Guides

TL;DR:

• Different ways to send and receive money impact your cost.
• Know your options to pick the most economical method.
• Use Sendrater for transparent, full-cost comparisons.

Different Payment and Receiving Methods

When sending money, your options include bank transfers through popular banks like HSBC, Citibank, Barclays, Lloyds, debit or neo banks like Monzo (uses Wise infrastructure) and Starling, credit cards, digital wallets, and services like Western Union and Moneygram. On the receiving end, options can range from cash pick-up to bank deposits in institutions like Santander, as well as mobile money wallets like m-pesa, depending on your destination country. 

Cost Implications for Different Methods

• Bank Transfers: Often higher fixed fees but better exchange rates.
• Debit/Credit Cards: Might carry a percentage-based fee.
• Digital Wallets: Convenient but can have hidden costs.
• Western Union/Moneygram: Quick but usually more expensive.
• Mobile Money Wallets: Low fees but may have limits on amounts.

Using Sendrater to Minimise Costs

Sendrater allows you to filter providers based on your preferred sending and receiving methods. It breaks down all costs for each method, simplifying your choice for the most economical option.

Action Plan:

• Determine the best receiving method for you and the recipient.
• Use sendrater.com to find providers that offer your chosen method.
• Focus on the full cost, not just the advertised rate.
• Complete the money transfer with your selected provider.
• Share your experience on Sendrater to inform others.

Choosing the right payment and receiving methods can save you money. Sendrater aims to offer straightforward, actionable information for making your best choice.