How to Use for Cheaper International Money Transfers

Send Money Cheaper was created with one goal in mind: to help you find the cheapest international money transfers. We’ve created our Comparison Tool so you can compare the fees and exchange rates of multiple money transfer companies simultaneously, without wasting time going from website to website.

You may not know this, but there is not one company that always offers the cheapest rates. The amount of money you are sending, the way you are paying, the speed in which you need it to be available to the recipient, plus the destination and origin countries all affect the cost and will dictate which company you should be using. That’s why it’s important to use the Comparison Tool before every new international money transfer, unless you are repeating the same transfer you have done in the past like a regular small money transfer.


The Send Money Cheaper Comparison Tool

Our site has been created with the user in mind, so we have made it quick and easy to use. All you have to do is go to the home page and input the origin of your money, the destination, and the transfer amount. In seconds you will see a quick comparison of your choice of money transfer firms, their fees, and their exchange rates.

To make things even easier, we have created an algorithm that automatically brings the offer we believe to be your best choice based on price, exchange rate, and speed, right to the top. After your search results appear, you’ll also see a list of features on the left side of the screen so you can check what matters to you. Choose from things like the payment method, transfer speed, receiving option, and more, to filter out results that won’t suit your needs.

Once you have decided on the best company for your international money transfer, just click the convenient link and you’ll be brought directly to the transfer firm’s website so you can initiate the transaction.


Wait. There’s More

We didn’t stop there though. Send Money Cheaper is much more than just a comparison tool. We are a resource for anybody interested in international money transfers or the foreign exchange market. Our blog regularly covers a range of topics that will help you save money on international money transfers.

Whether you are an overseas retiree who needs to transfer their pension, have a child going to school overseas who regularly needs small money transfers, or are just considering a long international holiday and want to know the most cost effective of getting and using your money abroad, we have articles that can help. We also do a weekly news update on the most current happenings in the international money transfer industry.


Your One Stop Money Transfer Website

Since we are an unbiased third party, we are your best bet for finding the most accurate information regarding any and all of your international money transfer needs. Our focus is the consumer and we are doing our best to bring a touch of transparency to the money transfer industry. Make your first and only stop for you next international money transfer and rest easy that you got the best deal possible.

Venture Capital Flooding the Money Transfer Sector

The fintech sector could quite possibly be one of the hottest new venture capitalist markets. A dearth in technology innovations in the financial industry has left the field open for a new breed of companies. In the last 5 years or so we’ve seen a number of startups focused on using technology to improve the way money moves, spring into multi-million dollar companies practically overnight.

Fintech stands for financial tech and refers to any companies that are revolutionizing the way financial organizations do business through the use of new technologies. In short, they are making moving money quicker, easier and cheaper whether for the purposes of payment processing, money transfers, stock trading, loan services, peer 2 peer payments, etc. Since e-Trade shook up the world of online stock trading, there have been little real innovations in the financial tech field, but that’s finally changing.

International money transfers is 529bn a year market that, until recently, has been nearly monopolized by the large banking institutions. A whole new kind of company is taking center stage though now; money transfer firms. Seeing the obvious opportunity for growth, a number of technology-based money transfer firms have taken a huge slice of the pie forcing the large banks to either start innovating themselves or face eventually being pushed out of the market.


Successful Money Transfer Firms Venture Capital Funding Rounds

Money has been flowing in the international money transfer market since 2008, but recent VC funding rounds have shown an astonishing vigor supporting the industry.

TransferWise, a London-based money transfer company, recently received $58m in VC funding, putting their value at an estimated $1bn. This recent round of funding was led by Andreesen Horowitz, a leading American VC firm. In previous funding rounds, TransferWise received backing from Sir Richard Branson, IA Ventures, Seecamp, Peter Thiel and more, who all see the potential for returns in an overly complacent market being disrupted by new players and technology.

WorldRemit is another startup that has recently seen tremendous VC interest. Founded in 2010, this young company just secured $100m in their recent funding round putting their value at $500m. Silicon Valley venture capital firm Technology Crossovers Venture handled their VC funding rounds which even saw previous backer Accel reinvesting.

There are other money transfer firms creating waves as well. Azimo, founded in 2012, recently closed a $10m VC funding round led by Greycroft Partners and The Cloud Currency, named in Forbes Top 15 Fintech Startups to Watch, received their own $10m cash injection from venture capitalists. They are currently approaching $500m in payments a month.

Money transfer firm Remitly, focused on mobile device remittances, secured $5.5 m in funding while FastCash, a Singapore-based global payment platform raised over $17m.


A New Face to International Money Transfers

The international money transfer market has unlimited potential for growth. A 2010 report by the global consultancy McKinsey showed approximately 2.5bn people around the world who don’t have access to traditional banking systems. In addition to this untapped market, the exorbitant fees charged by banks coupled with the poor exchange rates given, have consumers looking for alternative methods. Using one of these new money transfer firms, people can expect to save 4 percent to 5 percent over what they can get from their banks. They are also able to undercut traditional money movers like Western Union as they don’t have the added costs associated with brick and mortar stores.

Reduced costs and nimbler technologies are changing the landscape of a market that has grown complacent from a lack of competition. Banks aren’t reacting quickly enough and may soon be pushed out of the market completely as more and more people take notice of the new way to handle money remittances. Some chief executives like Bill Downe of the Bank of Montreal and Bharat Masrani of TD Bank have even gone so far as to highlight the issue to shareholders.

While there may appear to be some gloom and doom in the future of banks and Western Union unless they change their ways, this is great news for consumers who are being presented with a host of new options for sending money.

How to Send Money with World First

Sending money overseas shouldn’t be a hassle and it shouldn’t be expensive either. At our goal is to provide you with the best options for you to get your money from point A to point B without losing a large chunk during the transaction.

Because World First is one of the fastest, cheapest, and most convenient ways of sending money abroad, we thought it would be good to write a guide for you going over the process of opening an account and sending money with them. Let’s start with a bit of useful info first to help you determine if World First is the right choice for your current international money transfer needs.

World First Services

World First has a minimum transfer amount of $250, so if you are looking to send a smaller amount, you’ll need to consider another company like Western Union. If you are making a transfer over $1,000, you can use their live person telephone transfer service, otherwise you’ll have to stick with their 24 hour online payment system. They charge zero fees for all personal transfers no matter the size, and business transfer fees range from $0 to $20.

World First offers you the option of doing spot trades or purchasing a forward contract to reserve your rate for a later date. Using World First, you can transfer your money to a number of countries such as Australia, Canada, the UK, the USA, France, New Zealand, Spain, and more.

The Process

Your first step is to sign up for an account using their website. You’ll be presented with a form like you see below where you need to fill in information like your name, contact numbers, country of residence, etc.




The next form needs supporting details like your address, the currencies you require, reasons for the foreign exchange, where you’ll be sending money to, and an identity verification section.





The last step in the signup process is choosing a user name, password, and security questions.




Once your account is set up, you can initiate your first transfer using their website or by calling their customer support number. After your rate is agreed upon and the transfer is set up, you’ll receive a “fund in” date. In order for your transaction to go through, you need to have cleared funds sent to them by the set date. You can handle the payment in a few ways; either use your bank debit card, an online bank transfer, or an in-person bank transfer. If you are a UK resident, you can also choose to set up a direct debit.

If transferring USD, EUR, or BPD, your recipient can usually withdraw the money the same day or the next day at the latest. If transferring to other currencies, it can take anywhere from one to four days for the money to clear in the recipients’ account depending upon the destination and origin countries. Your money will be deposited into the specified recipient’s account under the name of World First, so be sure to let whoever you are sending money to know to be on the lookout for a deposit from them.

That’s about all it takes. The whole process can be completed in just a couple of minutes after you have an account set up, and 15 minutes if you need to set up the account and conduct the transfer at the same time. Not only will you have saved on international transfer fees using World First, but you’ll get a better exchange rate than your bank would have offered to.

International Money Transfer News Weekly Update April 9th, 2015


“Microsoft Payments” may join Apple, Android, and Samsung in Pay Platforms

Following in the wake of Google and Apple, Microsoft appears to be edging in on the mobile money transfer market. Currently they seem to be focused on the domestic market and have applied for licensing to transmit money between the 50 states and an assortment of current and former US territories. Read more…


Former Goldman Exec Wants to Upend the Way the World Moves Money

After saying goodbye to a long and lucrative Wall Street career in 20014, Hank Uberoi could easily have sat back and enjoyed his retirement. Instead he is focused on changing how the world moves money across borders. He is now the CEo of Earthpoint, a London-based company that has built a large cloud-based payment network as an alternative to the SWIFT system currently used by large banks. The decentralized SWIFT system is fraught with inefficiencies as is doesn’t actually move money, but rather communications between banks. Read more….


Western Union Enables Skype Customers to Top up at Locations across the U.S.

Western Union and Skype just announced an agreement that allows Skype users to top up their account at more than 50,000 Western Union locations advancing Western Union’s leadership position as the go-to for walk-in payment services. The agreement should allow families to keep in touch easier as they can now top up family members accounts which can be extremely helpful for international customers who may not have a credit card. Read more…


Canadian Banks See Threat in Tech Companies Offering Mobile Payments

Mobile payment options from technology companies are threatening Canadian banks lucrative money movement business. Mobile payment options are being used more and more as traditional bank transfers are dropping because they are cheaper and easier. The Canadian banks are aware that they can’t compete on price or convenience and instead are playing the trust card. In a New York address, David McKay, head of the Royal Bank of Canada, wondered aloud if consumers trust companies such as Apple or Google with their financial information. Read more….


The Human Cost of Ending Money Transfers to War-torn Countries

The last US bank facilitating money transfers to Somalia ceased doing business in February due to increased regulations and fears that money could be sent into the country to fund militant groups like al-Shabaab. Complying with the new regulations is being viewed as too costly and as such, most international organizations that previously handled money remittances to Somalia have chosen to cease operations. The human cost could be much more than money though. Somalia currently has no formal banking system or international money transfer firms like Western Union limiting the ability for overseas relatives to send money back home to family members in need of support. Read more…


The London Startup Rebooting Remittances

London start-up Transferwise has an innovative, bank-free approach to moving money between consumers. They have developed a P2P system that matches users who want to send money across borders that allows for each user to receive funds in their local currency without actually having to physically move money across borders thereby avoiding transfer fees and exchange rates losses. Read more…


If you need to send money overseas,  make sure to check out our international money transfer comparison tool to find the best rate.


Don’t Get Scammed by PayPal‘s Secret Hidden Fees

Paypal is an incredibly convenient tool for transferring money. Whether you are sending money to an employee located in another state, buying a product online, or just need to transfer money to somebody in another country, PayPal does it all. They have over 150 million active users and many of them are small business owners.

One of the reasons PayPal has so many users is because its fees seem very reasonable; at least on the surface anyways. When you compare the listed transaction fees with similar money transfer services, you may think you are getting a good deal, but it couldn’t be further from the truth. The problem isn’t in the listed fees, it’s the hidden fees they charge that really get you.

We’ll just set the record straight from the beginning as we aren’t trying to unfairly bash a company that provides such a useful service. If you are transferring money from one place to another for personal transactions and keeping the same currency during the entire process, then yes PayPal is free. The problem is when you are transferring money from one currency to another. This is where PayPal really gets you.


PayPal Offering the Latest Exchange Rate is a Myth

The biggest chunk of your money gets lost during international transfers to poor exchange rates and not hefty fees as many people think. This is doubly true if you are sending a large amount of money. Think about it. If you are sending $2,000 overseas, even banks (which are known for charging the highest transfer fees) often only charge you $30 – $40, but if you get a bad exchange rate that is 3% off market value, you’ll be losing an additional $60.

So how bad is PayPal’s currency exchange rate? Well here are some quick examples that highlight just how much you might be losing on your next international money transfer using PayPal. I’ll use $1000 as a nice round sample number. Below you can see the exchange rate PayPal offered along with the actual current market rate to compare the difference.

$1000 from USD to EURO

PayPal = €897.54

Market rate = €924.40


$1000 from USD to British Pound

PayPal = £655.76

Market Rate = £675.20


$1000 from USD to AUD

PayPal = AU$1,274.20

Market Rate = AU$1,308.77

As you can see, while they may claim they are offering the service free of charge anywhere they have their terms of service printed, they are actually making a large chunk of money off you by offering a very poor exchange rate. Often, even worse than what you’d get at a bank.


The Cost of Doing Business

Let’s say you’re willing to chalk this up as just the cost of doing business internationally. Ok. Fair enough, but since I know you’re a savvy business person, you’re obviously deducting all of your expenses from your income so you can save on taxes right? Well here’s another shocker for you, PayPal won’t provide you any type of receipt or documentation with proof of the money lost in the exchange so you can’t even claim it.

Well, let’s rephrase that. You do actually get a receipt of the transfer from PayPal, but it shows a fee of $0.00. So even if you tried to use their provided receipt to show the loss of money in the transfer, you wouldn’t be able to. There is no documentation provided that will allow you to deduct the transfer and exchange fees from your taxes at the end of the year.


They Even Block Any Workaround

Just in case you had the same bright idea we did and want to try and open a currency account in your bank that operates in the same currency you get paid, they won’t let you. We tried it and PayPal informed us that unless it is an official currency of that country, they won’t send USD to it, so no sending USD to anywhere in Europe, Australia, etc. They will only send Euro to Europe, AUD to Australia, BPD to the UK, etc. You get the idea.


A Better Option

If you need to process regular international money transfers, use the Send Money Cheaper Comparison Tool to find the cheapest option for your needs. Next time you are planning an overseas money transfer between two currencies, use our comparison tool and check the results against the rate PayPal will give which can be found using their currency converter tool. (Hint: you’ll need to be logged into your PayPal account to access their convertor.) Doing this, you can see exactly how much you’ll save by not going with PayPal and using a dedicated currency transfer firm instead.

If you regularly do business overseas, check out How To Save Money When Doing Business Internationally for more useful tips.

You keep on doing your job making money and we’ll keep doing ours to help you keep more of it in your pocket.


Retiring Overseas? Transfer your Pension with an FX Firm to Save Money

Retiring abroad and living in some beautiful tropical paradise or a Mediterranean villa can be the ideal way to spend your golden years. Often the cost of living will be lower and your dollar will go further, ensuring you have the money to comfortably see you through your retirement. Before you take that long-awaited leap though, make sure you spend a bit of time getting your financials in order.

You’ll need to take into account your tax position and filing, moving your pension, transferring your daily spending money and more. Today we’ll focus on moving your pension.


The Best Way to Transfer Your Pension Overseas

Because of all the time involved in researching the best way to transfer pensions overseas, many people put it off until the last minute. Living on a fixed income during retirement though makes proper budgeting and a good money management policy doubly important and that includes ensuring your getting the best deal on transferring your money.

Using a bank for your pension disbursement is probably your worst option. The old school way of thinking was to contact your home bank or use their online service to initiate an international transfer, but the average person will lose around 8% of their money handling it this way. If your pension is $2,000 a month, the banks will be getting about $160 of that every time you make a transfer. That means you’ll be losing $1,920 a year to bank fees and poor exchange rates. That’s nearly a month’s pension!

A better method is to set up a regular international money transfer using a firm like World First or Xoom. The process is just as easy and secure as your bank, but the fees are much lower. Both of these companies offer free transfers and competitive exchange rates putting your total lose during transfer somewhere between 2% and 3% which is on par with the best market currency exchanges. By the end of the year, you would wind up with an extra $1,500+ in your pocket instead of the banks. That could be a month’s rent or your airfare flight back home to visit family and friends. We’ve also written easy to use guides explaining how to send money with Xoom and how to send money with World First.


Set Up Regular Transfers to Send Your Pension Overseas  

Making everything even more convenient is the regular money transfer options that World First and Xoom offer. Instead of wasting your time every month arranging a new transfer with your bank, you just set up an account with one of the previously mentioned services and elect for regular transfer schedule. This way, the money will be automatically debited from your home bank or pension account, converted into a foreign currency, and deposited into your foreign bank account on the date of your choice.

Using an international money transfer firm also gives you more flexibility in specifying the transfer amount and locking in favorable rates. You can choose to specify the transfer amount in USD so you know how much will be debited from your account every month, but you the amount you receive will fluctuate based on the current exchange rates. If you are more concerned with receiving a fixed amount, you can specify the amount to be transferred in the foreign currency of your choice which means the amount debited from your pension account will fluctuate.

To ensure you are always getting a good exchange rate on your transfers, you can set up forward contracts to lock in a fixed rate. Most of the international money transfer firms allow you to lock the rate for up to two years.


Sending Your Pension with an International Money Transfer Firm Quick Benefit Guide

  • Saves between 5% and 6% over bank rates
  • Time saving regular payment plans
  • No fees and competitive exchange rates
  • Ability to lock in favorable rates for up to 2 years
  • Added flexibility in specifying transfer amounts base on currency choice



How to Send Money Overseas with Xoom

Today we are going to give you a detailed guide on how to send money overseas using Xoom.

Xoom is an online money transfer firm based in San Francisco which provides remittance to more than 32 countries around the globe. You can see a complete list of the countries they service here. In 2013, Xoom’s 1 million+ active customers sent more than $5.5 billion to family and friends across the world, so they must be doing something right.

Xoom offers some of the cheapest and most flexible transfer services making them the ideal choice for a number of consumer and business transfer needs. Before we go into the guide, let’s start with some information about the services Xoom offers so you can decide if they are the right choice for your current money transfer needs.


Xoom Services

Xoom charges no fees for transfers over $1,000 and generally between $3 and $5 for smaller amounts. Payment can be made using your credit card, debit card, or directly from your bank account. Using the direct bank payment method, transfers take anywhere from 1 – 4 days and have lower fees while credit card and debit card payments tend to have slightly higher fees, but the money is received within one day.

The recipients don’t need to have an account with Xoom to pick up the money and you can choose to have them receive the money through direct bank deposit, cash pick up at a variety of locations, or even door-to-door delivery.

Immediately after signing up with Xoom, you can send up to $2,999 USD every 24 hour period with a cap of $6,000 each month. Don’t worry if you need to transfer more than that as you can raise your sending cap by supplying them with addition information for security purposes. Then you’ll be able to send up $25,000 in a 30 day period.

Xoom also has a bill pay services that allows you to pay utility bills in Mexico, the Dominican Republic, El Salvador, Guatemala, and Nicaragua for a $2.99 fee. All you have to do is select the type of bill, the recipient company, and enter the account number and your bill will be paid instantly.


Sending Money with Xoom

The process for sending money with Xoom is relatively simple and straight forward. The first step is to sign up for a free account using their online form which you can see below. You’ll need to fill in information like your name, e-mail address and create a password.

guide to sending money with xoom

The next step is to choose the country your are sending money to, enter the dollar amount, and lock in an exchange rate.

guide to sending money with xoom - 2

After that, you will choose how you want to pay and add the recipient’s information. If you are specifying a bank deposit, you need their bank name, account number, home address, the currency type in their bank account, their full name as it appears in their account, and a valid phone number. If you are specifying a cash pick up, you will need all the same information minus the bank account stuff.

Next you enter your payment information and the final step is to confirm your transaction details. All in all it’s a pretty simple and straightforward process that should take about 10 minutes. After your initial signup and transfer, all of your account information is stored so you can re-use the same details if you are making regular money transfers to the same person which will save you time in the future.

As soon as Xoom receives your funds, they initiate the transfer immediately. This is why credit and debit card payments go through quicker than bank payments. When choosing the bank payment method, Xoom has to wait anywhere from 1 to 4 days for your bank to process the transfer.


Picking Up Money Sent Through Xoom

As mentioned previously, you can specify from a number of different ways for you recipient to get the money. Here is what they will need on their end to pick up the money.

Bank Deposit

  • Proper ID
  • Their bank account information

Cash Pick up

  • Xoom tracking number (provided to you by Xoom when you complete the transaction)
  • One of the following ID combinations
    • Two forms of primary ID
    • Three forms of secondary ID
    • Two forms of secondary ID and the secret word (you can specify the secret word during when filling out the transaction details)
    • One form of primary ID and the secret word

Home Delivery

  • Xoom tracking number
  • One primary ID


You’re Done

So that’s the entire process in a nut shell. It may sound complicated on paper, but it’s quite easy when using their online forms. You are prompted for all of the information you need. During the transaction, you will also be able to see your exact exchange rate and how much your recipient will receive in their home currency.

If you are still unsure if Xoom is the best choice for your currency transfer needs, you can use the Send Money Cheaper Comparison Tool to find the right option for your particular transfer.

International Money Transfer Market Weekly News Update


Transferwise is Coming to the US

Transferwise, a money transfer startup firm back by Andreessen Horowitz, is expanding into the US market. They are a London-based company which recently raised $58 million in a Series C funding round and have an estimated valuation of $1 billion. Their focus is making overseas money transfers cheaper for consumers with the use of a peer-to-peer system. Read more…


Facebook Enters the Money Transfer Market

The social media giant Facebook has entered a new arena, money transfers. Users will now be able to send money to friends or family through their Messenger app. This move will put them into direct competition with companies such as Square and PayPal as well as large multi-national banks. Users can now upload their Visa or MasterCard debit information and there will be no fees charged for the transfer service. Read more…


Money May Make the World Go Round, but at What Cost?

The large banking institutions once had a stranglehold on the money transfer market and they charged a hefty fee for the service too. The 2008 financial crisis ravaged their reputations though which has allowed a number of new players to move into the industry; namely technology-focused startups. With the banking monopoly nearing its end, cost has become the deciding factor and technology is the key to bring it down to reasonable levels. With $500 billion being sent abroad every year, the lucrative money transfer market can be a windfall for the firms in a position to take a slice of the pie. Read more…


Somali Firm Plans Biometric Money Transfer Service

The Somalia company First Somali Bank has recently revealed plans to launch a money transfer method backed by biometrics. Their chairman, Liban Egal, told Reuters that they plan to be operational by May and their technology will allow remittance firms to track transfers and identify the recipients through a combination of fingerprints, photos, and other identifications. Many western banks are hesitant to allow transfers into Somali because of the high activity of extremist groups like Islamist al Shabaab. Read more…


HDFC Bank Launches Chillr Money Transfer App for Android and iOS

India-based HDFC bank announced the launch of Chillr, a new mobile app designed to allow users to instantly transfer money to any phone contact. They partnered with the technology firm MobME to create and launch the app. It’s the first of its kind that is linked directly to bank accounts so a credit card or mobile wallet won’t be needed.

“This Chillr app will benefit various segments of people in the society. From students to young professionals, from the migrant workers in cities to customers in rural India, this app gives the convenience to send and receive money using mobile phone in secured manner,” HDFC Bank Digital Banking Head Nitin Chugh told reporters in Bengaluru.

A minimal fee of Rs 3.50 plus a service tax will be added to the cost of each transaction and up to 10 transactions are allowed per day. Read more….


Square Launches $Cashtags for Free Money Transfer

Following a number of other companies like Facebook, PayPal, and Venmo; Square is bringing their won approach to peer-to-peer mobile payments and money transfers. They are offering consumers the ability to get their own “$Cashtag,” dollar sign. Users must download the app, link a debit card, and then select a name which other can use to send payments. It’s free for consumer-to-consumer payments as they are focused on making their money from b2b transactions. Read more…