How to compare money transfer companies
If you’re reading this then you have come to the right place, because we are the experts in overseas money transfer. We have, after all, been at it for more than 10 years. Together, or co-founders Emmanuel and Huw launched the first ever money transfer comparison site all the way back in 2004.
Since then, we have seen serious change come to the industry, and that’s mainly due to the rise and rise of financial technology, which we now call Fintech.
Fintech comes in many shapes and forms, but its main goal is to combine the cutting edge technological developments of the past 20 years; artificial intelligence, machine learning, APIs, to “disrupt” the financial services of yesteryear.
It took a long time for tech startups to size up and ultimately take on the major financial players, but the tools to do so have been in existence for some time.
Take comparison, for example. Comparison sites are nothing new, and neither is the ability to filter and rank results to prioritise the aspects of a product that matter most to you.
But until recently, there wasn’t a great deal about the money transfer industry that was worth comparing. The big banks and money transfer agencies charged big fees, and offered big spreads. In other words, customers were not really getting value for money, because all of the players in the marketplace acted a bit like a syndicate or monopoly, and it was the poor customer that suffered.
But that has all changed now. Now, thanks to Fintech and the way Fintech firms like Transferwise have caught the public’s imagination, there are finally products worth comparing!
And that is precisely what we do. First of all, simply enter the amount that you would like to transfer and the currency you want to transfer into.
Hit compare, and our algorithmic engine will do the rest. Our APIs will interact with all of the currency exchange firms we work with, and that includes some of the city’s best currency exchange brokers (all regulated and authorised by the Financial Conduct Authority) as well as innovative peer-to-peer sites that can match you directly with people looking to send money the other way.
The results will be displayed in a matter of seconds according to which firm is able to offer the best rates on that day, and at that time.
But it doesn’t stop there. For your convenience we have added video guides to each of the brokerages, so you can take a more in depth look at the company and decide which one you would like to deal with the most.
After all, experience within the money transfer industry has taught us that it’s very much a case of “different strokes for different folks”. We all want the best rates, and the lowest fees, when it comes to foreign exchange spreads and charges, which by the way should always be transparent, but some people are looking for a broker to advise them, whilst others prefer to use a peer-to-peer transfer network, for example.
So, remember, it’s not all about choosing the top result every time – it’s about having the luxury to be able to browse through all of the results in your own time, and choose the money transfer partner that’s right for you.
After all, it’s your money, and you doubtless have a very good reason for wanting to make a transfer. An agency or broker that understands that and wants to work with you to find the best possible solution, and go the extra mile, is worth a second, third and fourth look.
It’s staggering how many people leave money transfers to the last moment and lose out massively on fees and rates by going back to that same old bank or high street branch.
We’re here to tell you there is a much better way. We think that you’d be unlikely to re-insure your car without checking online first to see of you could get a better deal, and the same goes for all of your household bills, and quite possibly your online shopping, too.
Before you transfer, compare. That’s our message and our mission, and it is beginning to sink in!