5 Myths About International Money Transfers
We all want to take care of our loved ones - whether it’s helping out with the cost of unexpected repairs or simply sending a cash gift to show we care. While this is pretty straightforward when family and friends live next door, it’s a little trickier when they’re overseas - and this is where international money transfers can help. While thousands of people use this valuable tool every day, others have reservations and so, in this article, we’re busting five common myths about international money transfers.
What are international money transfers?
This term refers to the act of sending cash overseas by electronic means and is usually done through a registered agency or via the internet. This method of sending and receiving money is far from a modern invention - in fact, Western Union began transferring cash via telegram waaaaay back in 1860. Transfers have, of course, become a lot more sophisticated since that time and, these days, are a fast and ultra-secure way of helping out loved ones.
5 myths about international money transfers
As with any innovation, there are, unfortunately, some unscrupulous actors out there and this has led to some people having a less than great experience with money transfers. Understandably, this can lead to some misconceptions about the practice as a whole however, when you use a reputable company, there should be no issues and, in this section, we’ll look at some of the common myths and misconceptions:
1. Sending money abroad costs the Earth
Probably one of the most common myths is that international money transfers are hugely expensive. This is because, in the past, transfers were made by wire and involved tons of paperwork and manual handling which pushed up the fees charged to the customer. In the modern world, things are very different - advanced technology means that transfers can be made quickly and efficiently with limited human interaction. Not only does this reduce the risk of errors but it also keeps fees low. As recently as 2023, the cost of sending $200 was around 6.3% however, with the tools that specialised agencies now have at their disposal, these fees now average between 0.4% and 1.9%.
2.I’m at the mercy of exchange rates
If you’ve ever made a transfer through your bank, you may have found yourself slightly alarmed by money lost through exchange rates. We tend to think that FX rates only affect big money but, in reality, if you’re making regular small transfers, these can quickly add up to a tidy sum. The good news is that using an international payment service can help you to save money by making sure that you get the best value for every single transfer - however big or small.
3. Transfers are super-complicated, right?
In “the olden days” transferring cash to somebody abroad could be a time-consuming hassle as you would normally need to visit a bricks and mortar office and fill out a load of forms. This could be really inconvenient and take up a whole chunk of time but, happily, this is no longer the case. These days, transactions can be made in just a couple of clicks through an online platform - and don’t worry if you’re not a techy person; using these platforms is really straightforward.
4. Transfers take ages to arrive
I’ll be the first to admit that, in the past, international money transfers were a long-winded process - in fact, in some circumstances it could take weeks for somebody to finally receive their much-needed cash; something that was less than ideal in an emergency. In our digital age, however, this is no longer a concern. Platforms like ours harness the power of advanced technology and global banking partnerships to make sure that transfers are completed in as little as a few hours - even in just minutes in some instances.
5. It’s all about the USD
An extremely common misconception is that your transfer has to be made in US dollars (USD). As a general rule of thumb, this used to be the case due to the fact that, in days gone by, USD was the dominant currency because of the US economy and the USA’s role as a global reserve currency. Like so many of our other myths, this is very much no longer the case. In 2025, international money transfer platforms will allow you to make the best - and most cost-effective - choice when it comes to currency. For example; somebody in Canada who wants to pay somebody in Europe may find the best option is to use Euros. This new flexibility allows you to save money while still making a fast and efficient transfer to loved ones wherever they may be - and wherever you may be.
Getting the most out of your bank transfer
At SafariRemit, we know that every penny counts and so, in this section, we’re sharing some tips that will help you to super-size your transfer:
Use your debit card
As you will no doubt be aware, transactions made with a credit card such as American Express will often be subject to charges and fees. To avoid having to pay these extra costs, using a debit card will usually be your best bet. As debit cards take the cash directly from your bank account there will usually be no extra charges. This is also a great way of keeping a handle on your finances to prevent unexpected costs mounting up. If you don’t have a bank account, you can get your hands on a prepaid debit card which will get the job done for you.
Transfer smaller amounts
Many people decide to transfer a large amount to their loved ones all in one go in order to save time and hassle but this isn’t always the most cost-effective way of doing things. Often, making a couple of smaller transfers will work out better for you in terms of fees to be paid on the transactions.
Live rates, commission and middle-man charges
It’s easy to get confused by the different fees that can be charged during an international money transfer. In short, there are larger fees for crossing borders - and then there is commission charged by the transfer provider. The thing to look out for here is what we call “middle-man charges” which are often out of proportion to the other fees. If a provider is including this charge, don’t be afraid to question it.
Shop around
As with anything else, money transfer providers can vary widely in terms of fees and service. Because of this, it's important to do your research to find the best deal for your requirements - ask friends and family for recommendations and don’t forget to check out those all-important reviews which should be readily available online with a reputable company. While most international money transfer companies are legitimate and honest, sadly, some are not. When checking out reviews, look for any red flags such as the same wording used across multiple reviews as this can indicate a scam. You might also want to contact individual companies to see if they have any current offers which may save you money - for example, at SafariRemit, we’re all set to launch a referral scheme where customers can earn £5 for themselves by recommending a friend - and the friend will get £5 off when they register too!
Wrapping up
When times are tough, it’s important to be able to transfer cash overseas quickly and securely and at SafariRemit, we’ve got you covered. Our business was created in order to provide customers with a cheap, hassle-free experience when sending money abroad and each and every transfer is handled with the same high standard of service - however big or small.
We understand that trusting someone with your hard-earned cash can be a worry so our friendly and professional staff are on hand to answer any questions you may have about your transfer.