What is the cheapest way to send money to abroad without hidden fee

So if you want to send money to abroad, what’s the best option to choose? Some of the most well-known options have very high fees. For example, the fees to send money using PayPal can be as high as 8%! and most of them are facing high hidden fee problems.

so what is a hidden fee? it’s actually quite simple. if you ever sent money via a bank, then you must be very familiar with the “inter-bank” rate. Usually, they do not disclose the fee, they just disclose the rate that you get to exchange. That fee can be called a hidden fee. Banks sometimes charge as much as 13% fees on a round trip exchange.

Hidden Fees can be very high. Supposing you want to exchange $1000 from Australia to the Philippines at the airport in Sydney, Australia, You just paid Travelex $128 for the transfer (and they didn’t tell you anything about this “fee”). Sometimes, Banks charge as much as 13% fees on a round trip exchange.

So, any cheap and no hidden fee transfer methods?

Here I have summarized some favorable channels for your reference.

TransferWise — is a new kind of financial company that you can use to transfer money internationally at a very low cost. Their system is based on local bank account transfers, which makes transfers abroad cheaper than what banks or other providers charge. They charge a small upfront fee between 0.5% and 2% for transactions, depending on the route.

Payoneer — very convenient for sending and receiving. They are also one of the few methods that work to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM. They also have an option for direct transfer to the receiver’s bank account. They also have a $50 bonus if you receive more than $100 through this method.

Epay — Epay Global Remittance Network based on blockchain technology. It solves the problem of high cost, low efficiency, and inconvenient operation problems during cross-border remittance. With more than 10 years’ experience in the payment industry, Epay now cooperating with payment companies and financial agencies all over the world, along with its advanced blockchain technology, making the whole remittance process simple,fast and cheap. The fee is sometimes lower than TransferWise according to the amount and route.

Lots of other payment ways such as Western Union, WireTransfer, Xpress, Money Gram and so on. But if you want a safe, fast and cheap way, try the 3 methods above.