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How to send money to Indonesia: A guide

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Image by terasproductions / CC0

There are many reasons why you might like to send money to Indonesia. 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 Indonesia each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Indonesia. 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 Indonesia; and with a bit of luck, we’ll save you some money along the way.

About the currency of Indonesia

First, a quick word on Indonesia. The country is located in Southeast Asia and amazingly comprises of more than seventeen thousand islands. It neighbours Papua New Guinea, East Timor, and Malaysia. The official currency is the Indonesian Rupiah. The currency code for the Rupiah is IDR and the currency symbol is Rp. The most frequently exchanged pairing is with the US Dollar, and the currency is also used by East Timor. The Rupiah itself is issued by the Central Bank of the Republic of Indonesia.

How the foreign exchange market works

What is the best way to transfer money to Indonesia 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 Indonesia 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 Indonesia. 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 Indonesia: A list of services

Here is a comprehensive list of services that can help you transfer money to Indonesia. 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 Countries Speed Ave. cost Our score Review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 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 IDR 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 Indonesia. 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 India: A guide

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Image by paucasals / CC0

There are many reasons why you might like to send money to India. 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 India each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to India. 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 India; and with a bit of luck, we’ll save you some money along the way.

About the currency of India

First, a quick word on India. The country is located in South Asia and shares borders with Pakistan, China, Nepal, Bhutan, Bangladesh, and Myanmar. The official currency is the Indian Rupee. The currency code for the Rupee is INR, and the currency symbol is ₹. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by the Reserve Bank of India.

How the foreign exchange market works

What is the best way to transfer money to India 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 India 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 India. 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 India: A list of services

Here is a comprehensive list of services that can help you transfer money to India. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 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 INR 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 India. 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 Georgia: A guide

by Leave a Comment

Image by katekerdi / CC0

There are many reasons why you might like to send money to Georgia. 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 Georgia each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Georgia. 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 Georgia; and with a bit of luck, we’ll save you some money along the way.

About the currency of Georgia

First, a quick word on Georgia. The country is located in the Caucasus region of Eurasia, at the crossroads of western Asia and Eastern Europe. The official currency is the Georgian Lari. The currency code for the Lari is GEL, and the currency symbol is ₾. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by the National Bank of Georgia.

How the foreign exchange market works

What is the best way to transfer money to Georgia 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 Georgia 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 Georgia. 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 Georgia: A list of services

Here is a comprehensive list of services that can help you transfer money to Georgia. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
14 TransferWise 90 1-3 days 0.50 % 5 stars Read review
15 Western Union 210 1-3 days 3.50 % 2 stars Read review
17 MoneyGram 194 1-3 days 3.50 % 2 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 GEL 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 Georgia. 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 Egypt: A guide

by Leave a Comment

Image by omarelsharaawy / CC0

There are many reasons why you might like to send money to Egypt. 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 Egypt each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Egypt. 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 Egypt; and with a bit of luck, we’ll save you some money along the way.

About the currency of Egypt

First, a quick word on Egypt. The country is located on the northeast corner of Africa and stretches to the southwest corner of Asia. It shares borders with the Gaza Strip, Israel, Sudan, and Libya. The official currency is the Egyptian Pound. The currency code for the Pound is EGP, and the currency symbol is £. The most frequently exchanged pairing is with the US Dollar, and the currency itself is issued by the Central Bank of Egypt.

How the foreign exchange market works

What is the best way to transfer money to Egypt 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 Egypt 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 Egypt. 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 Egypt: A list of services

Here is a comprehensive list of services that can help you transfer money to Egypt. 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 Countries Speed Ave. cost Our score Review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 stars Read review
14 TransferWise 90 1-3 days 0.50 % 5 stars Read review
15 Western Union 210 1-3 days 3.50 % 2 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 EGP 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 Egypt. 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 the Netherlands: A guide

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Image by lensinkmitchel / CC0

There are many reasons why you might like to send money to the Netherlands. 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 the Netherlands each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to the Netherlands. 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 the Netherlands; and with a bit of luck, we’ll save you some money along the way.

About the currency of the Netherlands

First, a quick word on the Netherlands. The country is located in Western Europe and is bordered by Germany and Belgium. 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 the Netherlands 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 the Netherlands 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 the Netherlands. 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 the Netherlands: A list of services

Here is a comprehensive list of services that can help you transfer money to the Netherlands. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 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 the Netherlands. 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 Latvia: A guide

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Image by helenarause / CC0

There are many reasons why you might like to send money to Latvia. 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 San Latvia each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Latvia. 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 Latvia; and with a bit of luck, we’ll save you some money along the way.

About the currency of Latvia

First, a quick word on Latvia. The country is located in the Baltic region of northern Europe, neighbouring Estonia, Lithuania, Russia, Belarus, and Sweden. 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 Latvia 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 Latvia 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 Latvia. 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 Latvia: A list of services

Here is a comprehensive list of services that can help you transfer money to Latvia. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 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 Latvia. 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 San Marino: A guide

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Image by mrmarkdejong / CC0

There are many reasons why you might like to send money to San Marino. 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 San Marino each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to San Marino. 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 San Marino; and with a bit of luck, we’ll save you some money along the way.

About the currency of San Marino

First, a quick word on San Marino. The country is a microstate in southern Europe, completely surrounded by Italy. 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 San Marino 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 San Marino 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 San Marino. 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 San Marino: A list of services

Here is a comprehensive list of services that can help you transfer money to San Marino. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
7 Ria Money Transfer 158 1-3 days 3.06 % 2 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 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 San Marino. 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 Monaco: A guide

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Image by arpi311 / CC0

There are many reasons why you might like to send money to Monaco. 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 Monaco each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to Monaco. 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 Monaco; and with a bit of luck, we’ll save you some money along the way.

About the currency of Monaco

First, a quick word on Monaco. The country is a microstate located on the French Riviera in Western Europe, neighbouring France and Italy. 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 Monaco 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 Monaco 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 Monaco. 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 Monaco: A list of services

Here is a comprehensive list of services that can help you transfer money to Monaco. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
9 WorldRemit 132 1-3 days 1.35 % 4 stars Read review
10 TransferGo 56 1-3 days 0.84 % 3 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 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 Monaco. 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 the Vatican City: A guide

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Image by cadop / CC0

There are many reasons why you might like to send money to the Vatican City. 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 Vatican City each and every year.

Whatever the reason, you have probably realised that it is more complicated than you first thought to transfer money to the Vatican City. 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 the Vatican City; and with a bit of luck, we’ll save you some money along the way.

About the currency of the Vatican City

First, a quick word on the Vatican City. The country an independent city-state enclaved within Rome, Italy. 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 the Vatican City 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 the Vatican City 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 the Vatican City. 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 the Vatican City: A list of services

Here is a comprehensive list of services that can help you transfer money to the Vatican City. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 stars Read review
14 TransferWise 90 1-3 days 0.50 % 5 stars Read review
20 RationalFX 201 1-3 days 1.16 % 3 stars Read review
21 Xendpay 201 1-3 days 0.71 % 4 stars Read review
22 Paysera 174 3-5 days 0.97 % 3 stars Read review
26 Small World 176 1-3 days 2.69 % 2 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 the Vatican City. 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 Andorra: A guide

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Image by reka / CC0

There are many reasons why you might like to send money to Andorra. 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 Andorra. 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 Andorra; and with a bit of luck, we’ll save you some money along the way.

About the currency of Andorra

First, a quick word on Andorra. The country is a landlocked microstate on the Iberian Peninsula, wedged between France and Spain. 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 Andorra 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 Andorra 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 Andorra. 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 Andorra: A list of services

Here is a comprehensive list of services that can help you transfer money to Andorra. 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 Countries Speed Ave. cost Our score Review
1 CurrencyFair 157 2-4 days 0.45 % 5 stars Read review
2 XE Money Transfer 220 2-4 days 0.54 % 4 stars Read review
3 WorldFirst 243 2-4 days 1.11 % 4 stars Read review
4 OFX 226 3-5 days 1.20 % 4 stars Read review
6 OrbitRemit 43 1-3 days 0.43 % 4 stars Read review
11 TorFX 176 2-4 days 2.12 % 3 stars Read review
12 Currencies Direct 188 2-4 days 1.79 % 3 stars Read review
13 Azimo 200 1-3 days 0.89 % 2 stars Read review
14 TransferWise 90 1-3 days 0.50 % 5 stars Read review
20 RationalFX 201 1-3 days 1.16 % 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 Andorra. 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.