How to Save on Overseas Money Transfers

Avoid the toxic mix of high exchange rate markups and expensive fees when sending money abroad. Instead, skip the bank and use an online transfer service for the best value.

Overseas money transfers made over the internet (digital remittances) have seen phenomenal growth in recent years, according to Statista¹. The data projects an increase in the number of users and transaction value for digital remittances (18.6m users and US$177.70bn by 2027).

Based on analyst opinion, cost remains a highly regarded factor among customers when it comes to cross-border money transfers. Fortunately, today, online money transfer providers like MTFX charge lower fees and have easy-to-use digital platforms. Therefore, visiting a bank branch is no longer necessary.

An online transfer service saves you more when making international transfers for personal or business purposes. Read on to see for yourself how MTFX can deliver more value.

Sending Money via your Bank: Let's count the Cost

There's a reason why banks are not the best man for the job when sending funds abroad, in terms of cost. Although banks are safe and reliable, their international money transfer services come with several costs attached:

Exchange rate markups. This is the percentage added to the exchange rate to generate profit when your bank sells currency.
Transfer fees. Your bank will charge an outgoing transfer fee for sending money to another country.
Flat fees. If the money passes through intermediary banks, this might trigger additional fees.
Incoming fees. This transfer fee is levied on the recipient's side.
Tracking fee. Your bank may charge a tracer fee if you wish to track your transfer.

Some of these fees are hidden, but you'll still feel the impact on your pocket, especially if you're sending a large sum or making regular payments.

Sending Money via MTFX: Let's count the Savings

With banks out of the picture, what's the safest, cheapest way to transfer money internationally? Your best bet is an international payments specialist like MTFX that offers bank-beating rates (3-5% lower). Let's see how this plays out in a real-life scenario.

Example 1: Your foreign business supplier has just sent you a hefty invoice to the tune of $30,000. By seeking out the best exchange rate, you can save up to $1,500 when paying this international invoice. In addition, you can save up to $15,000 over 10 payments if this is a regular payment.

Example 2: You're ready to become a global citizen by investing in a Golden Visa that gives you more access to Eurozone markets. Hence, you want to purchase Spanish real estate worth at least $500,000. With such a large sum, you can enjoy larger savings of as much as $25,000.

Example 3: After purchasing real estate abroad, you now make mortgage payments to your overseas lender. If your monthly payments total $6,000, you save up to $300 per transaction. This might not seem like much, but your maximum potential savings over five years can reach $18,000.

You save regardless of the reason for your transfer or the amount. Remember, if you're using our specialist service, low transfer fees compound the savings in each scenario to make the most of your money.

Avoid high fees and exchange rate markups with MTFX

With MTFX, it's more than just Savings.

Getting the best value is more than saving every extra dollar possible. It also involves receiving innovative, value-added foreign money transfer services. Here's how MTFX delivers more value to your doorstep.

Specialized FX tools. The list includes a live currency rate calculator, currency history charts, and currency rate alerts to maximize your high-value deals.
Secure and efficient transfers. MTFX offers a secure online account, so you can enjoy all the benefits with more peace of mind anywhere, anytime.
Risk management tools. A forward contract allows you to lock in today's favorable rate for scheduled business FX transactions. Market orders work better if you're flexible on dates, allowing you to target your desired rate while controlling downward risk.
Quick turnaround times. Time is money. Get more of both with lower conversion costs and fast online transfers with turnaround times of 24-48 hours.

Got More Questions? Get More Answers

1. Why does the exchange rate matter?

A great exchange rate means your recipient receives more if your transfer converts into the local currency. Use the MTFX rate calculator to check and compare foreign exchange rates for your desired currency pair before sending.

2. Who uses MTFX?

Businesses and individuals can send money abroad using MTFX. Companies usually transfer money to pay suppliers, purchase goods and services, or make foreign investments. Individuals typically send money for overseas tuition, home purchases, or a destination wedding.

3. Can I send money regularly?

As a leading online specialist currency transfer service, MTFX uses proprietary technology to simplify international payments and make transfers easier. Our 24/7 platform has the best automation technologies to ensure a clean and hassle-free user experience.

Not only can you automate outgoing and incoming payments, but the more you send, the more you save.

4. What bank details are needed to send money abroad?

Make sure you have the following details correct:

Beneficiary name and address
Beneficiary account number
Bank name and address
SWIFT code
Reason for transfer

5. What help do I get?

Your registered MTFX account provides quick access to our online dealing platform and currency specialists. Sending money online doesn't mean there's no one to talk to. So, go ahead and ask questions and get expert guidance for a more personalized experience that meets your needs.

Try MTFX on your next Money Transfer

You can register your account in less than five minutes. That's all it takes to get on board with the smart, new way of sending money around the world. Your MTFX business or personal account enables you to monitor live exchange rates, book a great rate, and initiate your transfer with a few taps.

Once your money is on its way, you can track your transfer online and expect delivery within 24-48 hours. Then, rinse and repeat for different transactions whenever you have a reason to send money to a foreign bank account.

It's simple, it's effortless, and it's fast.

Open an account today with MTFX and save with competitive rates and low fees when sending transfers overseas.

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Sources;

Statista

How to Save on Overseas Money Transfers – MTFX