We want to draw your attention to some tricks in sending money internationally. Everybody probably knows that the main indicators, which do influence the benefit of a transaction in money remittance are the Commission, exchange rates, geographic coverage, convenience and other.
We have done a simple analysis of money transfer, which we bring to your attention. For example, we take as initial a nominal amount of 1,000 pounds and try to send them internationally through the most popular methods (EURO-LINK Money Remittance, bank transfer, courier private transfer, etc.) in order to calculate the most profitable of them:
Ukraine Calculations for 1,000 GBP
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Methods of Sending Money
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Currency
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Commis-sion
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Exchange rate
GBP/ ***
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Received at destination
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Exchange rate to national currency**
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Amount in national currency (after commission)
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Difference
comparative to minimal amount
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EURO-LINK
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USD
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0.60%
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1.46
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1,451.29
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7.90
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11,465.21
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300.16
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+2.69%
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EURO-LINK
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EUR
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0.50%
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1.15
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1,144.28
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9.95
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11,385.57
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220.52
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+1.98%
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Bank transfer *
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GBP
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15 GBP
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1
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985.00*
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11.50
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11,327.50
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162.45
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+1.46%
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Courier private transfer.
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GBP
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3%
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1
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970.87
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11.50
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11,165.05
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0.00
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0.00%
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* These calculations do not include the commission of local banks, when transferring to a bank account.
** Source: http://mediaua.com.ua
*** Currency exchange rates are shown as at 12 May 2010
Moldova Calculations for 1,000 GBP
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Methods of Sending Money
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Currency
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Commis-sion
|
Exchange rate
GBP/ ***
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Received at destination
|
Exchange rate to national currency**
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Amount in national currency (after commission)
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Difference
comparative to minimal amount
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EURO-LINK
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USD
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0.60%
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1.46
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1,451.29
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12.50
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18,141.15
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859.60
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+4.97%
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EURO-LINK
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EUR
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0.50%
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1.15
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1,144.28
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15.85
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18,136.82
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855.26
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+4.95%
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Bank transfer *
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GBP
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15 GBP
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1
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985.00*
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17.80
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17,533.00
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251.45
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+1.46%
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Courier private transfer.
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GBP
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3%
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1
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970.87
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17.80
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17,281.55
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0.00
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0.00%
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* These calculations do not include the commission of local banks, when transferring to a bank account.
** Source: http://ournet.md
*** Currency exchange rates are shown as at 12 May 2010
Here are only 2 examples, but such calculations could be performed in relation to any other country.
As you can see from the above tables, if you transfer money in pounds, you DON’T WIN, BUT rather LOSE. This is explained by the fact that commercial banks and exchange offices set high margins for non-traditional currencies such as the British Pound.
According to our calculations, it is most advantageous to transfer money in U.S. dollars. Despite this, many people prefer to transfer money in Euros, as the Euro is considered a more stable currency, while the dollar and the pound have a tendency to sudden changes and devaluations.
We continuously monitor the situation on the currency market and will not allow our clients to get wrong.
And finally, we want to remark, that such tests should be conducted regularly, as today it is more convenient to transfer money in U.S. dollars, while tomorrow in Euros.
And not to be mistaken in calculations, rely on professionals.