The Cheapest Ways to Send Money Abroad in 2025: Banks vs Money Transfer Services
Looking to save money and live the frugal life? The good news is that you’ve landed in exactly the right place! In a world where we’re all looking to make our budget go further, it’s comparing a range of different solutions and making use of introductory offers that makes all the difference.
If you’re someone who finds that you need to pay for goods and services from other countries, or to send money to relatives who live abroad, you don’t have to settle for the first solution you find. Compare your options and you’ll soon be able to see where the value lies.
Keep reading so that we can show you how to do it in a way that will save you time, money, and effort from day one.
Ask your local bank for help
The natural first port of call for many of us is our local bank, and we assume that all it will take is a little additional admin. The problem is that, in many cases, domestic and local banks simply aren’t able to help in ways that are timely or affordable. Of course, they will try to as they value your custom, but the delays, fees, and admin headaches that soon arrive can quickly prove more hassle than they are worth. Requesting a quote for means of comparison and then looking at other services will help you better understand your options.
Consider gifting vouchers
Sending an Amazon or Apple voucher may be very easy to do, but the chances are that it’s not going to prove an acceptable or convenient method of payment. Unless you are giving a gift to a friend or relative, you are going to need to find a way to send actual money that they can spend anywhere they wish. One of the obvious problems here is how to make sure that the money arrives in the requested local currency in a way that is quick and reliable.
Think beyond PayPal
Many of us use services like PayPal and other socially aligned money transfer services because of their speed and ease of use. While they may be very handy tools for use on a domestic basis, delays, processing fees, and limited currency conversion options quickly make them impractical. Expanding your horizons and looking at alternatives is our suggestion here.
Verify your SWIFT code
Banks and specialist money transfer services communicate and locate one another using SWIFT codes. You can think of these as unique international addresses for each bank that ensure the money is sent to the right place. There are many useful tools that allow you to find the SWIFT code for all banks in the world and verify those that you need accordingly. Making use of such a service will allow you to achieve the peace of mind that only comes from knowing that you have the correct details.
Put your trust in a specialist
A specialist will be able to talk you through everything you need to know about the increasingly complex and convoluted world of international money transfers. They will also provide you with detailed guidance on what to do, a full breakdown of the charges and fees you will incur, and be able to offer you the most competitive prices and delivery times. Not only that, but they will also give you access to real-time tracking, allowing you to see precisely where the money is and how long it will take to arrive in the recipient’s account. It’s this level of detail and clarity that will make the difference, especially when compared to the often outdated and slow service that local banks can provide.
Be consistent with your timing
The final way to guarantee you are getting the cheapest possible service, but without cutting corners when it comes to quality and security, is to focus on timing. Transferring money internationally during public holidays and weekends will generally take longer, as will transferring money between countries whose business hours do not overlap due to time zone differences. For this reason, we always suggest asking the specialist you are hiring when the best time in the weekly cycle is, so that they can help you to streamline your activities.
From this analysis, it’s clear that a dedicated international money transfer service is the best approach. Their service will be cheaper, faster, and more flexible than any of the others we have discussed. They will also be the ones who have the highest degree of experience, ensuring that you can always get answers to the questions that may be on your mind.
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