The Cheapest Methods to Transfer Small Amounts of Money Abroad

Transferring small amounts of money abroad can be a challenge, especially when you're looking to keep costs low. However, with the right tools and strategies, you can manage to send money internationally efficiently and affordably. This guide will explore some of the best methods to transfer small sums without breaking the bank.

Introducing Wise

Wise, formerly known as TransferWise, is a groundbreaking platform specializing in low-cost international payments and currency exchanges. Founded in 2011, they have revolutionized the way individuals and businesses handle cross-border transactions by offering competitive exchange rates and transparent fees. Their user-friendly app is available for both iOS and Android, with high ratings on both platforms.

To learn more or to sign up for a discount, click here and visit their website. By using Wise, you can ensure that the majority of your funds reach their intended destination, rather than being gobbled up by hefty fees.

Personal Experiences and Alternative Methods

Other than digital platforms, there are traditional and creative ways to transfer small amounts of money. For example, utilizing postal mail can be a very economical approach, though it requires a bit more patience and faith that your package will not be intercepted.

John MacArthur's strategy, for instance, involves sending money in the form of banknotes (such as ￡100 via two ￡50 notes) along with a thank you letter. This method, while risky, has a lower probability of theft compared to sending large sums in a single envelope. It works especially well for closer relatives who live abroad, as the personal bond and community ties can deter potential thieves.

Additional Tips for Cheaper Money Transfers

Here are a few more tips that can help you keep your costs under control when transferring money abroad:

Use Local Banks and Post Offices: Sometimes, local banks and post offices offer more competitive exchange rates and lower fees for smaller transactions. While convenience is key, these locations can often be more economical. Choose Directly from ATMs: Credit card companies often charge more for foreign transactions, but using your bank's ATM abroad can be a cost-effective alternative. Check for any local fees that might apply, however. Consider Prepaid Cards: Prepaid cards can be a good option if you frequently need to make small transfers. Some providers offer no transaction fees for certain amounts and no exchange fees for transactions within the card provider's network.

By carefully considering your options and choosing the right platform or method, you can successfully transfer small amounts of money abroad without incurring excess costs. Whether you opt for digital solutions like Wise or more unconventional methods, there are options available to fit your needs.

Conclusion

Transferring small amounts of money abroad doesn't have to be complicated or expensive. Whether you use a specialist like Wise or explore other low-cost methods, the key is to stay informed and choose the right approach for your situation. With the right tools, you can keep your international payments as affordable as possible.

To get started with Wise and receive a discount, visit their website now. Happy transferring!