why should we send money to UK after Theresa May’s article 50?

Theresa May’s article 50 is officializing the Brexit. England is going out of the Europe. It also means that UK is going to be financially weaker. Therefore making money transfers to UK is going to make sense. I’m not speaking about gambling because the goal is not to. The goal is about investing money where it’s the most interesting. And investing money in countries which are rich but have a weaker currency is a very good opportunity. It’s becoming an opportunity to invest in the UK.

Theresa May’s article 50 is going to make the GBP weaker.

The GBP is going to be weaker that’s why we will have advantages in sending money to the Uk. When I say we I’m not talking about Brits but more effectively about Europeans or even internationals all over the World but in the UK. Indeed the GBP has never been weaker than currently. It results in more investments in London and English cities, among others.

So the exchange rates are going to not be in Brits’ favour. And the pound is going to be less powerful than in the past. Therefore the wealth of English people is going to be lower, resulting in changing the power relationship between Europeans and British people. Especially when I’m talking about Spain, South of France and Portugal…

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For which reasons are we going to send money to the UK in the future?

There are many reasons to transfer our money (Euros or dollars) in the UK in the future. First because the economy is a good one and the government is (quite) smart. Second because there are those financial markets based in London that have a good ROI. Third because we might want to invest our money in the UK by basically both betting that UK is going to re-gain power over time and buying houses and goods there, profiting from a better Euro/Dollar.

On top of that, it might be smart for a Brit to go work in the US and send money back to UK on a regular basis. The increase in salary is going to be added to the increase in the exchange rate. Smart choice. A lot of money for opportunistic guys.

I’m sorry about the fact that Brits are going to be less rich compared to the rest of the world. On the other hand they are going to stay quite wealthy compared to so many countries that we shouldn’t complain. Theresa May’s article is going to make people change in their international behaviors but not on the daily life in the UK. Peace in mind.

I want to send money to Brazil, what are the solutions?

You are working/living in Brazil and you need to send money there? Or you are a Brazilian person based abroad? Here is the right place for you to discover what are the solutions to send money abroad, especially for the case of transferring money to Brazil. From Rio to Sao Paulo, we have the solutions covered in this article. The first question is not the easiest it’s about what kind of solutions exist on the market. The second is more about how to choose one of them.

What kind of solutions exist on the market to send money to Brazil?

I would say there are many different kind of operators able to transfer your money to Brazil. It depends on the country from which you send money. For example if you send money from India to Brazil it’s almost impossible because it’s almost impossible to send money from India (because of government’s regulations), However another example is sending money from Portugal to Brazil. This case is much more common as there are numerous Brazilian people in Portugal and many Portuguese are also currently living in Brazil.

So there are many needs and what about money transfer solutions?

The operators are different kinds: there are currency exchange brokers sending bigger amounts, banks sending all amounts for huge costs and online money transfer services sending small amounts. Those 3 categories are the one to look at even thought looking at your bank’s rates is just a loss of time because they have no idea how much it costs. The only thing banks know is that they are going to screw you. However your bank contact usually has no idea about this.

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How to choose the best operator to send money to Brazil?

It’s almost impossible to choose an operator to send money to Brazil because there are hundreds of services. All of them claim to have good rates but at the end the differences when you receive money are going to cost you a lot. I suggest to use comparison services to be sure which solution is the best one. Actually the problem is you can’t choose one solution and keep using it over time because this last solution is going to increase the fees it takes. No trust. Do not be screwed. Be ready to use a different operator each time you need to send money. It’s worth it.

There are 3 types of money transfer services to send money to Brazil: Banks, Brokers and online services (fintech). To choose among them you have to be ready to change every month if you are a regular sender because none of them is trustable. Use a comparison service. Hope it helps.

The best exchange rates to send money to India from Germany

Ich spreche Deutsch. Yes I speak German. Actually I’ve been living a few years in Germany and I had many opportunities to learn about the exchange rates from Germany to India (EUR-INR), especially because I needed to pay invoices and send money to India.

You too you need to send money to India. It’s not easy and here is why

Nothing is easy. Especially if we talk about money. Especially when there is a lot of money to be made. What is not easy about sending money in India is the fact that there are many solutions to transfer money from Germany. Around 50 big banks provide the service. 40 money transfer operators too. And 30 currency brokers, according to my findings. None of them is free and all of them are hiding fees inside the exchange rate. However if you take a look at their special deals there are ways to transfer money to India for less than 0.5% cost whereas it always cost at least 3.5% with banks. I would suggest to use online money transmitters because statistically they cost less. And also because money transmitters are not banks. They are safe but smaller. So they have to gain the trust of customers whereas banks’ interests in customers in only to take their money.

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There is a way to find the best exchange rates from Germany to India. It’s quite efficient.

We all know that you are not going to find the best exchange rates at your bank. Neither at another bank. Banks are way too expensive because they need to survive and take as much money as they can. On the other hand online money transfer services are specialized in sending small amounts and they are quite efficient to send money to India. And currency brokers are specialized in sending larger amounts. They are providing quite good rates to transfer money to India.

It’s difficult to send money to India. Even more from Germany because there are many solutions and those solutions tend to hide fees inside the exchange rate. We need some transparency in this market and we have to consume ethically and carefully so that hidden fees might disappear in the future.

Send money to France at a great rate in 3 easy steps

There are more than 2 million French people living outside France. And there are more than 5 million foreigners living in France. It results in a huge need to send money abroad. Transferring money to France is not easy but there is a simple method to do it.

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How to send money to France at a great rate in 3 easy steps?

  1. Analyse the exchange rate evolution (or get exchange rate notifications)
  2. Compare the best options to send money to France
  3. Make your transfer in a few minutes using the solution you chose

Here are the details.

1st step: analyse the exchange rate evolution before transferring money to France

Analysing the exchange rate is important because there are times when you can earn money and others when you can lose some. Sometimes it can make a huge difference depending on the percentage of recent exchange rates evolution. It’s efficient to look for an exchange rate notifications service because you won’t have to watch the exchange rates every 5 minutes during the day. It’s the first step.

2nd step: compare the best options to remit money to France

The second step is to simply make a comparison before using any service. Services sending money to France are numerous and apply very different exchange rates. There are more than 120 operators remitting money to France and they apply different fees. Banks are the most expensive. Brokers are efficient for big amounts but some of them are not. Online money transfer operators are good but they change their rates every hour. As a result we need to compare each time we want to make a transfer so that we get the best exchange rate for Euros.

So, first we need to watch the exchange rates and when there is a good opportunity we need to compare the best exchange rate providers.

3rd step: make your transfer to France

Once you did the first 2 steps there is only one thing missing. Choosing the option you prefer. Some of them allow to make online payments via credit/debit cards and others allow only bank wires. As a result the easiest way to send money to France is to compare the payment options and choose the solution you prefer. Then you just need to tell who is the beneficiary and make a payment.

Each time you need to send money to France it is wise to watch the exchange rate or get exchange rate notifications so that you do the transfer at the right time. Then you should compare the best solutions because none is the best all the time and their rates change every hour. Finally you do easily a transfer using a solution.

So many people need to send money abroad

Nowadays, more and more people send money abroad. Whether they are students studying abroad, expatriates working abroad or migrants living outside their home country.

How many people send money abroad ?

Today, according to the world bank, more than 250 million people live outside their homeland. Most, if not all, send money abroad either regularly or once from time to time or once when facing an urgent situation.

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It seems that some countries are more concerned than others. India, Mexico and Russia were the 3 biggest emigration countries of the world in 2013. These 3 countries combined 38 million people living outside their homeland in 2013.

How do people generally send money abroad ?

Based on the different sources on this topic, it still seems that today, to send money abroad, 90% of the total amount sent is sent from cash to cash. This represents a total amount of 540 billion dollars for the year 2015. People usually refer to dinosaurs on the market such as Western Union or MoneyGram. The later usually take minimum 30 € for each 300 € sent !

The good news is that the 10% remaining is sent by via online solutions which are far cheaper. Plus, the online market is going to triple in the next 10 years. To send money abroad, people will be able to use simple and  parent solutions. This will enable them to save a lot of time and money on each of their money transfers.

Quick tips and tricks to send money abroad

In order to make sure you maximize the amount of money the receiver receives when you send money abroad, your ought to go through the 2 following steps:

  • First, check the exchange rate evolution for the currencies concerned by your transfer. You can save between 1 & 5% of the amount transferred by doing so ! Moneytis can provide you another free & very interesting tool
  • Second, make sure you compare all the solutions available before sending your money. This must be done each time you want to trigger a transfer as the best solution can change every day!

Best apps to send money abroad

Name anything today, you can almost be sure that there is an app for this. Good news for us, there are many apps that enable you to send money abroad. We have reviewed them for you and selected the best ones.

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Best bank apps to send money abroad

Vemno: Probably the most popular app to send money abroad. So popular that there is even an expression for sending money via Vemno: “Vemno me!” Sending or receiving money has never been so easy with Vemno. You just need the recipient email or phone number. Note that if you use credit cards you’ll be charged 3%. The app automatically integrates your Facebook friends and phone contacts;

Bank of America (for US residents): Not only this app looks great but it also helps you save time when you need to send money abroad. Indeed thanks to the app you do not need to go to a branch anymore to make a transfer. The allows you to send money to anyone (non-customers as well) in a very secure way.

Best MTO apps to send money abroad

Transferwise

Transferwise is a peer-to-peer money transfer operator. It’s been created by one of Skype’s co-founder and is backed by Richard Branson himself. They charge very low fees on each transfer and claim to be 90% cheaper than any bank. The app lets you know how much money you saved using their service instead of your bank and is very easy to use. Note however that you will be restricted to send money abroad to Europe, USA and India.

World Remit

World Remit app is great in the sense that it allows you to send money abroad in many countries. They offer 110 destination and several ways to receive a transfer: mobile wallet, cash pick-up or bank account. The app is pleasant to use and secured by Norton, so pretty safe. It is a perfect choice for migrant workers.

Send money abroad as a French living in the USA

I’ve decided to share with you my experience as an expat who need to send money abroad, in my case from USA to France. The first job I found was in New York, I just had finished school and needed to pay back my student loan, so I needed to transfer USD to France.

How do you send money abroad?

Before leaving to the USA, I went to my bank in France, LCL, and asked them if they had a partnership with an American one so that I could easily set up a monthly transfer to pay back my loan. At that time they did not but told me that it would cost me nothing to send money abroad from the USA. I just had to do a wire transfer from my American bank to my French account.

It is exactly what I did the first month I arrived there and I can tell you that it was the last one! I ended up losing 10% of the amount I had sent. I sent $500 and received the equivalent of $450!

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Let me ask the right question now…

How do you send money abroad avoiding your bank? 🙂

You basically have 2 choices. You can go for high street operators such as Western Union or Moneygram. They are extremely famous worldwide as they have branches in almost every street corners. However they remain extremely expensive. You’ll be paying between 8 to 10% fees using their solution. Note that they do not guarantee your money, so if something wrong happen, it is very unlikely that you’ll see your money again. You can find their office in post offices or go to their websites as they now offer online money transfers. Personally I would not go for them to send money abroad.

Last but not least: you can use an online money transfer operator, peer-to-peer, such as Transferwise, World Remit or Azimo. Such actors recently appeared on the market and offer very competitive prices: very low fees (4% of the transaction maximum) and operate very quickly (you generally receive the money 2 to 3 days after it’s been sent). I have been using this kind of operator to send money abroad each month and I must say that I am extremely satisfied with any of them.

To conclude, if you need to send money abroad make sure you get all the information before choosing one operator.

Stay informed about the exchange rates with Forbes

How to send money abroad to your family in the Philippines

You are living abroad and might be wondering how to send money back home. Did you know that 5.4 million Filipinos just like yourself are also living out of the country? They are also sending money back to their families. The UN estimates that, last year, $28 billion were sent back to the Philippines.

Here is a complete guide to help you in this process that can be very expensive unless you know how it works.

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How to send money abroad at the right moment?

As you are living outside of your home country, the Philippines, you are paid in another currency than the peso. Therefore exchange rates are crucial when considering sending money home. Indeed, depending on when your transfer is made, your family will not get the same amount on their account if you made your transfer when the exchange rate was low or high.

For example, yesterday the exchange rate USD-PHP was 1/49,82 and a few weeks ago it was 1/47,42. It means that if you had sent money at that time you would have received less than you would if your transfer was made yesterday.

Then you ask yourself how to send money abroad at a good moment. There is no perfect answer to that, just make sure you send the maximum you can when the exchange rate is good, in case it gets poorer for a long time. (This work if you need to send money regularly).

How to send money abroad at a low cost?

Let see how to send money the cheapest way possible. Very few people know that there are many solutions today to send money abroad. We can divide them into 3 categories:

  • The banks: used by many of us. The main reason for this is that it seems easy, fast and cheap. It is actually one of the most expensive way to send money abroad. Indeed, several fees generally apply: fixed, variable and even hidden ones (because of poor exchange rates the bank uses).
  • High street operators: you can hardly ignore them, Western Union or Moneygram are generally available from post offices or grocery stores in big cities. Same issue here: they generally charge you 10% of the amount you are sending and generally apply very poor exchange rates. Many people actually use them to send money to people who do not have bank account to receive the money.
  • Online, or peer-to-peer operators: they recently arrived on the market and are really competitive in terms of prices: 2 to 3% of the amount transferred. You can do everything online, the recipient do not need to have a bank account and they operate really fast.

So my answer to your question “how to send money abroad at low prices” would be, with no hesitation, online operators. You can even compare them to make sure you find the best one according to your needs.

Who send money internationally?

Nowadays almost everyone is in need to send money abroad. We don’t often think about that but international money transfers is a huge industry. Some people transfer money abroad on a regular basis (every month or even more often). For others they transfer at least once in a lifetime. Here is an overview of the different parties who commonly need to do international transfers.

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Overseas Workers send money internationally

Expatriates and Migrants are the ones who send the most of remittances. Many people work outside their home country. All these people send money back home. The population that sends the most of remittances are the mexicans. A lot of mexicans are in the United States. According to the World Bank they sent around 22 billions of $ in 2015 in Mexico. That’s huge. And they transfer their money regularly because they send back home almost all their revenues.

International students and their parents are the second category

It is easy today to study abroad. A large amount of money is sent to students abroad by their parents.

Businesses with foreign activities

Many companies do business abroad or have branches abroad and need to transfer money between subsidiaries. This is particularly the case for import/export companies and for big companies with branches in many countries. These companies need to be careful about money transfers as they often send large amount of money abroad.

Anyone who needs to send money internationally

Among people who needs to send money abroad there are also the owners and buyers of foreign properties abroad. Either they have to pay a large amount of money in foreign currencies or they need to receive a rent every month and to transfer it into the local currency. International volunteers also need to convert money as they are paid in the currency of their home country. Then we count many people who spend their retirement abroad, so they need to transfer their retirement pension funds every month into the currency of their ‘host’ country. At last anyone who needs to transfer money urgently to recipients abroad.

Now we can see the importance of money transfer and the huge industry it is. That’s why it is important to compare all the options in order to get the best rates for a transfer.

Send money internationally in 3 easy steps

You need to send money internationally and you don’t have the time to look everywhere to find the right information? We got you! Follow this three easy steps to transfer your money abroad in no time and at best conditions!

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Step 1: know the basics

If you want money internationally you have two options:

– Your Bank
– A money transfer company

If you want to send money internationally quickly and at best price, option A, your bank, is surely not the best solution. Making an international transfer will take up to 4 days and you will be charged a lot of fees ( transfer fee, exchange rate fee, withdrawal fee).

What leads up to the second option, the money transfer companies. Those companies offer in general good service with low fees & quick transfer but should as airlines depending where and when you fly, the rates can change and makes an airline right for one destination but not another.

Step 2: Know your needs

Before choosing one or another money transfer company, you need to determine precisely your needs by answering to yourself these questions:

From which country you want to send your money?

To which country you want to send your money?

How do you want to receive your money?

Do you need your money quickly or are you willing to wait a little bit more if it is cheaper?

Step 3: Pick up the best option & send your money internationally

Now that you are all clear about your needs, the best way to choose the best transfer money company is to use a comparison service. This service is totally free and 100% transparent. According to your criteria, the platform will show you the best companies to send your money internationally. Once your choice made, you will have to follow a short process such as choosing your payment method.

And here it is! You see, send money abroad it’s easy !