • Expensive
  • Limits to low values
  • Carrying cash can be dangerous
  • Susceptible to scams

How to arrange a cash pickup?

Now that we understand what cash pickup is, how it is used, and how to do it safely, below is a brief outline of how to arrange one.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name of the recipient as it appears on their identification. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Complete the payment. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Locate a physical branch. While you are waiting for the transfer to be processed, you can search for a physical branch located close to your recipient. Depending on the service chosen and method of payment, the transfer times will vary. You’ll have a transfer reference number that you’ll be able to use to check the status of the order.

Step 6 – Cash is available for pickup. Once the payment has been processed the cash will be available for pickup. The recipient will need to present the the transaction reference number, along with their ID to access the funds. Transfers typically remain in the system for 90 days, although this will vary between services.

Conclusion

Cash pickup payments are an oldie but a goldie. They’re great for sending money to people without a bank account, or for getting money to a destination quickly and without a fuss. However, it is expensive, limited to low values, and you need to be wary of scammers. However, if you pay attention, they can certainly be very useful. Finally, if you’re still not sure if cash pickup is right for you, check out our guide on how to send money online.

How to send money to Mexico: A guide

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Image by saintdennis_ / CC0

There are many reasons why you might like to send money to Mexico. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Mexico each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Mexico. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Mexico; and with a bit of luck, we’ll save you some money along the way.

About the currency of Mexico

First, a quick word on Mexico. The country is located in North America and shares a border with the United States to the north and Guatemala to the south. The official currency is the Mexican Peso. The currency code for the Peso is MXN, and the currency symbol is $. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by the Bank of Mexico.

How the foreign exchange market works

What is the best way to transfer money to Mexico without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Mexico when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Mexico. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Mexico: A list of services

Here is a comprehensive list of services that can help you send money to Mexico. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred MXN currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Mexico. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to Switzerland: A guide

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Image by cinquantesix / CC0

There are many reasons why you might like to send money to Switzerland. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Switzerland each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Switzerland. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Switzerland; and with a bit of luck, we’ll save you some money along the way.

About the currency of Switzerland

First, a quick word on Switzerland. The country is located in Europe and shares borders with Italy, France, Germany, Austria and Liechtenstein. The official currency is the Swiss Franc. The currency code for the Franc is CHF, and the currency symbol is also CHF. The most frequently exchanged pairing is with the Euro, and the currency is also used by the citizens of Liechtenstein.

How the foreign exchange market works

What is the best way to transfer money to Switzerland without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Switzerland when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Switzerland. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Switzerland: A list of services

Here is a comprehensive list of services that can help you send money to Switzerland. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred CHF currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Switzerland. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to Singapore: A guide

Last updated by

Image by adrienolichon / CC0

There are many reasons why you might like to send money to Singapore. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Singapore each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Singapore. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Singapore; and with a bit of luck, we’ll save you some money along the way.

About the currency of Singapore

First, a quick word on Singapore. The country is located in South East Asia and shares its northern border with Malaysia. The official currency is the Singapore Dollar. The currency code for the Dollar is SGD, and the currency symbol is $. The most frequently exchanged pairing is with the Malaysian Ringgit, and the currency itself is issued by the Monetary Authority of Singapore.

How the foreign exchange market works

What is the best way to transfer money to Singapore without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Singapore when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Singapore. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Singapore: A list of services

Here is a comprehensive list of services that can help you send money to Singapore. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred SGD currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Singapore. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to South Korea: A guide

Last updated by

Image by bundo / CC0

There are many reasons why you might like to send money to South Korea. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to South Korea each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to South Korea. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to South Korea; and with a bit of luck, we’ll save you some money along the way.

About the currency of South Korea

First, a quick word on South Korea. The country is located in East Asia, sharing neighbourly relations with China, Japan and Russia. The official currency is the South Korean Won. The currency code for the Won is KRW, and the currency symbol is ₩. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The Bank of Korea.

How the foreign exchange market works

What is the best way to transfer money to South Korea without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to South Korea when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to South Korea. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to South Korea: A list of services

Here is a comprehensive list of services that can help you transfer money to South Korea. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred KRW currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to South Korea. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to Hong Kong: A guide

Last updated by

Image by bady / CC0

There are many reasons why you might like to send money to Hong Kong. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to Hong Kong each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Hong Kong. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to Hong Kong; and with a bit of luck, we’ll save you some money along the way.

About the currency of Hong Kong

First, a quick word on Hong Kong. The country is a special administrative region of China and is located on China’s southern border. The official currency is the Hong Kong Dollar. The currency code for the Dollar is HKD, and the currency symbol is HK$. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The Hong Kong Monetary Authority.

How the foreign exchange market works

What is the best way to transfer money to Hong Kong without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to Hong Kong when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these payments as funds are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to Hong Kong. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to Hong Kong: A list of services

Here is a comprehensive list of services that can help you send money to Hong Kong. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred HKD currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to Hong Kong. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.

How to send money to China: A guide

Last updated by

Image by vingtcent / CC0

There are many reasons why you might like to send money to China. Perhaps you are running a business, investing in property, or paying for university tuition. Or maybe, you are one of the thousands of expats who immigrate to China each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to China. And if you are using your bank, it’s very likely that you’re paying more than you should for the privilege. I ran into the same challenge a couple of years ago, so in response, prepared this guide to help you navigate the international payments landscape.

Read on, and I’ll show you the best way to send money to China; and with a bit of luck, we’ll save you some money along the way.

About the currency of China

First, a quick word on China. The country is located in East Asia and is the world’s most populous nation. The official currency is the Chinese Yuan Renminbi, which is known most simply as the Yuan. The currency code for the Yuan is CNY, and the currency symbol is ¥. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by The People’s Bank of China.

How the foreign exchange market works

What is the best way to transfer money to China without being stung with a range of hidden fees and charges? It is a very good question that will take a few minutes to answer. But understanding the basics before getting started will save you a lot of time and money in the long run.

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market exchange rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Why you should use a money transfer service

Now that you understand how the market works, what should you do? Well, unfortunately, it is reasonable to assume that the institution that you are most likely to trust with your money – your bank – won’t be looking out for you on this one. A typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

Instead, we can look to a range of dedicated money transfer services that aim to close the gap on these costs, help you transfer money safely, and ultimately provide you with a better experience overall. While it is important to acknowledge a money transfer service will never achieve the mid-market rate exactly, they will provide the cheapest way to send money to China when all is said and done.

So what is a reasonable cost for using a money transfer service? In my experience, if you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research.

How do money transfer services differ?

Each service will vary slightly from the next and will offer a range of features tailored towards the needs of their clientele. At the very least, most provide an online platform that allows its users to initiate payments at any time of day (or night) and keep track of these funds as they are delivered to the intended recipient.

Some services have been developed for transferring small amounts, while others are better suited to large transactions. Some can arrange payments quickly at a higher cost, while others may do it cheaper but take a few days longer. Some are designed with the everyday consumer in mind, while others are focused on business money transfer.

Below, I will provide an overview of the services that can help you transfer money to China. We will also cover some of the factors you should consider when selecting a service for your own needs. And finally, I will give you a quick heads up of what to expect when signing up with your service of choice.

Send money to China: A list of services

Here is a comprehensive list of services that can help you send money to China. Beside the name of each service, I have also included the total number of currencies they transact, their speed of transfer, their average cost, and their score as received in our review. If you would like to learn more about a specific service, I encourage you to read our review in its entirety.

wdt_ID Service Currencies Speed Ave. cost Our score Review
1 CurrencyFair 20 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 60 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 43 2-4 days 1.11 % 4 stars Read review
4 OFX 55 3-5 days 1.20 % 4 stars Read review
5 HiFX 60 2-4 days 0.45 % 4 stars Read review
6 OrbitRemit 21 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer TBC 1-3 days 3.06 % 2 stars Read review
8 Currency Online 60 2-4 days 1.50 % 3 stars Read review
9 WorldRemit TBC 1-3 days 1.35 % 4 stars Read review
10 TransferGo 23 1-3 days 0.84 % 3 stars Read review

How to compare money transfer services

Now that you know about the various services and the types of features they offer, what should you be paying special attention to when weighing up your options? Here are some of my suggestions.

Does the service offer a competitive rate? Money transfer services earn their revenue by charging a fee on each transaction, a percentage of the value exchanged, or a combination of both. When comparing services, take a look at the total cost involved, and consider which one will provide you with the best value. If you would like to view the current mid-market rate for your preferred CNY currency pairing, you can use this helpful tool at xe.com.

Does the service offer the features you require? Not all companies offer the same features. Make sure that any service offers what you need before committing to the sign-up process. Think about the types of features that will make your life easier, such as:

Is the transfer speed acceptable? The time required for each service to complete your transfer will vary, and most provide an indication of this on their website. If you need a fast exchange, you may need for forego a better rate, while being prepared to wait a few days can result in a better exchange rate.

Is the service reputable? Research a company’s reputation ahead of time can save you a lot of hassle in the long run. Take a look at a review aggregator website such as Trustpilot, to see what previous customers have said about their experience.

Does the service have a secure website? Any company you choose to business with on the internet should have a secure website. To check that a company is complying with secure communication standards, check that their website URL begins with https://.

Is the service properly regulated? Any reputable currency service should be registered with the relevant financial regulators in the countries from which it operates. For example, TransferWise (review) is regulated in the UK by the Financial Conduct Authority (FCA), and in Australia by the Australian Securities and Investments Commission (ASIC).

Is customer support easily accessible? Just in case you get stuck when using the online platforms of money transfer services, it is nice to know that help is easily available. Make sure that you can locate the telephone number for customer service to ensure that you have access to support if it’s needed.

If you’d like to know more about what to look for, read our guide on how to compare money transfer services.

How to get started with your service of choice

While each money transfer service offers a distinct range of features, most have a common onboarding process. Here is a summary of what to expect.

Step 1 – Sign up. Visit your service of choice and register for an account. Depending on the service, this process can take between 30 seconds and 10 minutes. You will need to provide some general information about yourself including your name, email, phone number, and address.

Step 2 – Verify your identity. Because money transfer services are subject to financial regulation, you will need to formally verify your identity. Typically this will require providing two types of documents:

  1. Photo identification, such as a passport or drivers licence
  2. Proof of address, such as a bank or utility statement

Step 3 – Commence your first transaction. Once you are registered and verified, you can log in to your account and set up your first transfer. You will need to specify the name and bank details of the recipient, what country they reside in, and the value of funds to be sent. You will then decide on how you would like to facilitate the transaction; either by bank transfer, debit or credit card.

Step 4 – Deposit money into the service’s local bank account. If you opted to facilitate the transaction by bank transfer, you will need to deposit your funds into a local bank account. Once the funds are received by the service, they will then carry out the required process to deliver these funds to your recipient. If you made payment by debit or credit card you will skip this step and move straight to Step 5.

Step 5 – Funds are delivered to your recipient. Once your funds have been received by the service, it will usually take a few days for the transfer process to be completed. The length of time will depend on the service’s particular payment network; some own their own while others use an established network such as SWIFT. Most services will keep you updated along the way, so you have a reasonable idea of when delivery is expected.

Conclusion

It doesn’t need to cost you arm and a leg to send money to China. Dedicated money transfer services can save you a lot of time and effort – but they come in different shapes and sizes, and serve a variety of purposes. With some careful research and a little bit of patience, I’m sure that you will have no trouble finding one that is right for you. However, if you are still stuck for ideas, take a look at our guide on how to send money online.

If you have any questions or queries, let me know in the comments below.