Globalization has led to an increasing number of people living and working away from their country of birth.
Expats face many common challenges, from the emotional strain of leaving home to the practical challenge of setting up your life in a new country.
But there is one thing that combines both the emotional and the practical challenges of moving abroad: transferring money.
Moving to another country requires an enormous amount of admin. The last thing you want to worry about is how to send money abroad in a cheap, fast and reliable way.
It begs the question: what is the best transfer company for me?
It doesn’t have to be complicated if you know what to look for. We’re breaking it down so you’re armed with the knowledge you need.
- A World of Fees
Transferring money across borders will have cost implications. Understanding the difference between exchange rates and fees will help you navigate the options.
Exchange rates are the hidden costs. They’re tricky to keep track of as they can fluctuate in a matter of days depending on the economic climate. On top of this, the rates offered by providers can wildly differ.
In this fast-changing market, your best bet is to carry out a quick Google search for currency exchange rate sites. You have the information at your fingertips to check how competitive a provider is, so make sure you use it.
Fees are the obvious cost of your transaction. Providers can change them whenever they like, so keep your eyes peeled for companies who claim to be ‘fee-free’, but then charge a high exchange rate. Fees can range from a flat fee to a percentage of your sending amount. This depends on the provider, although banks are known to be more expensive.
Azimo’s fees are clear and simple. Our customers can save up to 90% with our service rather than an inconvenient high street bank or another offline provider.
Our fees start at £1 and we always offer an excellent foreign exchange rate. If you use a high street bank you could be charged a hefty fee and you also run the risk of being stung by a poor exchange rate. New customers also receive two fee-free transfers when they sign up with Azimo.
To understand that cost of your transfer, ask yourself this simple question:: how much money will I have at the end of this transaction?
It really is that simple.
- Consider Cash Pick-Up Locations
Many expats don’t realise that their recipient can collect the money in cash, which is useful when time is of the essence, or when the recipient doesn’t have a bank account.
At Azimo you can send your money to more than 300,000 cash pick-up locations worldwide. How it works: you send money using the Azimo apps or website and your recipient collects it using their photo ID and the transfer reference number.
Of course, if you’d prefer to send money directly to their bank account, that’s easy too.
- Keep it Secure
When you’ve recently moved to a new country, the security of moving your money will be high on your wish list when looking for a provider.
This next point is an absolute must – make sure the provider you use is regulated by the FCA (Financial Conduct Authority). Following this rule means that your money will be protected, no matter what happens in a turbulent financial and political market.
Customers can have confidence in Azimo as we’re regulated by the FCA. We also use the latest anti-fraud and encryption technology, so your money is safe every step of the way.
- Speed is Key
When you need to send money quickly, every minute makes a difference. Providers vary significantly in terms of speed, as do receiving banks, so make sure you check this beforehand.
We operate in more than 60 currencies, which helps to reduce transfer times. We can send money instantly to 60+ countries worldwide with most transfers being completed in less than 24 hours.
When choosing a money transfer company, think about hidden fees, fluctuating exchange rates and who has the most reliable service.
Finally, choose a provider that is trustworthy, honest and has your best interests at heart.Ready to find out more? Learn more about Azimo to see how you can send money abroad cheaply, quickly and easily