How to transfer money cheap online.

cheap money transfer


For people whose jobs are based in another country, it is inevitabe that they would need to transfer money back to their home countries for whatever reasons. I have found and been using an online money transfer service for the past 4 years and I would like to share it here.

International bank transfers are almost always very expensive so from the very start, I have searched for a cheaper alternative offline and online.

I tried Ria Transfer at first because it was a lot cheaper than Moneygram or Western Union when it comes to fees and rate conversion. I only paid 5 chf for every transfer. They have a promo like once you have transfered 10 times, the 11th is free. I had no problems with Ria Transfer because it was easy, hassle-free and the money was safely received by my recipients. The only downside was that I had to go out of my home and it costs time.

Then I discovered Currencyfair and Transferwise. According to the numerous reviews I have read, Currencyfair is at the moment the best because you have a certain level of control when it comes to the exchange rate plus the fees are also minimal. The only problem is it is a bit complicated because it functions like you are currency trading or doing sort of a FOREX trading. Plus, they do not transfer money to the Philippines so I moved to the next best which is Transferwise.

As I mentioned, I have been using Transferwise for like 4 years now and every time it was smooth and I had absolutely no problems. Below are the reasons why Transferwise is absolutely the best.

  1. No hidden fees.

    Transferwise gets .45% of the total amount as fee. So for a 1000 chf I pay just 7,01 chf

  2. I get the best exchange rate.

    I did a lot of comparisons with other money trasfer services and Transferwise always has the best exchange rate. (see comparison below)

  3. The money arrives safely.

    Before, it took 3-5 days from the time the money went out from my Swiss bank and arrived to the Philippine bank. Since this year I noticed that once I transferred the money from my bank here, the morning after there is a notification that the money had already arrived.

Below is a comparison from different online money transfer of 1000 chf. You transfer the money to the account of Transferwise and then Transferwise will convert and transfer the money to a bank account in the Philippines.

                                          Fee             Amount Transferred          Amount Recieves in Php

World Remit.                    10.00                    1.010.00                              51.902.33

Moneygram                           .99                   1.000.99                              50.655.42

Western Union                    5.00                   1.005.00                              50.138.56

Transferwise                        7.01                  1.000.00                              52.470.83

As you can see from the table, transferwise has the highest amount that the recipient receives even though the fee is already included in the amount transfered.


So how can you use Transferwise?

First is you go to their website and register.

Next is you set up your transfer. The recipient can get the money in cash from local remittance centers (Cebuana, Mlhuillier, Palawan Pawnshop, etc)

OR transferwise can deposit the amount direct to the recipients’ bank account.

Then, you transfer your money from your bank account to the account of Transferwise.

And done. Just wait for the email notification that your money has already arrived. It is so simple and hassle-free.


By the way, if you sign up using the links in this website post, your first transfer will be free. I highly recommend transferwise because so far, this is the best and the cheapest there is.


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