Guides

TL;DR:

• Specialised currency providers offer competitive rates and lower fees compared to traditional banks.
• Payment options are diverse, including bank transfers, debit/credit cards, and some even offer cryptocurrency options.
• Using a vetted platform like Sendrater.com can streamline the process, saving you time and money.

The Value of Specialized Providers Specialised currency providers bring more to the table than just better rates. These platforms are designed to focus solely on foreign exchange and money transfer services, unlike banks that offer a broad range of financial services. This singular focus allows them to streamline their operations, cut down on overhead costs, and pass the savings onto you. Providers are also evaluated rigorously on sendrater.com, ensuring that they meet high standards of reliability and transparency.

Real-Life Example

Imagine you're an expat in the UK and need to send £1,000 to your family in India. A leading UK bank may offer you an exchange rate that is 4% off the market rate and charge you a £20 fee. That's a total cost of £60 for the transfer. A specialised currency provider could offer a rate just 1% off the market rate and charge a flat £5 fee, amounting to a total cost of £15. By choosing a specialised provider, you would save £45, a significant amount, especially for frequent transfers. See it for yourselves using our (near) real time comparison tool.

Payment Options: Flexibility Matters

• Bank Transfer: Most common, secure, and usually free but can take up to three days to process.
• Debit/Credit Card: Immediate but might come with a 2-3% transaction fee.
• Cryptocurrencies: Some providers accept digital currencies, providing a potential avenue for quick and low-fee transfers, though risks due to price volatility exist.
• Mobile Wallets: Convenient for recipients without a bank account, but fees can vary.
• Cash Pick-up: Available in some services like Western Union or MoneyGram, usually quick but might come with higher fees.

Action Plan:

1. Know Your Needs: Calculate how much you need to send and the desired delivery method.
2. Check Sendrater: For an unbiased comparison of rates and fees across multiple specialised providers and traditional banks.
3. Choose a Payment Method: Based on your priorities like speed and fees.
4. Send Money: Follow the provider's process to initiate the transfer.
5. Share Feedback: Share your experience on sendrater.com to help the community make informed decisions.

By using a specialised currency provider and understanding the available payment options, you can make smart choices that save you money. Transparency is at the core of what we aim to provide at Sendrater.com—ensuring that you get to send as much of your money to the receiver as possible.