How much money can I receive from abroad?

To send an international wire transfer as cheap as possible from the US to onaother country I would use a peer-to-peer marketplace (P2P) for the transaction.

These marketplaces organize the best available currency exchange rate, so the transfer will be cheaper by avoiding over priced currency exchange rates.

There are two main P2P market places to be recommended: transferwise and CurrencyFair.


P2P marketplace CurrencyFair

CurrencyFair is a relatively new Irish peer-to-peer marketplace which offers the best currency exchange rate for international money transfers.

CurrencyFair covers the main money transfer corridors and main currencies, so that you’ll be able to find your best rate easily. It allows people to either exchange immediately using the best rate currently available, or offer your funds at a rate of your choosing and wait for another customer to match you.

By cutting out the middleman, customers can save up to 8 times versus their banks.

Since 2010, CurrencyFair has been providing expats worldwide access to fast, low-cost currency transfers.

With €6billion already exchanged between members, customers have to date saved an estimated €200million in unfair bank fees.

CurrencyFair has iOS and Android native apps that customers can use to send money online instantly. The average transaction time for CurrencyFair transfer is 24 to 48 hours.

The 0.4% average commission charged by CurrencyFair contributes to how much it costs to wire money back home. There is a fixed €3 or currency equivalent transfer fee. Depositing money into your CurrencyFair account is free but your bank may charge for the transaction. The money app provides live rates so you can keep up with the pricing.


P2P marketplace TransferWise

TransferWise is by far cheaper for money transfers compared to most online money transfer services. With the high transfer fees caused by financial institutions, it is convenient to go for a reliable yet pocket-friendly service.

   transferwise supports money transfers to several countries. From Asia to Africa to Europe and the U.S, it is available in most countries. This makes it very convenient to wire transfers to and from these regions.

You can get free TransferWise debit cards by signing up. They have MasterCard and Visa options for these. The cards can access funds in your account from anywhere in the world.

The best part about it is you get to enjoy low rates for cash withdrawals and transfers with these cards. TransferWise is very transparent as it accounts for every cent of your money and there are no hidden charges.

With this said there are several money transfer firms that have come up. Worldremit, Xoom, Azimo, CurrencyFair and transferwise are leading examples of these firms.

It is essential to find a viable and pocket-friendly firm to use for bank transfers.

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The general difference is:

TransferWise and CurrencyFair are peer-to-peer (P2P) networks. You use it to send money from bank account to bank account and TransferWise / CurrencyFair organize the best currency exchange rate for you.

WorldRemit and Azimo are mobile money service providers. The sender of the funds can use its bank account, debit or credit card.

But the receiver of the money needs only a mobile phone. The money can be transferred as mobile money or as mobile phone airtime topup.

Money Transfers Operator Worldremit

WorldRemit is an online money transfer firm. It supports money transfers from almost everywhere in the world. WorldRemit offers various forms of money transfers. You can transfer the money as airtime top-ups, cash pickup, bank deposit, and mobile money.

With WorldRemit you can have fast money transfers as they have funds in almost all the countries making the transfers much quicker. The online layout of the firm is easy and fast to use. The firm also offers one of the lowest rates for money transfers.

You also get bonuses when you refer people to the firm using the referral link. WorldRemit is licensed in most countries that the service is available. With the prevalent online attack threats by unethical hackers, it is essential to have your money handled by professionals.

WorldRemit has invested in top-notch online security systems that ensure the security of your funds. On your first transfer, you can get zero transfer rate costs.

WorldRemit covers most countries in the world from Africa to Europe to Asia and also the U.S.

Money Transfers Operator Azimo

Azimo is one of the fastest and convenient online money transfer services. It has partnered with over 195 countries worldwide and has received recognition from mBank, Master Card secure code, Visa, BDO and BBVA.

Azimo is easy to use. You sign up for an account and provide the relevant details. Then you have to enter your recipient’s details when wiring a transfer. You then enter the payment option you want to use.

After you have selected the amount you want to transfer, you can leave the rest to the firm. Depending on your country policies and the recipients, money transfers can be done in under 2 hours or in some cases done instantly.

Using Azimo has multiple benefits. You can transfer money in different ways. You can send money to cash pick-up points or transfer the funds to a bank account. The other option you can go for is topping up money on online wallets.

The service is also easy to use. The process of sending money using Azimo is easy and fast to do. It only takes up to 5 minitues to set up everything and wire the transfer.

The firm also offers 24 hr services. You can send funds any day any time you need to, and they will process it in due time.

P2P marketplace CurrencyFair

CurrencyFair is a relatively new Irish peer-to-peer marketplace which offers the best currency exchange rate for international money transfers.

CurrencyFair covers the main money transfer corridors and main currencies, so that you’ll be able to find your best rate easily. It allows people to either exchange immediately using the best rate currently available, or offer your funds at a rate of your choosing and wait for another customer to match you.

By cutting out the middleman, customers can save up to 8 times versus their banks.

Since 2010, CurrencyFair has been providing expats worldwide access to fast, low-cost currency transfers.

With €6billion already exchanged between members, customers have to date saved an estimated €200million in unfair bank fees.

CurrencyFair has iOS and Android native apps that customers can use to send money online instantly. The average transaction time for CurrencyFair transfer is 24 to 48 hours.

The 0.4% average commission charged by CurrencyFair contributes to how much it costs to wire money back home. There is a fixed €3 or currency equivalent transfer fee. Depositing money into your CurrencyFair account is free but your bank may charge for the transaction. The money app provides live rates so you can keep up with the pricing.

P2P marketplace TransferWise

TransferWise is by far cheaper for money transfers compared to most online money transfer services. With the high transfer fees caused by financial institutions, it is convenient to go for a reliable yet pocket-friendly service.

TransferWise supports money transfers to several countries. From Asia to Africa to Europe and the U.S, it is available in most countries. This makes it very convenient to wire transfers to and from these regions.

You can get free TransferWise debit cards by signing up. They have MasterCard and Visa options for these. The cards can access funds in your account from anywhere in the world.

The best part about it is you get to enjoy low rates for cash withdrawals and transfers with these cards. TransferWise is very transparent as it accounts for every cent of your money and there are no hidden charges.

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