Reader Comments

Re: QuitoPlan ®

by John Johnson (2020-07-09)

In response to QuitoPlan ®

International transfer services - how to send money abroad quick and easy?

Although most of the banks offer international transfers, using money transfer services is a lot more efficient. Some may wonder, if this is not just another unnecessary account but the truth is, you will send your money way quicker and cheaper.

What is money transfer service?

These are services adapted for international money transfers. They are basically internet websites where you can register and create an account with the service and then send the money to a foreign account in shorter time and at a lower cost than via bank.

How to distinguish a good money transfer service?

Well, it depends on how much money do you want to send and what do you need exactly from the platform. Do you care most about a transfer time or is the price of the service important to you? Here are some general features of a good transfer platform:

  • it offers services for a country you want to send money to

  • it has competitive exchange rates, similar to those on the exchange market

  • no/low additional fees

  • short transfer time

  • no limits or reasonable limits (amount you want to send has to fit between the minimum and maximum offered by the firm)

  • has a lot of reviews, most of which are positive

  • is easy to use

  • offers a convenient mobile app

How to search for this kind of platforms?

Read reviews

You can start looking from reading some message boards concentrated on the topic or googling up customers’ reviews. Just see what does the crowd have to say. If the platform is recommended by many previous and current users it means that the clients are satisfied, the platform is safe and you can start checking up the details. A good article review to start with can be this TransferWise review, where the author explains the most common features of online transfers, shows both advantages and disadvantages and explains how to use such services. 

Search for rankings

Second option is searching for the recent comparisons presenting situation on a transfering market. These are usually sum-ups created by the experts in the business and they will help you get a full profile of available services and compare them in terms of the essentials. Remember to check what qualities the list is based on and see if they match your needs.