Compare the best ways
to transfer money overseas

Category: Money transfer tips

How to Send Money Online

When it comes to sending money online, there are many factors to consider. For most people, the most important aspects will be the cost of completing the transfer, how secure…

When it comes to sending money online, there are many factors to consider. For most people, the most important aspects will be the cost of completing the transfer, how secure the funds are and how convenient the process is. Here we examine some of the best ways to send your money abroad online to see which one could benefit you most:

1. Banks
Using your online banking website or application to transfer money online can be a reliable and easy way to send your money overseas. However, fees vary greatly between banks and sometimes transactions can lack transparency due to further fees processed later on.

In general, completing an international currency transfer through your bank may cause you to be charged more than if you had considered other websites or platforms. Banks can also take quite a while for users to add new recipients to be paid to their accounts or for the money transfer to be received abroad. In the past, banks may have been the best way to send money overseas online, but this is certainly no longer the case as you will see below.

2. Western Union
Western Union is another more traditional way to send your money online. Although it is a more old-fashioned option, Western Union is available almost everywhere in the world and allows the recipient to collect money in cash wherever their nearest branch is. Western Union offers both domestic and international account-to-cash transfers. Funds transferred can be available within minutes or you can choose to opt for next-day collection. Fees can vary but in general they can be quite substantial. For example, sending a $50 transfer comes at a cost of $5 in the US. Overall, Western Union is not the most complete service as the recipient must locate their nearest Western Union branch (which could be quite a distance away depending on your location) and the fees for the sender can be significant.

3. PayPal
PayPal has for a long time been one of the best options when it comes to sending money online. PayPal offers an online platform, Android and iOS mobile applications allowing you to send money in just a few clicks or taps. Many people use PayPal globally for both personal and business transactions. Personal transactions are free if you use a PayPal account, debit card or bank account. While PayPal supports international money transfers, it can charge substantial fees on these as well as varying currency conversion rates.

When it comes to business transactions, fees can be quite hefty. And don’t forget, once the money reaches your PayPal account you may need to wait up to five working days to cash out the payment into your bank account. Overall, PayPal is convenient mainly for personal transactions between two people both holding a PayPal account. However, it is not the most advanced way to send your money online, especially when it comes to overseas transactions as fees can be very confusing.

4. Google Wallet
Google Wallet offers a rapid way for people to send money through their Gmail accounts. It is currently only available for those living in the US, but the service is set to expand internationally in the near future. The Google Wallet Android and iOS applications let you send money for free from a Google account, a debit or credit card, or a bank account (Note: Fees apply when using a credit card). It can also be used for contactless payments in-store and when shopping online. The biggest disadvantages to Google Wallet are that it is not available internationally and all parties involved must have a Google email address in order to avail of the service.

5. Venmo
Venmo is the latest craze to come out of the US and is actually owned by PayPal. It makes sending instant payments from your phone easier than ever, but unfortunately is not available at this time outside of the US. The Venmo Android and iOS applications have been very popular as all you need is the phone number or email address of the person you wish to send money to. Sending money from the Venmo wallet is free when using a debit card or bank account, while a 3% fee applies to credit cards or smaller debit card companies. Once you receive a payment through Venmo, you can cash out this money to your bank
account within one to two business days. This offers an advantage over the above options as it is far more rapid and easy to use, however it is unfortunately not available for international transfers and there is a maximum weekly sending limit of $2,999.99.

6. WireCompare
WireCompare.com is quite unique and stands apart from the more traditional money transfer
websites and applications above. Instead of offering one single platform through which to send your money online, WireCompare analyses a number of different money transfer applications and searches for the best one for you to use for your desired money transfer transaction.

WireCompare differs from options such as Google Wallet and Venmo as it also operates international transfer services, taking into account all relevant fees and currency conversions when considering your money transfer requirements. It allows you to easily send money anywhere in the world within a matter of minutes, while guaranteeing you the best value
possible on your money transfer.

In order to send money overseas via the Internet, you must be certain that the platform you use transfers money securely and rapidly from your account to the recipient. When you use WireCompare, you are accessing only the most trusted and reliable platforms through which to send your money. This ensures you have total peace of mind that your wire transfer will arrive safely with the recipient in a timely manner. See how much time and money you can save by using WireCompare for your next
international money transfer.

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When is the best time to exchange currencies

Any time that foreign exchange currencies are being traded, be it in a money transfer or as an investment, it is a good idea to make a rudimentary analysis of…

Any time that foreign exchange currencies are being traded, be it in a money transfer or as an investment, it is a good idea to make a rudimentary analysis of the economic status in the countries issuing each currency. This process can help choose the best time to make the transfer, regardless of whether the aim is to maximize return or simply make the most efficient transfer possible.

A good economic indicator is the consumer price index, or CPI. This is the most readily accessible measure of the purchase power of a particular currency, and describes the price of a specific bundle of goods and services. By reflecting inflation rates, this is a great way of determining whether the average purchasing power of a currency is rising or falling.

Employment data is another highly relevant statistic in analyzing a country’s economic working. A higher demand for a particular country’s exports is usually reflected by a higher rate of employment, and it can be speculated that a greater volume of export is accompanied by a favourable rate of exchange for the issuing country.

A third method to build a quick insight into the size of a country’s economy is its gross domestic product, or GDP. This represents the value of a country’s goods and services over the span of a year, and a higher value is usually another good indicator of a greater demand for those goods and services. Once again, this results in a greater interest in the country’s currency from international investors.

Making a quick review of these factors before using a currency exchange service has the potential to give you insight into the best time to make a currency exchange. Waiting may, in some cases, be the best option for conserving as much value as possible.

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Macron’s win and the global economy

As one of the strongest economic powers in the EU, France’s recent election outcome is sure to have a dramatic impact on global currency exchange. The euro itself has been on…

As one of the strongest economic powers in the EU, France’s recent election outcome is sure to have a dramatic impact on global currency exchange. The euro itself has been on the decline for years, and whether the new appointment of Macron will reverse this trend or exacerbate it is currently up for debate. Much still relies on Macron himself, and the ultimate effect he will have on the world economy depends largely on upcoming political appointments, as well as his initial success in office.

macron_money_transfer

The short term

The few days immediately after the election indicated a stronger EU economy under Macron. Even before his victory was officially announced, the euro rose to 1.1023. This marked the first increase since the day following Donald Trump’s election in November 2016. As of May 11th, the euro closed at just over 1.09.

While the initial jump immediately after the election appears to be temporary, with rates returning to their usual low shortly after, the surge may forecast a long-term rise. There is still much speculation about euro prices to be had, as Macron has yet to prove his effectiveness in office. The next major step expected to affect currency prices will be the appointment of his prime minister, parliamentary candidates, as well as other important positions.

Looking forward

Although the euro remains low, it may be wise to remember that it remains a full 20% to 25% up from where it was at its introduction at the beginning of 1999. Keeping this in mind, we can recognize that Macron’s victory will play a small but important role in the overall picture of the European and global economy.

From one perspective, the election results seem to have stemmed the tide of what some were calling a worldwide wave of right-wing nationalism. Having beaten the notably conservative Marine Le Pen, Macron espouses centrist politics but has been described as a social democrat. And while he has a history of being involved with his country’s socialist party for years, he is a strong advocate of the free market, which some speculate could lead to a more substantial boost to the Euro’s value.

Global effects

The effect of the Macron win in France’s general election is still too small to feel on a global level. The pound still reels in the wake of Brexit, while the USD continues to fluctuate under the leadership of Trump. However as the new president-elect continues to appoint new members of the French government, France’s position in the global economy will begin to solidify. Supporters of Macron are optimistic that their candidate’s centrist politics will be a boon to global currency exchange.

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Comey firing on currency exchange

The most pressing news in US politics this week is President Trump’s firing of FBI director James Comey. The justification Trump provided for this action pointed back to Comey’s handling…

The most pressing news in US politics this week is President Trump’s firing of FBI director James Comey. The justification Trump provided for this action pointed back to Comey’s handling of the investigation into Hillary Clinton’s use of a private email server during her time in office. However, the firing has raised controversy from Democrats and Republicans alike as it has taken place during an ongoing investigation into Trump’s suspected ties with the Russian government.

The effects of this firing have been wide ranging, affecting many different nations across the globe.

Surveying global effects

Not all nations were hurt or benefited similarly or proportionally by the recent news. While the US economy is losing ground in comparison to the euro, the yen seems to be doing even worse, falling at a faster rate than the USD. Here is a quick survey of some initial results:

  • As of May 10th, the ICE dollar index was at 99.44, compared to 99.39 on Tuesday.
  • Euro and British pound crosses constituted the most major losses to the US dollar, as the pound gained ground, rising from $1.2977 to $1.2935 and the euro picked up from $1.0889 from $1.0872.
  • The dollar gained lost ground against the ten, showing a small increase in the two days following.

Speculating on long-term effects

Many have compared the recent political controversy to the Watergate scandal of 1974. Whether this is an accurate characterization or not, we may be able to find clues to the potential lasting effects of the current circumstances in the economic aftermath of the Nixon resignation.

Like most political scandals in this country, Watergate has a profoundly negative effect on the US economy, continuing to fall lower and lower as the news continued to grow in importance. However, this trend quickly reversed itself immediately after Nixon’s resignation, in a sharp upswing that would continue for the next year. Whether the current issues surrounding James Comey’s firing will have a similar impact rests largely on the continuing importance of the news, as well as the results of the investigation into Russian ties on the part of Trump.

In the next days

The true effects of the firing are just beginning to be uncovered as the ongoing investigation into illicit presidential ties with Russia hastens. Financial speculators remark that that the ultimate impact of the Comey firing is simply to exaggerate the effects of a Trump presidency of global currency exchange. Other factors include the president’s pending nomination of a successor to Comey, as well as the continuing reaction of the media to the events.

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Greek Bailout and the Global Economy

Many agree that Greece has taken the brunt of the impact from the Great Recession’s effects in Europe, still recoiling from the sharp economic downturn even today. With a national…

Many agree that Greece has taken the brunt of the impact from the Great Recession’s effects in Europe, still recoiling from the sharp economic downturn even today. With a national debt currently measured in the hundreds of thousands, speculators have theorized widely-varying effects for both the short and long term. Some predict an oncoming Grexit, while others, noting Macron’s recent win in France, believe that Greece’s prospects are looking up.

While the broad strokes of the bailout’s effects on the euro remain hazy, the immediate aftermath of a recent decision has been able to offer some clarity to investors.

Euro on the Upturn?

In reality, the Greek GDP fell by 0.5% year-on-year in 2017’s first quarter, as told by government statisticians. Although, what seems to be having a greater effect on the euro itself is the new resolution between Greece and its creditors to unlock the next tranche of relief money. Late Monday, shortly after the agreement, the euro rose to 1.0911 from 1.0900, trading at its highest rate in five months. It is a continuation of the general upward swing of the euro, USD, and other global currencies in the wake of the French Election.

Last week, one of Greece’s primary creditors, the IMF announced that they would need more time to agree on a debt relief plan for the ailing country. Meanwhile, Greece was still struggling to make payments on bonds which are scheduled to mature this summer. However, the recent decision to continue the EURO86bn bailout program has instilled renewed confidence in the European economy, as the likelihood of the government defaulting has dropped drastically. Greek bond prices are on the rise, and finance experts expect the upward trend to continue into the near future.

Global Effects

The effect on other global currencies has been mixed. The ICE dollar traded slightly lower at 99.119, while the central bank is set to announce its decision this Wednesday. The Yen however experienced growth, to Yen112.11 from Yen111.84 in the span of a week, while the pound reached an intraday high at $1.2913. However, it is not clear in all cases whether these turns have more to do with the Greek bailout, the French Election, or American politics.

The Greek people continue to suffer from a general unemployment rate at 23.3 percent, and a skyrocketed youth unemployment rate which just rose to over 48%. The possibility of returning to a rate of growth seen prior to the global debt crisis seems slim, at least in the foreseeable future. Greek Prime Minister Alexis Tsipras continues to rally creditors to follow through on their commitments, so that his country can begin to regain stability.

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