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www.sendmoneyhome.org has been created to ensure that any expatriate wanting to send money can do so at the best rates possible and maximise the value of their transfers, whatever the amount. sendmoneyhome.org is the most comprehensive money transfer comparison site that allows expatriates access to a range of alternative options for sending money worldwide. As the world’s first and most inclusive service of its kind, we offer impartial advice for those looking to send money overseas. Transferring your money may be the highest priority but it is likely when living abroad that you do not have the time to monitor exchange rates or analyse who is offering you the best deal. Daniel Abrahams, business development manager at sendmoneyhome.org , would advise an expatriate to not "settle for simply the first option you stumble across, investigate the top four or five options listed in our comparison to drive down the price on both fees and exchange rates. Whether you’re on a foreign assignment in Europe, Asia, Africa or America you can make considerable savings using the companies we work". The comparison site is successfully being used not only by expatriates but also migrant workers, pensioners, overseas property owners and travellers. Visitors to the site can compare services by speed, method of transfer, fees charged and exchange rates offered. Huw Jenkins, technical director of the site, states ‘‘the banks could charge you as much as 40 per cent of the amount sent so we are striving to get the message out that there are other options.’’

The table below highlights the added value in using an FX specialist or Money Transfer Organisation.

Method of Transfer  Exchange Rate Cost of purchasing 150,000 Euros
FX Specialist 1.349 111,193
Bank 1.276 117,554
Source: Currencies direct

According to Emmanuel Addy, commercial director of sendmoneyhome.org "for high end transfers of several thousand pounds, or regular payments such as pensions or mortgages, it pays to go for the best possible exchange rate - the one closest to the interbank rate. Overseas foreign currency exchange specialists will be able to offer extremely competitive exchange rates without charging a fee or commission."

The moral of the currency story is thus, for regular payments, it makes a big difference to use a comparison service when you add it up over the course of a few years. sendmoneyhome.org simply does all the work for you.


See Also: Searching for Alternatives in the money transfer arena SendMoneyhome.org

Posted 15Jul09