Whether you're a frequent traveller, an expatriate, or someone sending money to loved ones in other countries, understanding how to save money on international transactions is vital.  In today’s world, cross-border transfers are an important part of our financial landscape - as seen from a report from the World Bank, which highlights that remittances to low- and middle-income countries grew by 5% in 2022, reaching $626 billion.

Sending money from one country to another can get expensive with hidden fees and unfavourable exchange rates, but it doesn't have to be! You can save money on international transactions with only a few easy tips. So, whenever you need to send money to your loved ones or business partners abroad, follow these 5 easy tips to save money on international transactions. 

Tips to save money on international transfers

Always compare exchange rates. 

Exchange rates fluctuate constantly and this can have an impact on your transactions. When you want to send money to another country, pay attention and choose a time when the exchange rate is favourable so you can save money on your transaction. To make this easier, you can track exchange rates in real-time, so you’re aware of the fluctuations in exchange rates. If you want to easily track exchange rates, use the OhentPay currency converter here. 

Tip: Always compare exchange rates before you send money to another country

Check for hidden fees. 

Many digital banks and 3rd party money transfer services charge hidden fees for international transactions. These can include fees for currency conversion, receiving payments, or sending money. 

When you use the OhentPay app to send money to over 190+ countries, we only charge a service fee of £1.99 for personal accounts or its equivalent in other currencies. So you’re assured that there are no hidden fees when you send money through OhentPay.

Tip: Always watch out for hidden fees like exchange rate fees, currency conversion fees, and high transaction fees

Use online money transfer apps. 

Online money transfer services like OhentPay offer better exchange rates and lower fees compared to traditional wire transfers done via banks. As mentioned above, OhentPay only charges a service fee of  £1.99 for personal transactions to any country and for exchange rate we only give you the best rates at all times.

While traditional bank transfers may seem convenient, most of them have a high transaction charge which beats the purpose of saving money on your international transactions. 

Tip: Always consider using OhentPay so you can get the best exchange rates and fees

Send money in bulk when possible. 

If you send money home to your loved ones or business partners frequently, this tip is for you. Some platforms offer discounts or reduced fees for bulk transactions which can help you save money when sending money abroad. So instead of sending money multiple times, you should consider sending it as a bulk amount to the recipient instead. 

Tip: To save you some money,  send your money in bulk

Keep an eye out for discount codes.

Many online transfer platforms offer free transfers for their first-time users and promotional discounts on special holidays. If you want to save money when sending money abroad, you should keep an eye out for such offers and take advantage of them. 

Tip: When you use the OhentPay app to send money abroad, your first transfer is free. OhentPay also offers discount codes on some special holidays

Sending money abroad doesn't have to be expensive. Follow these tips mentioned in this post to save money on international transactions whenever you need to send money abroad.

Ready to save money on your international transactions? Download the OhentPay mobile app and save today. We offer the best rates, low fees, and swift & secure transactions at all times. Download your app here today.