3 min read • October 20, 2017
Need to make an international payment? Turns out it is more complicated than you might think. Different countries have different methods and best practices for making payments, and you may not be able to use your typical technologies to send money overseas. That leaves you with only a few options for sending money internationally, and these are expensive!
If you find yourself clenching your teeth at the thought of shelling out all that extra money just to make an international payment, read on. Check out our top tips for saving money on international wires and find out how you can avoid spending needless money and time on payments.
If you are looking to save money on international wire transfers, the bank is the last place to look. You can compare bank fees and rates in our handy Bank International Wire Fee Comparison to find out which banks are offering the better rates, but, overall, bank fees and rates will always be higher than fees of more specialized providers. Plus, making an international wire transfer at the bank requires you to bring a lot of information and fill out several forms. The whole process of making wire transfers at the bank is expensive – both for your wallet and your watch.
While sending international wire transfers through a bank will cost you more, there may be reasons that you must use your bank services. If you find yourself in this scenario, find out if your bank offers discounts for making international wires online. For instance, Chase Bank will give you a $5 discount for making the international wire online. However, even after the discount, the fee is still very high at $25. There are cheaper options available, so it’s still better to avoid using the bank wire services all together.
Often, your rate or fee will change based on the amount of money or the volume of transactions you are sending. Different providers will have different price and fee structures depending on the market they serve, so do your research to find the fee structure and rate that makes the most sense for you.
Most business owners are aware that credit unions generally charge less for international wire transfers than banks, but many have not compared these rates with online payment providers. New technology companies are disrupting the payment space, offering consumers and businesses cheaper rates, lower fees, and best of all, more convenience. You can find out more about online payments in our Everything You Need to Know about Online Payments guide.
Making payments to international vendors and suppliers doesn’t need to be expensive and difficult. Using alternative providers, doing your research on the best fee and rate structures for your needs, and making your payments online can all help to make your payments cheaper and easier.