Money transfers happen perhaps million times every day, no matter the direction. Well, it is more common someone living abroad to send cash to one’s relatives than the other way around, but both cases are widely present. In the last 27 years since the change of regime from totalitarian communist one to parliamentary democracy the process of emigration had immense proportional impact for a country the size of Bulgaria. By that means the necessity of money transfers in and out is ever increasing. No one wants to lose funds due to fees charged, so it’s good to know how to make such transfers in most expedient and pragmatic way.
Transfers through Easy Pay, Western Union или Money Gram
That option has been established for a long time, but in recent years it occurs to be less and less cost-effective. Actually, these methods are the ones that scrape bigger fees than other ways transfer. The speed is advertized as the ultimate advantage of the abovementioned brands, but the fast service happens to be at the expense of the funds recipient obtain and the exchange rate contributes to even higher percentage of money loss during the process.
Bank transfers from and to abroad
Sending cash using the banking system by that means happens to be more worthwhile in some cases, but that largely depends on certain conditions and the terms could turn to be ineffective too. If the bank you receive money from is linked to correspondent account to the bank of sending side, this might be the best possible way for both parties – the one who sends and the one who receives. No fees for transfer from one account to another. Anyway it is rarely available option. Don’t forget the exchange rate and SWIFT fee.
This option is way more convenient and probably the most popular in recent years. The fee charge is only 2 Euros or 2 dollars per transfer if both sides have respective accounts in that internet based system. But additional fee is applied for transferring funds from PayPal account to bank account. The main drawback here – it takes time. At least 6 working days are needed for transfer and again – watch out for the exchange rate.
This is the latest occurring system for transfer of funds in and out of the country. Well, it is rather fresh and new and by now it doesn’t cover that many places on the globe. But the main advantage is that Transfer Wise utilizes correspondent accounts in the states of sender and recipient if these accounts work with the system. If you are lucky to have such accounts, the fee for the transfer is only 0,5% fee applied on the sum of transfer. Everything here is fast and easy and the exchange is always the average for the country of the recipient side.