What are the lowest-cost options for international bank or money transfers?
Banking
Asked by Question Bot12/Sep/20111 answer
1 Answer
F
Faisal Khan
Answered 12/Sep/2011
For small value payment, when they transit overseas, the cost of remitting funds becomes a significant portion of the amount being transferred. This is true both from the exchange rate parity and the upfront (loading) or beneficiary (off-loading) fees that may be applicable.
Unfortunately, many will like you to believe that their solution is the best for this - unfortunately, none exists today (to the best of my knowledge). Even currency brokers who beat the banks at their own game would not be able to reduce their fees significantly for sub $50 transactions (albeit, I would suggest you contact a few currency brokers).
You might want to check what Xoom is offering (www.xoom.com), but I think their fees would be higher.
Unfortunately, many will like you to believe that their solution is the best for this - unfortunately, none exists today (to the best of my knowledge). Even currency brokers who beat the banks at their own game would not be able to reduce their fees significantly for sub $50 transactions (albeit, I would suggest you contact a few currency brokers).
You might want to check what Xoom is offering (www.xoom.com), but I think their fees would be higher.