If you’re looking to save money on currency exchanges, you may want to consider alternatives to bank transfers. There are several credible options available and they’re generally cost effective. If you’re going overseas, or simply looking to send money abroad, there are better ways to reduce the amount that you’re paying to get the currency you need.
When comparing the fees and commissions levied by different money transfer services, it’s certainly worth considering looking beyond banks to other money transfer services providers.
Why Are Banks so Expensive?
The most important finding is that banks are certainly not the best way to go. As a traveler, or a money sender, you will likely encounter many situations where you will regularly need to transfer money back and forth. Banks will maximize their take, by tacking on high fees and commissions at every opportunity. Most of the time, these fees are hidden.
One of the most surprising findings with bank transfers comes in the form of two-way international money exchanges. If an individual sells a property in a country and then buys in another country there are high fees involved in getting the money across international borders from country A to country B and back again.
In some cases, the currency conversion rates, fees, and commissions can amount to as much as 3.5% one way to 7% round trip, on average. On a money transfer of $250,000 that ranges from $8,750 to $17,500. The inter-bank rate is the rate that banks pay for money exchange, but banks add margin to this and that’s what causes the costs to rise.
Bank Alternatives Are Worth Considering
Clients have many viable alternatives to banks for international money transfers. One such option is World First Ltd. This platform processes bank to bank transfers internationally via telephone or an online platform. World First Ltd is now available across 4 continents and has been operational since 2009. As a credible online money transfer company, World First Ltd certainly offers a competitive service. The minimum transfer amount is £1,000 and there are no fees for transfer amounts over $10,000 in the US, Australia, and others.
World First only supports bank to bank transfers and do not provide cash exchange by any circumstances, there are other providers for that purpose.
Before selecting money transfer services, clients should read a review of WorldFirst reviewed and fees deciphered. The company has offices internationally, including Singapore, Hong Kong, the US, Australia and the UK. In terms of licensing and regulation, WorldFirst is fully regulated by the FCA (Financial Conduct Authority), ASIC (Australia Securities Investment Commission), and FinCen (Financial Transactions and Reports Analysis Centre) among others.
More importantly, money transfers are easily conducted online via mobile smartphone or tablet. Money transfers take place in 30 seconds or less, and the online currency converter is really easy to use. Clients can also easily track all payments and get quotes for live rates for all currencies at any time.
Credibility and Awards for World First Ltd
In terms of credibility, World First Ltd received a #7 ranking from The Sunday Times International Track 200, and the company has won numerous awards over the years from multiple accredited authorities, including:
- The Sunday Times Fast Track 100 – Winner in 2011
- National Business Awards UK – Winner in 2012
- UK Customer Experience Awards – Winner in 2013
- European Business Awards RSM – Winner in 2013/2014
Getting started simply requires clients to register, enter beneficiary details and bank information. Once the personal information has been verified, the transfers can be conducted. The user interface is intuitive and resource rich.
The interface makes it easy to transfer in the currency of your choice, and the time period under consideration. This is especially beneficial when large currency amounts are transferred internationally.
It’s all about saving a buck, and with World First Ltd, that’s precisely what clients can do.