top of page

Best Ways to Transfer Money Internationally with a Focus on Wise

In the dynamic world of international finance, the need for a solution that combines safety, speed, and cost-effectiveness is paramount. As a currency trader who recently faced surprising fees while transferring a substantial amount from Cyprus to the UK, I took it upon myself to research and discover the best ways to transfer money internationally.


paying bills with mobile phone

Wise.com, authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority (FCA) with registration number 900507, emerged as a prominent option.


Below, we'll explore why Wise can save you up to 25% on international money transfers and other methods that suit various needs.


Traditional International Bank Transfers

International bank transfers, also known as wire or telegraphic transfers, are often considered the best method for sending money abroad. Here's why:

  1. Secure and Fast: Typically taking 1-5 working days, with transfers within Europe being even quicker.

  2. Cheaper than Cash or Credit Cards: Lower fees compared to other methods.

  3. No Legal Limits in the UK: Though some banks might impose daily online limits.

How It Works (in 4 Simple Steps)

  • Identification Check: Verification of identity and recipient’s bank details.

  • Secure an Exchange Rate: Agree to the current rate.

  • Send in Your Money: To your bank or money transfer company.

  • Conversion and Transfer: Your money is converted and sent out.

However, while convenient, using your bank might not always be the most economical choice.


Cheaper and Innovative Ways to Transfer Money Abroad


wise. max ease min fees, international money transfer app

Remittance Companies (Cash Transfers): Fast, often suitable for smaller sums (under £2,000). Examples include Western Union, MoneyGram, Azimo, and WorldRemit.


Money Transfer Apps (Tech-based Payments): In the realm of all-tech solutions, Wise.com stands out as one of the top choices for international money transfers, and here's why:

  • Transparent Fees: Wise offers a transparent fee structure, ensuring that there are no hidden costs.

  • Competitive Exchange Rates: Wise uses the real exchange rate, often resulting in savings of up to 25% compared to traditional banks.

  • Swift Transactions: Transfers are completed quickly, giving you more control over your international money.

  • User-Friendly Interface: Easily manage your money transfers with Wise's intuitive platform.

  • Regulated Service: Wise Payments Limited is authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority (FCA) with registration number 900507.

Other notable all-tech solutions with competitive rates include Revolut, Paysend, CurrencyFair, and PayPal.


As of 22nd August 20023:


Currency Brokers (Person-to-Person Service):


More personalised service, usually for larger amounts. Examples include independent currency brokers like Key Currency.


Key Considerations
  • Exchange Rates: Money transfer companies typically offer better rates, saving around 3%-4% compared to banks.

  • Specific Needs: Some specialise in certain currencies or countries.

  • Human Contact: Some provide human assistance; others are solely tech-based.


Explore Options, Embrace Savings with Wise


wise. max ease min fees, international money transfer app

While international bank transfers remain a secure and efficient method, it's clear that the landscape of transferring money internationally is broader and richer than ever. Traditional banks, while convenient, may not be the most economical option.


Transfer Money Internationally

In the intricate world of international finance, the choices we make can have significant financial implications. Traditional methods of transferring money, while reliable, may not always be the most cost-effective. By exploring innovative alternatives like Wise, regulated by the Financial Conduct Authority (FCA), individuals and businesses can tap into considerable financial benefits.


Wise stands out for its transparent fees, competitive exchange rates, and user-friendly interface. With potential savings of up to 25% compared to traditional banks, it represents a compelling option for those looking to transfer money internationally.


However, it's not merely about saving money. The choice of a money transfer service must be rooted in trust and safety. In an era where online fraud and financial scams are rampant, adherence to regulations and proper due diligence cannot be overlooked. By selecting a service like Wise, which operates under the watchful eye of regulatory bodies like the FCA, users can enjoy the peace of mind that their money is in safe hands.


The dynamic landscape of international money transfers is filled with opportunities, but it also demands awareness, understanding, and informed decision-making. Whether it's sending money to a loved one, paying for goods and services abroad, or managing international investments, the choices we make must be thoughtful and aligned with our financial goals and risk tolerance.


As the CEO of Champ Profit, I, Kyriacos, urge you to explore your options, understand the intricacies of each method, and choose wisely. After all, it's not just about transferring money; it's about doing it with confidence, security, and financial wisdom.


📈 Best CFD Brokers reviewed. Account types, trader experience, platforms, and regulation, UK Forex.


Disclaimer: This information is an overview and not financial advice. Always consult with a financial professional.

Comments


Commenting has been turned off.
bottom of page