In this article, we’ll talk about:
With an array of money transfer service providers, sending money internationally may not be so difficult in 2024 but it can certainly be extremely expensive. This is why understanding the fee structure and possible hidden costs associated with money transfers abroad is super important.
Now, whether you're supporting family overseas, paying for services, or conducting business, being aware of the costs involved in these transactions is essential in helping you save money on your transfers abroad.
In this guide, we’ll take a close look at what transfer fees are, the different types, and share tips on how to save money on your international money transfer fees. This will include Pesa, which only offers you $0 on all transfers abroad and the best exchange rates you’ll find in the market.
When you transfer money abroad, there is usually a cost attached to it. Banks have their fees as well as some international money transfer service providers. These fees will vary depending on things like the service provider, the amount of money transferred, and the destination. This fee can be either a fixed amount or a percentage of the total sum you’re sending. Understanding these fees is the first step to managing the costs associated with sending money internationally.
International Money Transfer Bank Fees often tend to be higher than those charged by dedicated money transfer services. Typically, banks offer more financial services and incur higher overheads, which can increase the money transfer fees which are often passed on to you. Some of these fees you see upfront, and some are hidden. This means you’ll never truly know the real cost until your recipient gets it. On the other hand, money transfer services provide low fees with no hidden extra fee.
Choosing the right money transfer service involves several factors:
Create a PESA account today - and start sending and receiving money for free
When planning to send money, be aware of these four common types of fees:
You’ll need to go through the money transfer services available to you and look out for the fees attached to your international transfers. These fees may be transparent or hidden in the exchange rates.
If you are looking for the cheapest way to send money internationally, open a pesa account for free. With your Pesa account, you get access to free transfers with the best rates in the market. Your transfers are transparent so you’re guaranteed your recipient will get exactly what you sent - at no extra cost and in time.
It’ll cost you exactly $0 to send money to over 30 countries with Pesa. No hidden fees, no surprises. The exchange rates do not have mark-ups and you’ll get to instantly convert and see exactly how much your recipient will receive before you hit the send button. It’s a convenient way to send money abroad.
When you download the app on IOS or Google Playstore and sign in, you can create multi currency wallets to manage your money. This lets you easily and seamlessly convert your currencies without hassle or complications.
So, send money internationally like a local and save when you send with Pesa. Enjoy secure, reliable and free money transfers.
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