To exchange or transfer money abroad, the bank transfer is not the cheapest solution. Yet it is one of the first steps you take when you move to a foreign country as a worker, expatriate, student, volunteer.
Here are some alternatives to save money transfers
Above all, there is not one quick fix. It will combine several if you really want to maximize the economy on your transfer of money!
New services appear every day, we update this article regularly with the latest solutions that I find. Do not hesitate to leave a comment, if you find cheaper solutions. The international money express does the job for you.
Why transfer money to a foreign country with your bank is expensive?
A quick explanation of the fees (hidden or not), when you make a transfer of money between two currencies?
The most profitable money transfer: online money transfer platforms.
To make money transfers abroad, as for many other things, internet is the cheapest. After comparing TransferMate and TransferWise, we think we have now discovered the perfect tool: Moneytis, a free comparator that guarantees your transfers. I tested is that happiness!
The cheapest money transfer for the first few days: cash.
You take your money with you and change it directly at the exchange office. Some tips to get the best rate from our experiences.
Money transfer abroad – bank charges:
When you arrive in a foreign country, change your money for the local currency with your bank is expensive, it is a fact that we have unfortunately experienced (our first transfer from France to Australia has cost us 6% of our savings). There are different fees you pay when transferring money in a different currency or currency:
It’s the cost of your transfer. What your bank is doing when you ask them to transfer money out of the euro zone. Some banks also charge a fee upon receiving a transfer in a foreign currency. These fees (sending or receiving) are very variable depending on the banks (between 12 and 35 € according to my short research). If you ask your banker about it, he’ll talk to you about it and you may even be able to negotiate it. It’s often the only part of the fees he’s talking about.
Exchange fees (the famous hidden fees)
These are the fees that no one ever talks about (banks even less). It’s the commission of the bank when it sells you a currency (when it does the work of a bureau de change). This is the difference between the real exchange rate and the exchange rate applied by the bank. A bank will always tell you how much it will sell you the currency, but never the actual rate of the day. And if she did, you would run away. Your banker rarely speaks to you about these expenses. This is the biggest part.