The Cheapest International Money Transfer
If you look up the term “cheap” in any online dictionary, there are several meanings and connotations but none refer to the terms efficient, reliable or professional. With all due respect to anyone who delivers a “cheap” service, most meanings refer to low price, bargain, cut price or inferior quality.

Best Currency Exchange Service or Cheap Currency Exchange Service?

When looking for the best currency exchange, the whole meaning of the word cheap is again open to interpretation. Given the fast-moving nature of the foreign exchange (FX) market, it is virtually impossible to determine what is cheap and what is expensive. Indeed, in this context, the terms cheap and expensive are not really to be considered opposites.

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Determining what constitutes a cheap versus expensive international transfer can be challenging
When looking for the cheapest money transfer, it is not like deciding which supermarket has the best deal on washing powder or floor cleaner. It is virtually impossible to decipher which online broker is providing the “best or “cheapest” price since you have no point of reference to where the market is trading at the precise instant you ask for the price. Most online pricing is delayed by anything up to fifteen minutes and several banks publish FX rates on their websites that in some cases are not updated all day.

The actual market pricing provided by the interbank market is closely guarded by the major information suppliers such as Bloomberg and Reuters since they consider such information as proprietary. They see access to instant pricing as the province of those who wish to:

  • A) use it to trade the market as a principal or
  • B) provide their own pricing to the matrix that creates the market

The rest of us only have access to what the market was fifteen minutes ago or rates that have been through a “blender” during which margins fees and charges are added.

What to look for when making an international money transfer

Sending Money Internationally – Top Things to Look For

When searching for the cheapest way to send money internationally, be careful what you wish for. Cheap comes at a price and that price if often efficiency, professionalism, and customer service. When you hand over your money to the broker or payments firm – what are you looking for from the contract you have entered either verbally or in writing?

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Security

The first thing is security that is taken care of by either direct regulation or the payments firm being affiliated to a regulated firm. Either way your funds are secure.

Price

In order to know if the price is correct or competitive, the only way to find out is to know what the “interbank” rate is at the time of execution. CurrencyTransfer.com is the only payments gateway which compares market suppliers and provides you with the supplier that is best suited to you and your specific payment requirements. They also show you the market price and their “mark-up” or “margin” as a separate amount so you can compare both the market rate for your transaction and the all-in price you will pay. This may not always provide you with the cheapest way to send money abroad, but it does allow you the opportunity to understand how much you are paying over and above the market rate.

Customer Service

The next thing you will be looking for is customer service. The professionalism of the team at CurrencyTransfer.com is considered market leading. They only deal with tier one financial institutions and are on hand 24/5 to ensure that any issue you may have is dealt with efficiently in the shortest possible time to provide you with peace of mind.

It is hard to put a price on the problems that can occur if a transfer goes missing or a shipment is delayed due to a late payment, so when looking for the cheapest way to send money overseas, it is not just the FX rate that you need to concentrate on but the entire process of the money transfer to ensure the most efficient transfer.

When looking for cheap international transfers, it pays to add up the total cost to you and your business from inefficiency and unprofessional operations. Building a relationship with your payments provider can be a major cost saving exercise. It is often who you know that solves any issues that arise as he/she will know where to go to get the answers you need in the shortest possible time.

About Alan Hill

Alan has been involved in the FX market for more than 25 years and brings a wealth of experience to his content. His knowledge has been gained while trading through some of the most volatile periods of recent history. His commentary relies on an understanding of past events and how they will affect future market performance.”