Why Smaller Remittance Services Offer Competitive Rates
TL;DR:
- Smaller remittance services often provide competitive rates.
- Specialised focus on certain corridors and operational flexibility are advantages.
- Always compare rates for each transaction.
Lesser-known services like Azimo, Instarem, Paysend, TransferGo, TapTapSend, and Nala cater to specialized corridors and can be more economical depending on your specific needs.
The Big Names Aren't Always the Best: Choosing a big name like Western Union or a major bank for international money transfers isn't always the most cost-effective route.
Niche Focus: A Strategic Advantage: Smaller providers often specialise in particular currency corridors, such as USD to PHP or GBP to INR. This focus enables them to offer superior rates and faster transfers by leveraging specific expertise and partnerships.
Dynamic Rates: The Constant Change: Exchange rates change continually. Small remittance services can adjust their rates in real-time, ensuring you get the best deal at the moment you transfer.
Operational Flexibility: Lower overhead costs allow these smaller providers to offer better rates. Their nimble operations enable rapid adaptation to market changes.
Action Plan:
- Identify Corridors: Know the currency corridors relevant to your needs.
- Compare Rates: Utilise Sendrater.com to compare rates from various providers before each transaction.
- Understand Trends: Keep an eye on exchange rate trends to time your transfers effectively.
- Know Your Options: Azimo, Instarem, Paysend, TransferGo, TapTapSend, Nala’s of the world...