Given all these new currency transfer companies and various mobile applications, which ones are best to harness this fintech (financial technology) and freshly thought approach?
Most remittance senders look for innovation and fees that are more economical. Similarly, experience tells us that competition reduces costs, providing that quality and regulatory standards are enforced. The typical charge for standard old-fashioned services is around 8 per cent – and, even, double that in some parts of Africa. Some money transfer corridors charge more than others to send money home - South Africa to Botswana or Mozambique to Zimbabwe is more costly than, for example, the UAE to Pakistan or Singapore to Thailand.
Currency brokers typically mention their regulation credentials on their home pages with further detail under company descriptions or ‘About Us’ sections. Fees can be checked and many providers offer introductory deals on initial transactions, with a simple and easy to understand signup procedure. As part of this process, new customers are required to provide personal and address identification; this is for security and to deter crime.
Once registration has been completed and your new account is open, you will then be able to explore the options available, consult the help file or follow any confirmation instructions you receive from your new provider to send money online.
Our favourite currency providers are WorldRemit, CurrencyFair and Azimo because these companies offer a big range of possibilities to send and receive money, depending on the recipient country. All African and Arabian countries are served; there are also mobile wallet, cash pick-up, mobile and airtime pre-pay top-up facilities as well as direct transfers to bank accounts via SWIFT payments. The fees are competitive depending on the transaction amount, usually around 1.3 per cent of the amount to be transferred. Price differences are created by the different calculations of the exchange rates.
WorldRemit has three simple steps - select a country, set up the recipient details and then simply send money. The company operates in partnership with MTN, with the website available in English, French and Spanish.
As first step you choose the destination country by a drop-down menu. The available receiving options (e.g. bank deposit or cash pickup) vary depending on the country you are sending from and the destination you are sending to. Second step is to add the recipient details. Money sent via WorldRemit can be received in the following ways: Bank deposit: money is credited to the recipient’s bank account. Cash pickup: cash is available for collection from local agent locations. Mobile Money:funds are added to the recipient’s Mobile Money account. Mobile airtime top-up: airtime is added to the recipient’s prepay mobile. Home delivery: cash is delivered to the recipient’s home address (Philippines only). The third and final step is sending the money. You can pay for your money transfer through WorldRemit using a debit or credit card in any of the countries where our service is available (Visa, Mastercard or Meastro). Alternatively, In several countries, WorldRemit has partnered with respected, well-established online payment services. SOFORT, POLI, iDeal and Interac all connect directly to your internet banking service to offer fast, secure payments.
Click here for your first online money transfers: Send money via WorldRemit.com now - Try it for free!
CurrencyFair focuses on the experience of expatriates returned home and reimburses their experiences in the design of the website and the related services. The site is well structured, available in English language. The key scope of CurrencyFair are high value transfers for people and for companies. The peer-to-peer marketplace is equipped with a comparison calculator to see the money savings.
CurrencyFair is a marketplace, so the exchange rates are set by its users.
CurrencyFair charges 0.15% of the total amount exchanged when customers match each other. In the event that there are no customers providing a competitive rate for your exchange, CurrencyFair will step in and match with you. This results in a charge of 0.4% to 0.5% of the amount exchanged. So depending on which way you're exchanging, and the activity on the marketplace at that time, you'll pay anywhere from nothing (0%) to 0.5%, plus a fixed €3 transfer fee. In fact it's possible, with CurrencyFair, to pay less than nothing. In other words, get a better exchange rate than the true interbank or wholesale rate at the time!
On average, customers at the moment pay around 0.35%, however as more and more people use CurrencyFair, this average rate will decrease.
The CurrencyFair marketplace is where we bring buyers and sellers together online. We host the marketplace, ensure that everything is recorded correctly and that all transactions happen quickly and smoothly. We hold the funds, meaning you can exchange safely with other customers around the world.
If things are quiet, we make sure a match is available in the market for you so you can always get a great exchange rate.
We want you to be in control of your rates. In our market, by choosing quick trade, you are guaranteed the best rate available right now. If you require a better rate, simply post your funds onto the market place with your required rate, looking for a match.
Using this second option you can beat the interbank rates – this is only possible with CurrencyFair!
Important: The first online money transfer with CurrencyFair is free! Click here: CurrencyFair – Your first online money transfer is for free!
The Azimo website is very well structured and also offers three straightforward steps, in addition to a good range of services for each continent. Besides English, French and Spanish, the wide choice of languages also includes German, Russian, Polish, Italian, Greek, Portuguese, Turkish and Romanian.
The procedure for the money transfer consists of three steps also at Azimo. First: set up your recipient. The money can be sent to another person, a business or yourself. Some basic details are needed here. Second step is to enter the money amount and the payment method. Azimo can deliver to any bank account, 200,000 + cash collection locations, home delivery, mobile wallet and more. As third and final step confirm and pay. The payment can be done via debit card, internet or telephone bank transfer. The money transfer can be tracked in your dashboard.
Click here for your first mobile money transfer: The faster, cheaper, safer way to send money
|Fees (of transferred amount||average 1% - 2%||average 1% - 2%||3€ + 0.5%|
|Sender currency||as per sender country||as per sender country||free choice|
|Receiver currency||as per receiver country or USD||as per receiver country||free choice|
|Exchange rate||defined by provider||defined by provider||self proposed by you|
To go ahead today and organize your transfer with these currency specialists, simply click here for Azimo, WorldRemit and CurrencyFair: