Blog • 29 July, 2019

What you need to know before sending money overseas

Sending money abroad can be a hassle.

Banks and exchange bureaus don’t just force customers to wait in line - they hit them with hefty transaction fees and unfair exchange rates.

What you need to know

Banks or building societies are often the first port of call for people wanting to send funds overseas. Typically you queue and pay a fee to exchange your money into the relevant currency. But it isn’t just the queues - banks often make it hard to see what rate you’re being offered, and can’t necessarily be relied on to be transparent about fees.

Receivers sometimes have to pay a fee too, which can make it awkward for businesses working internationally. The sender often won’t know about the fee imposed by the receiver’s bank, which can be bad for business (or friendships).

Another way of sending money abroad is the wide range of international companies like Western Union who will often carry out transfers for a fee. However their rates and fees can vary hugely. Fees and exchange rates across the board can also depend on the amount of money being sent. Don’t be suckered into thinking that a 0 percent commission means that you’re getting a great deal, either. Often the exchange rate will be marked up enough to ensure you’re still paying over the odds.

How Paysend can help

Paysend offers a fast, flexible, service that ensures reasonable exchange rates, a low fee, and maximum transparency. Through Paysend you can send funds from one card to another, or from one card to a bank account. Paysend makes it easy to send money to anyone anywhere in the world, whenever you want. Paysend is the perfect high-tech solution for individuals and businesses who need to move money across borders and are sick of waiting in line. It’ll help you cut costs, too.

How it works

Let Paysend take the hassle out of sending money abroad.

All you need to do is download the Paysend app, or logon to your account. Select the country, currency and amount, and enter your own card details. Use your receiver’s name and card number to make an instant payment. You’ll be able to see the exchange rate and any transfer fee. It’ll be the mid-market rate - this means that you’ll get a competitive rate. This will remain fixed for the duration of the transfer meaning the rate you see is the rate you get. And remember: if you’ve got any questions about your transfer then you can always contact 24/7 support.

Sit back and relax. Your payment will be processed faster than you can Google your bank’s opening hours.