Getting Started with Blockchain Technology
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Getting Started with Blockchain Technology

Updated on April 12, 2022 08:39 am
Blockchain Technology

The two best ways to invest in cryptocurrency are: 1.) Use the tokens for your purposes or 2.) Hold onto them as long as you can, since, in time, your tokens will be invaluable.

Most people, intrigued by the blockchain and caught up in the frenzy to get some of the coins, rush to buy for low and sell for fiat (money) when its value climbs. This is no different than the "pump and dump" scams illegalized in the 1980s, that only harm its investors and others. Not only are people who trade bitcoin for fiat gaining very little in return, but they're also losing their chance for profiting from the cryptocurrencies. Here's why:

Your money is valueless

Regular money was backed first by gold, then silver, until 1971, when President Nixon removed its value and called it legal tender.
According to the U.S. Department of the Treasury: "Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything? The notes have no value for themselves, but for what they will buy."
Bitcoin, in contrast, is backed by mining that comes from humongous amounts of electricity.

According to VICE Motherboard, one Bitcoin transaction requires the same amount of electricity as powering 1,018,762 American homes for one day, where each home is 2700 square feet. And this estimation was done in 2015, where Bitcoin only processed seven transactions a second! Cryptocurrency is, also, scarce. Paper money can be printed ad infinitum. The Fed simply rolls more off its printing press whenever it wants to. Mining blocks, on the other hand, get less sustainable as their electric sources diminish. The number of bitcoins created in each Bitcoin update are halved every 4 years. By 2140, when mining stops, this number will round down to zero. All you have is the 21 million bitcoins in circulation. The scarceness of this resource give your digital coin even more value.

Given inflation, political uncertainties like Brexit, the current administration, and economic crises such as India's 2016 demonetization, crypto-enthusiasts are convinced that Bitcoin (or cryptocurrency, in general) is the future of the monetary system. It shields your earnings from inflation, from political and economic turmoil, and from government instability. Since the Blockchain was started to get you away from fiat, why would someone trade it for fiat? There is a time - and crypto-enthusiasts are convinced of that - when the monetary system will implode and Bitcoin is the way of the future. Since Bitcoin is scarce, each and every bitcoin you have is going to be trillions, if not mega-zillions, more than what it is at the moment.

Five things to look for when for reviewing a company

  1. The company's white paper - This should describe the details of its blockchain. It should be clear, specific, and contain all details.
  2. Roadmap - Where the company is going and what it plans to achieve each quarter.
  3. Marketing team - How many people are marketing that company and its cryptocurrency, and what are their results? Some team members can be anonymous, but it's best if names and descriptions are added.
  4. Twitter (and other social media) - An ongoing twitter stream with company news is a good sign. It shows that the company is reaching out and building its followers. Similar, a maintenance and attractive social media and website represent the same accomplishments - so look at these too. Publicity builds the start-up's brand, which, in turn, bodes well for your investment.
  5. GitHub - The open source code. Check how many people use the platform, how often they do so, and how are they using its code.

Bottom Line

Do you know enough about the cryptocurrency to invest in it? If not, spend time familiarizing yourself with the start-up, before dipping a toe in the water and, then, tread very carefully. Check out the company yourself: Its whitepaper, roadmap, marketing team, social media, website, Github, Twitter. And most important: Hold onto your cryptocurrency. Never sell for fiat (unless you're really, really strapped for money).

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How to Send Money to the Philippines Using GCash

In an ever connected world, online money transfers are naturally the preferred and most convenient method for sending money across international borders, making it easier than ever to support your family, friends, or business partners in the Philippines.Whether you're an OFW (Overseas Filipino Worker) or a person with ties to the Philippines, this blog will walk you through the step-by-step process of sending money through GCash, the Philippines’ leading mobile wallet, to effortlessly and securely send money to your loved ones.Say goodbye to long queues and lengthy paperwork – and say hello to instant and accessible money transfers.What is GCash?Gcash is a mobile wallet and financial services platform based in the Philippines which came into operation in 2004. It was introduced by Mynt, a subsidiary of Globe Telecom, one of the Philippines’ major telecommunications companies.GCash allows users to carry out various financial transactions, mobile payments, and services through their mobile phones, making it a convenient and efficient way to manage money.You can make bank transfers, pay bills with QR codes, take out loans, and top-up airtime on your mobile phone. It is one of the most popular mobile wallets in the Philippines and the most convenient option for Overseas Filipino Workers (OFWs) to send money to their loved ones in the country.With 81 million active users and 2.5 million merchants and sellers as of May 2023, GCash is truly the undisputed mobile wallet king in the Philippines.Why Should You Get GCash?This is especially important for people who want to send money to the Philippines. GCash offers multiple benefits for sending money to the country:Convenience: You only need a mobile app to send money to friends and family in the Philippines making it easily accessible and convenient. You need not go to any money transfer centers to make a money transfer.Mobile Services: Apart from money transfers, it offers a wide range of financial services, such as bill payments, online shopping, and even investments.No Need for Bank Account: Your recipient does not need a bank account to receive money through Gcash.Speed: It is faster to send money to Gcash than traditional methods. Your recipient can receive the money instantly or within a few minutes, depending on the transaction type.Lower Fees: Due to its lower fees, it is a cost-effective method to send money to the Philippines.Extensive Network: Gcash has a vast network of partner merchants, banks, and money transfer companies in the Philippines, making it easy for the recipients to access and withdraw the money.Security: Various security measures such as PIN verifications, fingerprint scanning, and two-factor authentication are put in place to protect users’ accounts and transactions.How Does GCash Work?To use GCash, you need to download the GCash app from the App Store or Google Play and sign up for an account. You will enter your personal details (mobile number, name, address), complete the customer verification process, and create a secure PIN.After creating your account, you will need to fund your GCash Wallet. There are several ways to do this:Link your bank account or credit/debit card to your GCash accountDeposit cash at GCash partner outletsReceive money from other GCash users.Once your GCash is funded, you can start using it for various transactions, such as:Send money to other GCash users or non-GCash users through the “Send Money’ feature. This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.While Pangea does not offer direct transfer to a mobile wallet like GCash, you can still make an international transfer to the Philippines, and then your recipient can transfer that money to their GCash account.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. 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different world currencies
A Complete Guide to International Currencies

Whether it’s for conducting cross-border business, managing personal finances during travel, or analyzing global economic trends, an understanding of international currencies is essential for making sound financial decisions and thriving in an interconnected global economy.If you are a globetrotter seeking new adventures, a savvy investor navigating the global market, or simply an inquisitive mind fascinated by the intricacies of the financial systems, this guide will provide you with a comprehensive overview of international currencies, their characteristics, and the current state of the top international currencies.Central to our exploration of international currencies is the concept of exchange rates. We will also delve into how exchange rates work and the factors influencing them.Let’s unravel the mysteries of international currencies, connecting us all through the language of money.What is a Currency?A currency is a form of money used in a specific country or region as a medium of exchange for goods, services, and investments. Each currency is represented by a unique code, which helps distinguish it from other currencies. For instance, the United States dollar is denoted as USD, the euro as EUR, and the British pound as GBP.What are International Currencies?International currencies are monetary units that are widely accepted and used for transactions across national borders. They serve as a medium of exchange, facilitating trade, investment, and financial transactions between countries.  These currencies are typically issued and regulated by sovereign nations or groups of countries and they are accepted beyond their country of origin due to factors such as economic stability, geopolitical influence, and international trade relationships.Major international currencies, often referred to as reserve currencies, such as the US Dollar and the Euro are held in substantial quantities by central banks around the world to support international transactions and maintain financial stability. Other major international currencies include the British pound (GBP), Japanese yen (JPY), Swiss franc (CHF), Canadian dollar (CAD), Australian dollar (AUD), and New Zealand dollar (NZD).Some notable examples of international currencies include the Brazil currency ( Brazilian Real), Korean currency (Korean Won), Thailand currency (Thai Baht), Turkey currency (Turkish Lira), Vietnam currency (Vietnamese Dong), Poland currency (Polish Zloty), Sweden currency (Swedish Krona), Denmark currency (Danish Krone), Indonesia currency (Indonesian Rupiah), Singapore currency (Singapore Dollar), Czech currency (Czech Koruna), South Korea currency (KRW), Egyptian currency (Egyptian Pound), Swiss currency (Swiss Franc), Hong Kong Dollar, Malaysia currency (Malaysian Ringgit), and Israel currency (Israeli Shekel)These currencies represent various economies with unique characteristics and are actively traded in the global foreign exchange market. Exchange rates for these currencies fluctuate based on economic factors, market conditions, and geopolitical events, shaping their values relative to other currencies.List of International CurrenciesTop 10 Strongest Currencies as of June 2023The US dollar is generally seen as the most powerful currency in the world and certainly the most traded currency in the global financial market. The USD is also the largest reserve currency in the world. However, the greenback is not the strongest of the fiat currencies recognized as legal tender worldwide.Based on their relative value against the US dollar, here are the top 10 strongest currencies in the world as of June 2023.How Do Exchange Rates Work?The exchange rates are the rates at which one currency can be exchanged for another. In other words, they represent the ratio between two currencies and determine the price at which one currency can be bought or sold in relation to another.Exchange rates are quoted in currency pairs, such as USD/EUR or GBP/JPY, indicating how much of one currency is required to purchase one unit of the other currency.Understanding exchange rates is crucial for sending money abroad, making investment decisions, and managing currency risk management. They reflect the economic factors and market forces influencing the demand and supply of a currency.Types of Exchange RatesExchange rates can be classified into two categories:FixedFloatingFixed and floating exchange rates are two different systems used to determine the value of one currency in relation to another.Fixed Exchange RatesIn a fixed exchange rate system, the value of a currency is set and maintained at a fixed rate against another currency or a basket of currencies. This rate is typically established and controlled by a country's central bank or monetary authority. Governments may choose to fix their currency to another currency, such as the U.S. dollar, or a commodity like gold.An example of a fixed exchange rate is that of the Chinese Yuan (CNY). The People's Bank of China (PBOC) maintains a fixed exchange rate for the CNY against a basket of currencies, with the U.S. dollar being the predominant reference. The PBOC intervenes in the foreign exchange market to manage fluctuations and keep the exchange rate within a predetermined range.Advantages & Disadvantages of Fixed Exchange RatesThe advantages of fixed exchange rates include stability and predictability in international trade and investment. They can promote confidence in a country's currency and reduce currency risk for businesses engaged in cross-border transactions.However, maintaining a fixed exchange rate requires significant intervention by the central bank and limits its flexibility to respond to economic changes.Floating Exchange RatesIn a floating exchange rate system, currency values are determined by market forces of supply and demand. The exchange rate fluctuates freely based on factors such as interest rates, inflation, economic performance, political stability, and market sentiment. Governments do not actively intervene to control or fix the exchange rate.For example, the United States has a floating exchange rate system, where the value of the U.S. dollar is determined by market forces of supply and demand. The Federal Reserve influences interest rates and monetary policy but does not actively intervene to fix the exchange rate.Advantages & Disadvantages of Floating Exchange RatesFloating exchange rates provide flexibility for currencies to adjust based on market conditions, allowing them to find their equilibrium levels. This system allows for automatic adjustments to external shocks and economic imbalances. However, floating exchange rates can be volatile, which introduces uncertainty for international trade and investment, as exchange rates can vary significantly over time.Mixed Exchange Rate SystemIt's worth noting that countries can choose to switch between fixed and floating exchange rate systems depending on their economic policies and objectives.Many countries today adopt a mixed exchange rate system, also called managed float system, that combines elements of both fixed and floating systems. In this system, the exchange rate is influenced or guided by government intervention to avoid extreme fluctuations. This approach aims to strike a balance between stability and flexibility.For example, India follows a managed floating exchange rate system. The Reserve Bank of India (RBI) actively manages the Indian rupee (INR) against a basket of currencies, primarily focusing on the U.S. dollar. The RBI intervenes in the foreign exchange market to smoothen excessive volatility and maintain orderly conditions.Factors Influencing Exchange RatesExchange rates are influenced by a variety of factors, including the supply and demand for currencies in the foreign exchange market. Economic indicators, such as inflation rates, interest rates, trade balances, and political stability, can impact the demand for a currency and consequently affect its exchange rate.Exchange rates are also influenced by market speculation and government interventions, as central banks may adjust interest rates or engage in currency market operations to influence the value of their currency.These factors can be summarized as follows:Supply and Demand: Like any other commodity, the value of a currency is influenced by the forces of supply and demand. If the demand for a currency is high relative to its supply, its value typically increases. Conversely, if the supply of a currency outweighs the demand, its value may decrease.Economic Factors: Economic indicators, such as interest rates, inflation, GDP growth, employment data, and trade balances, can significantly impact exchange rates. Stronger economic performance often attracts foreign investment and boosts demand for a currency, leading to appreciation: Strong economic growth, trade surpluses, and low unemployment rates can contribute to currency appreciation.Interest Rates: Higher interest rates in a country can attract foreign investors seeking better returns, increasing demand for the currency and potentially strengthening its value. At the same time, lower interest rates may discourage foreign investment and lead to currency depreciation.Inflation: Countries with higher inflation rates tend to experience currency depreciation as the purchasing power of the currency diminishes. On the other hand, countries with lower inflation rates may witness currency appreciation.Balance of Trade: A positive balance, with exports exceeding imports, boosts foreign currency reserves, allowing a country to lower interest rates, spur economic growth, and fortify its currency exchange rate.Public Debt: Public debt and its potential inflationary impact, as well as its deterrent effect on foreign investment, can devalue a currency.Current Account Deficit: The current account deficit is interconnected with the balance of trade, and arises when a country's expenses surpass its earnings. A greater current account deficit relative to a trading partner can diminish a country's currency value compared to that partner's currency.Political Stability: Political stability fosters investor confidence, attracts foreign capital, and strengthens a currency.Market Sentiment and Geopolitical Factors: Political stability, geopolitical tensions, and investor confidence are just a few examples of the factors that can affect market sentiment and, consequently, exchange rates. Positive sentiment can lead to currency appreciation, while negative sentiment can result in depreciation.Government Interventions: Governments possess a range of methods to manage their currency exchange rates. These strategies include adjusting interest rates, purchasing or selling foreign currency, influencing lending rates, printing money, and implementing additional measures. These interventions are typically done to maintain stability, support economic objectives, or address extreme fluctuations.Do Exchange Rates Matter When Sending Money Abroad?Yes. Exchange rates matter when sending money abroad. Being aware of exchange rates and seeking favorable rates can help ensure that you, as a sender, maximize the value of your transfer and provide your recipient with the most beneficial outcome.Top reasons why exchange rates matter when sending money abroad include:Value of the Transfer: Exchange rates determine the conversion of one currency to another. When sending money abroad, the exchange rate determines how much of the sender's currency will be converted into the recipient's cash. A favorable exchange rate can result in the recipient receiving more funds, while an unfavorable exchange rate can reduce the value of the transfer.Cost of the Transfer: Exchange rates impact sending money abroad. If the exchange rate is unfavorable, it means that the sender's currency will have a lower value when converted to the recipient's currency. As a result, the sender may need to transfer a larger amount of their currency to achieve the desired value in the recipient's currency, resulting in higher transfer costs.Timing of the Transfer: Exchange rates are subject to fluctuations due to various economic and market factors. The timing of the money transfer can significantly impact the exchange rate obtained. By monitoring exchange rate movements, the sender can choose a favorable time to initiate the transfer and potentially optimize the value of the transfer.Cost Comparisons: Different service providers offer varying exchange rates for currency conversions. Comparing exchange rates among different providers can help the sender find the most favorable rate, allowing for more value to be transferred to the recipient.How to Send Money AbroadSending money abroad involves several steps to ensure a smooth and secure transaction.Research Transfer MethodsThere are different methods for sending money abroad, such as bank transfers, online payment platforms, or remittance services. You can compare fees, exchange rates, and delivery options to choose the most suitable method for your needs.Collect Recipient InformationCollect the necessary information from the recipient, including their full name, contact details, and bank account information. Ensure you have accurate and complete details to avoid any delays or errors in the transfer.Choose a Service ProviderSelect a reputable service provider or institution to facilitate the money transfer. Consider factors such as fees, exchange rates, transfer speeds, and customer reviews when making your choice. Specialized money transfer companies are better than banks or other financial institutions, as they tend to have higher transfer costs, slower transfer speeds, and hidden fees.Initiate the TransferProvide the required information to the service provider, including your details, the recipient's information, and the amount you wish to send. Double-check all details for accuracy before proceeding.Pay for the TransferFollow the instructions provided by the service provider to pay for the transfer. This can usually be done through various methods such as bank transfers, credit/debit cards, or online payment platforms. Ensure you understand the fees and any additional charges associated with the payment.Confirm and Track the TransferAfter initiating the transfer and making the payment, the service provider will provide you with a confirmation or transaction reference number. Keep this information safe and use it to track the progress of the transfer. Most service providers offer tracking options to monitor the transfer's status.Notify the RecipientInform the recipient that you have sent them money and provide any necessary transaction details or reference numbers they may need to receive the funds. Advise them to monitor their account for the incoming transfer.ConclusionUnderstanding international currencies and exchange rates is important for anyone engaging in global transactions. Having a comprehensive knowledge of different currencies and their dynamics will empower you to navigate the complexities of the global economy more effectively.It is advisable to compare the available options before finalizing your decision when sending money overseas. While banks may seem convenient for international transfers, specialized money transfer providers offer superior exchange rates, transparent and affordable fees, and speed. Use the CompareRemit compare tool to view today's best exchange rates when sending money overseas!

10 Best International Money Transfer Services 2023
10 Best International Money Transfer Services 2023

In today's globally connected society, sending money abroad has become a routine necessity. Choosing the best international money transfer service is essential, whether you need to support family members, pay for goods and services, or make investments abroad. Finding the ideal selection can be difficult due to the abundance of options.We have carefully selected a list of the 10 best international money transfer services for 2023 and included it in this guide. By offering comprehensive information, evaluations, and comparisons, we hope to assist you in making an informed choice.What is an International Money Transfer?An international wire transfer is a way to electronically transfer money between bank accounts in several countries. The sender must contact their bank to start the transfer and provide the recipient's bank information, including the account number and pertinent codes. The transaction is then completed through an electronic transfer of funds between the two banks.Factors to Consider While Using International Money TransfersExchange Rates: The exchange rate between currencies is crucial when deciding to send money to another country. Look for providers with competitive rates that are close to mid-market pricing. Some businesses also offer real-time or guaranteed rates, which can be useful in volatile markets. Compare rates from various suppliers to guarantee you get the best deal.Fees: The cost of an international money transfer varies by service provider. It usually includes two kinds of fees: the sending fee levied by the sender's bank and the receiving cost levied by the recipient's bank. Furthermore, exchange rates play a significant role in determining the final cost.Transfer Speed: Compare the rates at which different providers perform transfers. Some transfers are processed in minutes, while others may take several business days. Consider your urgency and select a service that can meet your deadline.Transfer Amount: Taking into account how much money you are sending is also crucial. For small transfers, many businesses can help you send money. However, for large sums, it's advisable to choose a company specializing in corporate transfers. Avoid using banks for significant overseas transfers due to their high fees.Reviews: Read user reviews and testimonials to gain insight into other customers' experiences. Consider both positive and negative comments to gain a balanced view of service quality and customer satisfaction.What are the Things to Look for in International Money Transfer Companies?There are some crucial elements to consider while selecting a money transfer company. You can choose a service provider that matches your individual demands and assures a seamless and secure transfer experience by carefully examining these factors. Here are some important things to check for:Reliability and SecurityLook for suppliers who are licensed and regulated in the countries they operate in. Consider their track record, reputation, and security measures in place, such as encryption and two-factor authentication.Competitive Exchange RatesCompare the rates provided by various money transfer companies and look for those that provide competitive rates similar to mid-market pricing.Transparent FeeLook for service providers with a transparent and upfront fee structure and no hidden expenses. Compare the sending and receiving fees, as well as any additional fees that may apply to your particular transfer.Transfer Speed and ConvenienceSome transfers are processed in minutes, while others may take several business days. Determine your level of urgency and select a service that can meet your deadline. In addition, consider the transfer process's comfort, such as ease of use, user-friendly interfaces, and various transfer options (online, mobile app, etc.).NetworkSome companies have vast networks and relationships that enable seamless transfers to a variety of nations. Check to see if the money transfer company covers the precise places you require.Customer ServiceLook for a money transfer provider with dependable and quick customer care. This can be done via phone, email, live chat, or extensive FAQs.ReviewsRead user reviews and testimonials to learn about other customers' experiences. Their feedback can provide information on service quality, dependability, and overall client happiness. Regulatory ComplianceDetermine whether or not the service provider complies with applicable legislation and anti-money laundering procedures. This ensures that they conform to tight norms and legal regulations, providing an additional degree of protection and legality to your transfers.How to Send Money Internationally Using a Money Transfer CompanyHere are the precise steps to follow when sending money abroad via a money transfer service.Sign up for an account online at the business's main website using your name, contact details.Verify your identity. in step two. Depending on how much money you're sending, different companies have varying criteria.Enter your transfer amountProvide your recipient’s name, contact information & their bank details (account number, and branch number or bank identifier code (SWIFT BIC or IBAN).Pay the money transfer company with funds from your bank account.Track the transfer status online or through email.The transaction is finished when the money reaches the receiver's bank account.How to Get the Best Exchange Rates When Sending Money OnlineWhen transferring money online, getting the best exchange rate is critical to maximizing the value of your overseas transfer. Here are some techniques for obtaining a favorable exchange rate:Research and analyze multiple money transfer companies by comparing their currency rates and overall costs, including fees. Use money transfer comparison platforms like CompareRemit or visit providers' websites to ensure an informed decision.Get to know the mid-market rate (the interbank rate or the real exchange rate). Using comparison tools like CompareRemit, compare the mid-market rate to the rate that money transfer services are offering. Find a provider with rates that are as close to the mid-market rate as possible.Exchange rates fluctuate owing to market conditions. Consider timing your transfer when rates are lower, but be aware that predicting exchange rate movements can be challenging. Strike a balance between timing and the urgency of your transfer.Certain money transfer providers offer the option to lock in an exchange rate in advance allowing you to secure a fixed rate for a specific duration, protecting you from potential volatility.Forward contracts are useful for larger transfers or future payments. They enable you to fix the currency rate at the start of the contract, even if the actual transfer occurs later. This provides peace of mind and safeguards you against adverse currency fluctuations over time.10 Best International Money Transfer CompaniesXe Money TransferXe Money Transfer is a well-known brand in the international money transfer industry. It has several services that distinguish it from other businesses in the industry, such as easy currency conversion and same-day money transfers to more than 170 nations across all six continents.Because of its great exchange rates and lack of additional fees for sending money, Xe Money Transfer is quite popular. They are largely an internet business that offers web and mobile platforms that let users manage domestic and international money transfers from any location. On the business website, each user has the option to create a personal account that is accessible and usable around the clock.Their website receives close to 300 million visitors a year, and more than 70 million people have downloaded their app. With such a large customer base, Xe collaborates with more than 200 top worldwide companies, including Apple, Google, Walmart, and Amazon, and in 2015 alone, it enabled the secure and timely transfer of over $74 billion.Xe is regulated by central banks and financial regulatory agencies all over the world.Pros of Xe Money Transfer Offers competitive exchange rates, which are frequently close to the mid-market rate. Zero transfer fees for international money transfersTransparent and offers a secure platform for sending payments. Covers a wide range of currenciesAccessible via Mobile app and web platformCons of Xe Money Transfer Only offers bank-to-bank transfersIt may not be the quickest solution for urgent transfersRestricted service in particular countries or locationsLack additional services such as bill payment or mobile top-upsWiseWith a 4.5 out of 5 Trustpilot rating, Wise, formerly known as TransferWise, is a well regarded and reliable business for international money transfers. With over 16 million customers transmitting a combined amount of about £76.4 through their platform annually in more than 70 countries, they have a sizable customer base.The business has physical locations in 17 different countries. For their services, Wise charges a fee, but it's typically minimal, with some transfer fees as low as $1 plus a 1% commission on the overall transfer amount. It is a decent option for modest transactions because of its low fees.Wise doesn't charge any additional costs that aren't disclosed up front. They provide a variety of ways to send money, including direct bank transfers, debit and credit card payments, bank wire transactions up to several million dollars (or currency equivalents), and Apple Pay.Although Wise offers next-day transfers, they might not be applicable to all transactions, and the recipient could not have instant access to the funds due to their bank's availability.One of Wise's main advantages is that they use the government-established official exchange rate and adjust their own rate in accordance with it. Pros of Wise Transparent and low fees Fast and Efficient transfers (transactions completed in a few hours or even minutes for certain currency corridors)Accepts a wide selection of currenciesCons of Wise Customers must have a bank account in order to initiate transfers There are transfer limits based on the user's location and verification levelNo cash pickup services. WorldRemitOne of the first brands in the global money transfer industry, WorldRemit is currently valued at about $6 billion. WorldRemit has transformed the remittance industry in some regions, such as Asia and Africa, by offering immigrant workers easily accessible and reasonably priced money transfer services.Even though WorldRemit charges significant margins on its currency exchange rates, it is still far less expensive than conventional banks. The regular special offers and online coupons that clients can use to reduce the fees on their overall transfer amount are another area where WorldRemit excels.Online complaints concerning WorldRemit's customer service and how quickly it answers client issues are common when it comes to customer happiness. However, they make up for it by providing affordable charges, simple online resources, and excellent coverage.Pros of WorldRemit Services available in over 150 countriesOffers a variety of transfer methods, including bank transfers, cash pickups, mobile wallet transfers, and airtime top-ups.Easy-to-use internet platform and mobile app for initiating, tracking, and managing money transfers. Cons of WorldRemitTransfer fees can vary depending on factors such as the amount being transferred, the destination country, and the payment method used.Complaints of delayed verification processInstaremOne of the fintech newcomers to the international money transfer market is Instarem, which prioritizes cutting-edge solutions. Based out of Singapore since 2014, Instarem makes money transfers easy, quick, and reliable for everyone who needs to send or receive money.Instarem has a fantastic mobile app that prioritizes modern design and user experience. They lack true customer assistance and rely on AI to help consumers with their demands, like many contemporary financial businesses. Despite the fact that this is the way to go, many people lament their inability to find timely solutions to their problems.For the majority of its consumers, Instarem can be quite cost-effective. The sending and receiving countries and currencies will determine the fees and exchange rates, although generally speaking, there are no transfer fees.Instarem also offers a rewards program: for signing up, introducing other users, and donating money, customers can accrue reward points. Reward points can then be redeemed and added to the transfer amount.Pros of InstaremCharges affordable and transparent transfer fees Transfers that are quick and efficient.Supports transfers to many nations throughout the worldCons of InstaremOnly allows bank-to-bank transfersAccess restricted in some countries.Limited additional services (bill payments or mobile top-ups not available)RemitlyRemitly, a Seattle, Washington-based company, was established to provide quick international money transfers. It mostly handles remittances—sending money to friends and family who live abroad. Remitly has its own physical facilities in almost 60 countries and operates through a vast network of over 30,000 institutions all around the world. This makes sending and receiving money in a secure, dependable manner incredibly handy for everyone who utilizes them.Since Remitly isn't designed for large transfers, it is only natural that it doesn't provide hedging alternatives or professional dealers. Personal users that send little sums of money internationally make up their customer base. Over 70 different currencies are available for users to pick from, and transfers may be completed in a matter of minutes.The amazing thing about Remitly is that you can accrue perks as you utilize them more frequently. They have a fantastic referral scheme, and you can enable a greater limitation on your maximum sending capacity if you supply more official documentation.The amount of money you're transferring, the speed of the transfer, the payment method you'll use, and the destination country are all factors that affect Remitly's transfer rates.Pros of Remitly Provide rapid transfers with some transactions being processed in as little as a few minutes.Remitly's conversion rates are usually competitiveCovers a huge number of nationsMultiple payment and receiving optionsCons of Remitly Transfer Fees vary depending on the country and quantity transferred.Imposes limits on transfer amountPanda RemitPanda Remit is a digital remittance provider that specializes in money transfers between the UK and China. They provide reasonable exchange rates and cheap costs, making it an appealing option for people and businesses sending money between these two countries.Panda Remit focuses on delivering an easy-to-use internet platform and mobile app for quick and easy transfers. Panda Remit ensures that payments are sent safely and efficiently by emphasizing security and compliance.Additionally, Panda Remit offers real-time transfer notifications via SMS, WeChat, or email to keep consumers updated throughout the procedure. Various delivery alternatives, including a direct deposit to digital wallets, bank cards, or cash pickup, are available for the payment methods of bank transfers, debit cards, and ATM transfers.Customers may effortlessly transfer money overseas thanks to the company's user-friendly PandaRemit mobile app, which offers a 100% satisfaction guarantee.Pros of Panda RemitOffers competitive exchange ratesLow transfer costsA user-friendly web platform that makes it simple to initiate and track transactionsCons of Panda Remit Restricted Coverage and Destination choicesTransfer times may vary based on factors such as the destination country and the banking systems involved. It may not be the quickest solution for time-sensitive transactions.PassToPassTo is an international money transfer service that allows customers to send money to nations all over the world. They provide a variety of transfer options, such as internet transfers, mobile top-ups, bill payments, and digital vouchers.PassTo offers reliable and safe transfers through its trusted network of partners, with an emphasis on user experience and customer satisfaction.The majority of transfers using PassTo are finished in under a minute. There are numerous ways to make a payment, including debit/credit card payments and transfers between bank accounts. It provides a variety of payment options, including bank deposits, mobile wallet credits, airtime top-ups, and cash pickups.PassTo uses cutting-edge security measures to protect transactions and user data, and it is authorized and governed by the Financial Conduct Authority (FCA) in the UK. Depending on the nation, there may be a maximum transfer limit of GBP 3,000 per day, GBP 8,000 per month, and GBP 50,000 per year.Pros of PassToOffers a wide range of transfer options (bank transfers, mobile wallet transfers, and cash pickups). A large network and serves many countries throughout the worldEnhanced security measuresCons of PassToLimited Availability in Some RegionsReports of difficulties contacting customer support or receiving assistance PomeloPomelo is a prominent money transfer firm that offers consumers and businesses globally convenient and secure foreign transfer services. Pomelo seeks to simplify the process of moving money across borders by emphasizing convenience and competitive pricing.Pomelo's user-friendly internet platform is one of its most notable characteristics. The platform offers a simple transaction process, whether you're a first-time user or a seasoned sender.Pomelo prioritizes security, and they use advanced encryption technology to safeguard user data and financial activities. While Pomelo has numerous advantages, certain aspects must be considered. Transfer costs may apply and vary depending on criteria such as transfer amount, destination country, and payment method selected.Pomelo's availability may be limited in some areas. Before selecting Pomelo as your preferred  international money transfer company, be sure it functions in the intended location.Pros or Pomelo Offers a user-friendly online platform that allows users to easily initiate and track money transactions. Users can enjoy competitive exchange rates.Places a high priority on the protection of user data and financial transactions.Cons of PomeloVariable transfer fees based on transfer amount, destination country, and payment method used.Coverage may be limited in certain locations or nations.PlacidPlacid Money Transfer is a well-known and trustworthy international money transfer company that enables individuals and organizations to send and receive money across borders. Placid attempts to deliver a smooth experience for its users by emphasizing accessibility, cheap rates, and comprehensive services.Placid Money Transfer's extensive network coverage is one of its most noticeable qualities. The program offers transfers to multiple countries throughout the world, allowing users to send money to a variety of locations. Placid also provides competitive exchange rates, allowing consumers to get the most out of their money transfers. Placid provides a variety of helpful features in addition to its main money transfer services. In some nations, they include cash pickups, mobile wallet transfers, and even home delivery of funds. Such adaptability provides consumers with a variety of options to meet their individual preferences and circumstances.While Placid Money Transfer has various advantages, certain concerns must be considered. Transfer costs may apply and vary depending on criteria such as transfer amount, destination country, and payment method selected. To understand the fees associated with their transactions, users should check the price structure.Furthermore, the availability of Placid's services may vary by region. Before deciding on an international money transfer service, it is a good idea to see if Placid operates in the chosen location.Pros of PlacidPlacid has extensive network coverageProvide competitive exchange ratesHas a variety of transfer alternatives to accommodate a wide range of user requirements. Multiple delivery options: cash pickups, mobile wallet transfers, and even home delivery of money. Cons of Placidits availability in particular places may be limited.Does not provide a broad variety of ancillary services like bill payment or mobile top-ups. SkrillSkrill Money Transfer is a well-known online payment and international money transfer service that enables individuals and organizations to send and receive money from across the world. One of the primary benefits of Skrill Money Transfer is its simplicity. The platform is designed to be simple and easy to use, making it suitable for users of all levels of experience. Users may quickly create an account, add their bank accounts or credit cards, and begin sending money to others all around the world.Skrill Money Transfer also provides competitive exchange rates, guaranteeing that users receive the best possible rates when transferring currencies. This may result in cost savings when compared to traditional banks or other money transfer services. You can compare the top money transfer companies side by side on CompareRemit. Pros of SkrillA user-friendly site that is simple to access and comprehend, making it accessible to users of all skill levels.Offers competitive exchange ratesEnables transfers to over 180 countries, providing extensive global coverage.Cons of SkrillReports of difficulties contacting Skrill's customer service or receiving assistance on time. Limited Payment Options (may not support all local payment methods in every country) Frequently Asked QuestionsHow long does it take to send money internationally?The time it takes to send money internationally varies based on the service provider and the destination country. It can take anywhere from a few minutes to several business days.How safe are international money transfers?Yes, respectable money transfer firms use advanced security methods to safeguard your financial information and assure safe transactions. It is critical to select a reputable and licensed provider.Are there any fees involved with international money transfers?The rates for international money transfers vary depending on the supplier. Transaction costs, exchange rate fees, and receiving fees are all possible. Before initiating a transfer, it is critical to review the pricing structure of each service.Is there a limit to how much money I can send internationally?Yes, there are normally limits on how much money you can send abroad. These restrictions may differ depending on the service provider, the destination country, and local regulations. It is critical to review the particular limits for each provider.ConclusionWhen you want to send money overseas quickly, reliably, and affordably, specialist  international money transfer services are a fantastic alternative to banks.While sending money overseas, selecting the correct money transfer service is critical. Make an informed decision by examining factors such as exchange rates, costs, transfer speed, security, and customer service. Compare multiple service providers to find the ideal alternative that provides competitive pricing, low fees, and a flawless user experience. We recommend that you visit CompareRemit to make the process of comparing money transfer services easier. Don't settle for subpar rates or high fees.Use CompareRemit today to find the best international money transfer service for your needs!

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