Having secure and low – fee
international transfer platforms is essential when we want to help family or friends abroad. Fees for using this service often vary depending on the method used, so in the following lines, we’ll present the cheapest international transfer platforms.
International Transfers
International transfers typically have higher costs and fees than domestic transfers, so you’ll need to shop around for banks and financial services companies to save a few dollars. It’s important to note that the safest way to make international transfers is through banks; however, there are companies whose sole purpose is to send and receive money that sometimes have lower costs and fees than banks.
Cheapest platforms for international transfers
As we have mentioned, in addition to banking, there are companies dedicated to sending and receiving international money, among which we mention:
Wells Fargo
All daily remittance limits are per ExpressSend service agreement, unless otherwise stated. In many cases, the Remittance Network Member will also apply these limits to what an individual may pick up or receive each day from all remittance service providers, not just Wells Fargo ExpressSend remittances.
The minimum amount you can send is $25. The maximum daily amount you can send to all beneficiaries using multiple service agreements is $5,000. The maximum total amount you can send during any consecutive 30-day period using the Wells Fargo ExpressSend service is $12,500. You cannot designate the same beneficiary on more than one service agreement.
MoneyGram
It is a money transfer company based in the United States. Its presence in more than 200 countries around the world and more than 347,000 agent offices allows us to access:
- Sending money through an agent where you will need to present legal identification, the recipient’s full name and address, as well as the amount to be sent.
- Money Receipt, where you’ll have the freedom to choose between automatic deposit to a bank account (if you’re a client of Banorte, Bancomer, HSBC, Santander, among others) or visit the nearest agent and present your legal identification, approximate amount to be received, and the reference number (8 digits) provided by the sender.
Shipping rates may vary depending on the country, location, and amount of money to be sent, allowing you to send approximately $30,000 pesos for example, although shipping and receipt requirements and amounts may change depending on the country and/or agent.
Global 66
It’s a 100% digital platform that allows you to send money from Mexico , Argentina, Brazil, Chile, Colombia, Ecuador, and Peru to more than 55 countries. It’s supervised by the Financial Analysis Unit (UAF).
At Global 66, all payments are made in the local currency of each country. Before sending your money, you can use the simulator to find out the exchange rate, commission, and the amount the recipient will receive.
Western Union
Founded in 1851 as one of the world’s first telegraph companies, it currently has over 135 years of experience in Mexico, with agents in more than 26,000 locations across 32 states. To send and receive money, you can find them as Western Union, and to receive money from the United States, you can find them as Vigo or Orlandi Valuta. The requirements for sending and receiving money are:
Money Receipt:
– Legal identification with photo.
– Full name of the sender.
– Approximate amount to be received.
– 10-digit Shipment Control Number (MTCN) provided by the sender.
Sending Money:
– Legal identification with photo.
– Full name of the recipient.
– Country, state, and city where you will send the money.
The maximum amount for sending or receiving money is USD 7,499 per day, per person, and per transaction. Cash payments may vary depending on the agent you visit.
HSBC
HSBC’s international transfer service offers the following fees for sending money from your bank:
– Premier, Private, and Estate customers receive two free shipments per month; after the third shipment, the cost is $31 USD or its equivalent in local currency plus VAT.
– For the Personal Banking and Advance segments, the cost is USD 31 or its equivalent in national currency plus VAT
How to save on transfer fees?
Bank transfers have costs and fees that depend on the provider you select. Fees may or may not be profitable depending on the amount of money or the frequency of transfer. Fees can be expressed in several ways:
- A flat fee on the transfer, regardless of the amount you send. This is typically applied by banks and is more cost-effective for people sending large amounts of money.
- A tiered fee structure, offering different rates for different international transfer amounts. Depending on the amount you’re sending, this option may be more useful, for example, if it’s a small amount.
- A fee calculated as a percentage of the total transfer amount. This type of fee for international transfers is cheaper for small amounts, but the larger the amount, the more expensive it will be.
- $0 if you’re within a fee-free range. Some providers offer a $0 fee if you’re within a certain amount. This is to move more money across multiple transactions and make it more likely that people will choose their services when sending larger amounts.
- Other fees that may apply, such as the additional commission for making an international transfer from a branch, should be taken into account.
- Another aspect is that many companies that offer variable fees may be cheaper or more expensive depending on the location from which the transfer is sent and the destination country of the international transfer.
In conclusion, the cheapest platform for your international transfers will depend on the amount of money you want to send. Using dedicated money transfer companies like MoneyGram or Western Union can save you money and speed up the availability of funds. Before making an international transfer, it’s important to compare the different options to find the most suitable option for the amount you want to send.
