Money transfer: possible solutions

Do you need to transfer money to a loved one? Note that there are several solutions to carry out the operation: by bank transfer, by La Poste, from account to account… Depending on the transfer method chosen, you will have to pay variable rates (shipping costs, commission relating to the exchange rate, etc.). Follow our advice to make an informed choice. Everything you need to know to transfer funds under the best conditions (procedure, deadline, etc.) and at the best price!

How to choose the ideal money transfer method?

To make a money transfer at the best price, you need to know your needs. Depending, an option may or may not be advantageous. In order to select the most appropriate means for your profile, you must take into account:

  • transfer fees;
  • the exchange rate;
  • withdrawal fees;
  • transfer times;
  • destinations;
  • the mode of receipt of the money (in cash or on your bank account).

To help you in your approach, there are comparators. These tools help you choose the service that best suits your needs by comparing the different platforms. They provide you with the best option taking into account the following criteria: fees applied, transfer time, destination, etc. Among the comparators that exist on the market, there is Moneytis, a French start-up created by expatriates, but also Monito or Envoidargent.fr.

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Transfer money by bank transfer

This is the most common way to transfer money. It is ideal for transferring money online in France and in the SEPA zone. Conversely, it is not the most economical solution for transferring funds abroad because banks can take commissions of up to 8%.

In practice, this is quite simple since all you have to do is open an account in any bank in France. When requesting a transfer abroad, the transfer of funds will be made from account to account. Fees are applicable: fixed costs for sending, commission on the exchange rate, reception fees applied by the bank receiving the payment, etc. All banking establishments apply their own rates. It is therefore advisable to be well informed before making a transfer.

In all cases, the operation is done online or in an agency, using the recipient’s IBAN number, which appears on the RIB given to the sender beforehand. Count between 3 to 5 days for the transfer to be effective.

How to send money by post?

Note that La Poste offers several money transfer services. And it is not mandatory to hold an account at La Banque Postale. In addition, the La Poste money order makes it possible to send money in cash quite quickly. Count between 2 to 5 days.

However, there are obstacles to transferring money via La Poste. First, it is not the most economical solution because the costs are higher than with some private operators. Then, the amount is capped at 1500 euros, impossible to go beyond this sum.

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Online money transfer around the world

Note that new online operators have appeared to offer lower cost solutions. Moreover, transferring money online remains the cheapest way compared to transferring via physical agencies.

On the market, the leaders are Western Union, Moneygram and Ria. They have branches all over the place and are therefore easy to access. Nevertheless, they charge higher prices than lesser-known operators. In general, beware of the exchange rate!

Transfer funds with a prepaid card

The prepaid card allows payment and withdrawal abroad without the need to have an affiliated bank account. The process is simple: just top up the card. And the operation can be done remotely.

A practical solution for parents who want to send money to their children on a trip, for example. In addition, it is a relatively economical means compared to other solutions. Among the sites to offer this kind of service, there is PayTop and WeSwap.

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Should e-wallets be trusted?

What about electronic wallets such as Skrill, Paypal or Google Wallet? Be aware that to make money transfers abroad, it is better to avoid using these wallets.

The charges levied turn out to be particularly high and not easily identifiable at first glance. To give you an idea, Paypal and Skrill take up to 10% of international transfers.

What is the safest system?

The most reassuring system is bank to bank. This involves transferring money from account to account. But this solution is only possible if the user has an account in the country visited. This keeps tourists away.

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On the other hand, from bank to bank, it is necessary to foresee a delay between 3 to 5 days.

Last advice, play the competition!

Once you have chosen the solution best suited to your profile, it is important to compete with the offers on the market. Indeed, for an equivalent destination and service, there are large price differences. This sometimes varies from simple to double.

Know that you can make savings on the amount of exchange fees (up to 30% per shipment). While all money transfer players charge this kind of fee, some mention the “total cost” of the transfer. And often, these fees omit exchange fees. This is a recurring practice on money transfer sites.

To effectively compare the different market rates, find out about the sites that transcribe the evolution of the currency market in real time.

Finally, if possible, it is preferable to make money transfers of large amounts rather than sending small amounts regularly. Most money transfer companies use fee schedules with decreasing commissions based on the amounts sent.

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