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"2017-03-09 05:28:54"
Money Transfer Explained
\\alright this is a public service announcement for all my friends around the world you need to move money from country to country perhaps you ... worked overseas for a bit then you save some money and now you need to bring it back home or maybe you're moving somewhere and you put a deposit on a flat or buy some furniture and you need to bring some money over at the 40 first paycheck arrives so how do you do it how do you transfer of money well a lot of people and up milking the ATM and that's so worse way to do it super expensive so the best way that I found to transfer money over is to use a money transfer service if you don't want to watch the entire video just check the links in the description I've I'm linking to 3 ... money transfer services that I've used another light and ... can just check them out already now before we get dive too deep you need to understand that no matter which technique he used to move the money you will end up paying somebody's gonna move your money overseas for free you end up paying via fees and you pay via the spread the spread is departed most people don't check and it's by far the most expensive so what is the spread well the spread is the difference between their actual mid market rate and a rate that you'll end up getting for your transaction let's take an example that's easy to understand let's say you wanna move $5000 from Australia to Canada and that today's exchange rate is a very easy one Australian dollar equals one Canadian dollar first there's the obvious milking the ATF best 0 bankcard Canadian ATM public gardens get $500 out your bank will charge you perhaps $4 in fees and ... the ATM because you're using a foreign card will also charge you $4 in fees so that's $8 total fees when you look at the small print on the receipt you realize that you're not getting the exchange rate of the day which was one Australian dollar equals one Canadian dollar you're getting a different exchange rate exchanger you're getting is one Australian dollar equals 94 Canadian sense so what happened there well the spread is what happened there your bank is charging you with 6 percent spread so how much it costs to move $500 then well we paid $8 in fees plus a 6 percent spread which means that a total cost of the transaction was $38 now remember we didn't want to move $500 and wanted to move $5000 this means that if we went back to the ATM 10 times because of the daily ... $500 limit the total true cost of our transaction would be $380 that's insanely expensive so there must be another way so the other obvious way is to use a international wire transfer at your bank now look at my own bank and the charges $22 flat fee plus the same 6 percent spread that means in this case that the total cost of the transaction would be $322 so it's a bit cheaper in the ATM but still very expensive so that brings us to our third option my favorite the cheapest which is using an international money transfer service the way these services work if they have bank accounts all over world and you transfer locally and they do the international part of the transfer so the first one is exceed Akan exceed charges of 1.5 percent spread and no fees so the total true cost of the transaction would be $75 their second service is transfer wise transfer wise charges of 0.7 percent fear no spread so the total true cost of the transaction would be $35 and finally currency fair and charges of point 56 percent spread and no fee so that told true transaction costs with the $27 that's insane when you think about it if you compare milking the ATM at $380 for the cheapest money transfer service at $27 that's a massive massive difference alright so money transfer services are cheap but how they used it well the first thing you need to do is open an account with them usually that means going on their website and sending him some photos are scans of of ID documents and most of the time you need 2 pieces of ID for instance a passport and driver's license and approve of address so I recent utility bill or anything with your name and your current address on it so once your account is up and running how do you move money around well you need to set up a trade so you go on the services website or mobile app instead of the trade by telling the system I want to move that much money from country a 2 bank account X. Y. Z. in country beat now once you've set up the trade the system will give you important local bank detailed information for each transferred money so the next step is simply to go on your own bank's website the same website used check your balance or pay your bills and do a local transfer to dead money transfer service and that's it now all you have to do is wait for a minute show up at the other end alright so out of the 3 money transfer services that we looked at XC transfer wise and currency pair which one do I recommend well simple American and all 3 of them it's setting up an account with them is free it's a bit of work but once you do it we've done it once it's good forever and you're good to go so whenever you move you just pick whichever service service is giving you the easiest and the fastest and the cheapest straight also if you look in the description I've puts a few referral links that gives you a free transfer with transfer wise and a free transfer with currency fare plus a of some bonus cash if you transfer above a certain amount so really if you subscribe to both of them you will get 2 free transfers instead of just one so freebie why not so that's it I hope you found this video useful give me a thumbs up if you like to ... subscribe to the channel and if you have any questions put them in the comments below I'll I'll take it out and see if I can help you out ... so in the meantime have a nice warm and I'll see you later bye //



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