-- LAST UPDATE IN NOVEMBER 2016 --
FYI, transferwise link has this redirection: (https://transferwise.7eer.net/c/345364/208336/3511) it s my "TW partner code", I don't get much from that anyways if u open an account from that at least i can keep this website open without other advert banners. cheers.
Do you need to transfer money overseas and in a different currency? USE P2P transfers!(peer to peer are intermediary companies which transfer money with low commissions and an exchange rate levelled to the mid market rate!).
My first experience with a P2P transfer was in 2014 with transferwise company, nowadays I'm also opting to currencyfair, more P2P companies are quickly growing, it's guaranteed I will not use a bank to bank transfer anymore.
Down below, are listed some of the best(so far) P2P companies.
Generally(let me say always) P2P transfers are way cheaper than a Bank to Bank transfer, the main reasons are: lower commissions and currency exchange rate equal or really close to the Real exchange rate.
How's that possible, how does it work? All those companies have a bank partner or associate in the sender and the receiver's country, saying so, your money will never have an effective currency exchange(it's also the reason that not all the currencies are available). Eg: You transfer EUR in their European bank, you receive US$ from their American Bank.
You will transfer your currency to their bank account, as soon as they receive it they will transfer your money to the choosen overseas/currency bank account(some companies allow you to keep your money in their account until you are happy about the exchange rate, eg. Currencyfair).
What's the problem with "bank to bank" transfers? Banks ask for higher commissions(to send and to receive), and their exchange rate(buy/sell) are far from the real exchange rate making it the most expensive part of your transfer(check my Transferwise page to read about all the commissions I was exposed during bank to bank transfers made from 2011 to 2014 "EUR to AUD", "AUD to EUR", "GBP to EUR", "EUR to NZD").
Are those methods safe? Yes they are. These companies keep track of your money, they text/email you when they receive your transfer and all the steps they are making until you get your money in the chosen account.
Summing up, what do you need for a P2P transfer? - a bank account on your name - an account with a P2P company - an overseas bank account where to send your money (doesnt matter whether on your name or not).
A remark on linked links on this page: - my Currencyfair link takes you to their website, if your first transfer is over 400£, it gift us with a new free commissions transfer and 30€.
THERE ARE PLENTY OF P2P COMPANY BUT THESE LISTED ARE THE CHEAPEST AND MOST USED IN THE MARKET!
Transferwise: My first P2P transfer in 2014 was with them, they are still my favourite. I dedicated them a page on this website where i explain step by step the procedure and costs to make a transfer.
Strenght: - variety of currencies - low commissions and real exchange rate - their support is outstanding, fast and well prepared - straightforward website and app.
Weakness: - Some currency exchanges have high commissions(Brazil,Colombia,China) but they are still the cheapest on the market - Currencyfair beats them to cut costs in some major currency.
Currencyfair: I'm looking forward to use it, I thought Transferwise was the cheapest, instead currencyfair is the cheapest on some major currency exchange. They have the lowest commissions and their exchange rate is almost at the same level of the real exchange.
Strenght: - lowest commissions - the best for most major currency exchange - straightforward website.
Weakness: - Support is only from Mon-Fri(updated on nov-2016) - I got stuck on a form to fill out my overseas bank account and sent them an email(it was on thursday, I got response on monday).
Worldremit: Is often on people posts but I have not use it yet. Their website is quite good but I still prefer TW and CF ones, on my trials on their website I see I can't transfer more than 5000€, and comparing exchange rate is bit worse than both TW and CF.
Torfx: It is not just a P2P, it looks one of the best from forum and people posts. Unfortunately if you want a quote you need to give them your details and they will send the quote by email. Wasn't easier an online quote?? Well, they seem a serious company and I might contact them in case I need a currency not on TW or CF.
Azimo: from their website: "a cheaper way to send money home". You can transfer EUR and major European currency to other side of the world. They don't have the way back, so in case you want to transfer NZD or AUD to Europe you need to use another company. It's really competitive in Central and South America, check it out if you need to send money there.
SmallWorldfs: It's really competitive in Central and South America and it has Currency you can't exchange with Transferwise. Check it out because it looks really cheap. So far(NOV-2016) the maximum to exchange is 10000€.
Xe, WesternUnion,Moneygram.. Moneygram the worst so far, I would use WesternUnion in case I need a currency not exchangable with the other companies above. Same speaking about bank to bank transfers.
Following this link https://internationalmoneytransfers.org/transferwise-vs-paypal/ you can compare TW and paypal or https://internationalmoneytransfers.org to check other transfer providers.
COMPARE P2P TRANSFERS PRICES
Moneytis is an awesome comparing browser. It's well done and updated. Anyways after checking it I double check on P2P websites.
Write me on email@example.com - for any questions - new P2P to add - if I wrote any bullshit and need to update the website. You can also leave a comment to the FB form and I will get back to you asap.
by Matteo NOV-2016