There are many reasons you might want to send money to a bank account in a foreign country but making the most of this process and getting the best value can sometimes seem like quite a challenge. Sending money directly from one bank account can be an expensive, with traditional banks charging high fees and transferring money slowly and inefficiently. This is why many people turn to alternative providers who provide faster, more convenient, and better value international bank transfers.
World Remit is a popular choice for sending money all over the world from the comfort of your own home. World Remit allows users to send money to a total of 150 different countries, offering services such as transfers direct to bank, mobile money, and airtime top-up services.¹
It's one of many alternative money transfer providers, and it's always important to compare the services and prices offered by these providers to get the best deals. TransferWise is another popular platform for online money transfers all over the globe, making use of the real exchange rate and no hidden fees. This guide will take a look at the fees and exchange rates used by both World Remit to help you decide if they are the right choice for you. We will also take a look at TransferWise as an alternative option for your next international transfer.
When looking for the cheapest way to send money abroad, you have to consider what kinds of fees and charges the process might involve. World Remit states on their site that they offer low fees and show all exchange rates up-front.¹ You will be shown this information when you create a payment, but you may actually be getting a mark-up on the exchange rate that can hide some fees. When sending money with World Remit, the table below shows the fees you need to be aware of:
|Type of Fee||World Remit Cost|
|Currency conversion fee||Like many other payment providers, World Remit likely adds a mark-up to the exchange rate used in the conversion of your currency when sending money internationally. You can see the differences in the rate by comparing the value offered by World Remit to the live mid-market exchange rates as seen on Google. TransferWise only makes use of the real exchange rate.|
|Transfer fee||Transfer fees for sending money abroad with World Remit start from 0.95 GBP. The fee will vary depending on which country you're sending money to. You’ll only need to pay £2.99 to send to Germany, for example, but you’ll need to pay £6.99 to make international money transfers to China. World Remit offer the first 3 transfers without any fees for new users, but remember that these fees may actually be hidden in the mark-up on the exchange rate.|
For the latest and most up to date fees and exchange rates from World Remit, you can check their official site.
Don’t lose money when making an international transfer - save on international payments with TransferWise.
While some banks and providers add a mark-up to the exchange rate to provide themselves with more profits, TransferWise uses the real exchange rate that you’ll find on Google so that your recipient doesn’t receive less than they should.
You can also open a TransferWise borderless account, to keep money in more than 40 different currencies, receive payments direct in EUR, GBP, USD, AUD and NZD for free, and you even get a free debit MasterCard to use with your account.
Now, back to what you came to read.
Let’s take a look at a very simple example. The following table shows what would happen if we wanted to send a bank deposit of the sum of £1,000 to Germany in EUR²
|Total amount received||1,087.39 EUR||1,074.68 EUR|
The information above was valid and correct on 31/07/2019 at 11:09 BST. All data is based on the TransferWise comparison tool. For up to date rates and information, always check the official sites of each provider.³
This example shows that despite the slightly higher fee charged by TransferWise, the total amount eventually received by the recipient was higher. This was because TransferWise always uses the mid-market rate, whereas other providers are likely to add a mark-up to the exchange rate.
In fact, TransferWise is so committed to its transparency, it actually created a comparison tool, allowing users to quickly and easily compare currency exchange rates from a range of banks and payment providers, including World Remit. This simple tool lets you get up to date information to see what rates you’ll be getting and how much money your recipient can expect to receive.
When sending your money via a bank transfer, the maximum amount that you can send will depend upon:
- Where you are sending from
- Where you are sending to
- The payment option you choose
- Receiving bank’s own limits.⁴
Whenever you're transferring money to foreign bank accounts, it's important to check around with multiple providers and platforms, comparing rates, and fees to get the right option to meet your needs.
Some providers offer low transfer fees but are effectively charging hidden fees through their mark-up of the exchange rate. It's important to remember that there is no such thing as zero fees or 0% commission when sending money internationally. Banks and providers always need to get some kind of payment for this service, so it's never going to be without at least some kind of fee for the user. The key is to shop around and compare rates whenever possible before transferring money to ensure you get the best deal.
No international transfer is ever going to be entirely free, but nobody wants to pay over the odds, and TransferWise can help you make the most of your money. TransferWise is always up front about its fees, making them clear to see from the start, and you get the real exchange rate. Create your free TransferWise account today to see how much you could save.
Sources checked on 31-July 2019.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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