We buy stuff online, we run online businesses hiring freelancers from all over the world, we send money to our friends and family - it all involves a lot of money transfers. How to optimize it? Where to look for best money transfer platforms?
The remittance market, as well as foreign currency market is constantly changing. Each hour the currencies are worth other prices and the cheapest money transfer platform changes. Therefore, it may be worth to benefit from money comparison tools, which let you sort the companies by live prices.
You can use for example Wirly's compare money transfer online widget. All you have to do is type in your transfer amount, choose country and currencies and the algorithm will automatically check the cost of this transfer in all of the money transfer companies and sort them in a list for you. Then, you can either pick the top position or manually look through the entries if you are looking for other features as well. For example, the cheapest AND the fastests transfer. Or maybe the best rated by customers?
Remember that apart from transfer costs, you will need to pay also for the currency conversion. If not directly, then in markup hidden in the rates. Therefore, it's best to compare the platform's rates with the official ones, which you can simply Google. That way you know that you recipient gets the amount of currency you intend to send.
Imagine that you want to send $100 to Mexico and the official midmarket exchange rate is set at 1USD=22MXN. Your recipient will get 2200MXN, that's simple. But what if the transfer company puts their margin on the rates and convert your currency using 1USD=19MXN, instead. Even though, you haven't paid any additional transfer fees, your recipient now gets only 1900MXN, which is 300MXN less than he was supposed to.
A good source of knowledge and first-hand experience of transferring money with particular service are customer and expert reviews and analysis. For example, here is a full article in-depth TransferWise Review, where the author breaks down their fee system, explains the exchange rates and main features of the platform. And while TransferWise is one of the more popular remittance platforms, he covers both advantages and disadvantages to help you get the full picture of the service. Always remember to research the negative reviews to learn what problems you should expect.
And that's only one example. Do a quick research and read some reviews to save money on international money transfers.