Let’s be honest: Sending money abroad shouldn’t feel like paying a secret tax. Yet, for most people, it does. You plan to send $500 to family back home, but by the time it lands, a chunk of it has quietly disappeared. The culprits? Hidden fees, poor exchange rates, and transfer services that charge more than they should.
At Korrency, we believe you deserve better. Whether you’re supporting loved ones, investing, or handling business, every dollar counts. That’s why it’s important to understand how to save money on transfers by choosing the right platforms, comparing rates, and avoiding the little costs that add up. In this guide, we’ll break down exactly how to keep more of your money when sending it internationally, simply, clearly, and without all the financial jargon.
Understand How Exchange Rates Affect Your Transfer
When you send money abroad, what really decides how much your recipient gets isn’t just the amount you send; it’s the exchange rate. Most people ignore it, but it’s the silent factor that determines whether you get full value or lose a few extra dollars without realising it. Here’s what you need to know:
- Exchange rate basics: It’s simply how much one currency is worth compared to another. For example, if ₦1,500 equals $1 today but ₦1,550 equals $1 tomorrow, the rate has changed, and so has your transfer value.
- Mid-market rate: This is the fairest rate you can get, the one you see on Google. But most banks and transfer services add a hidden margin on top, so you end up losing a percentage.
- Transparent rates save you money: Korrency shows you the real exchange rate offered upfront, helping you save money on transfers without worrying about markups or surprises.
When you understand how rates work, you can choose the best time and platform to transfer money internationally, and keep more of it where it belongs.
Compare Money Transfer Services Before You Send
One of the biggest mistakes people make when sending money abroad is sticking with the first platform or bank they find. The truth is, not all money transfer services are created equal, and the difference between them can easily cost a few extra dollars per transfer.
Here’s why comparison matters:
- Different fees, different results: Some services charge a flat fee, while others sneak in conversion fees or hidden charges. Always look for a provider that shows fees upfront and explains where every cent goes.
- Exchange rates vary: Even a small difference in the exchange rate offered can mean your recipient receives less money. Always compare rates before you confirm a transfer service.
- Speed and limits count: For large transfers, check transfer speeds and transfer limits. Some services process within minutes, while others take a full business day or more.
- Transparency saves money: Korrency keeps everything clear, no middlemen, no surprises, and always competitive rates.
The best way to save money on transfers is simple: take a few minutes to compare. A little research before hitting “send” can go a long way in keeping your hard-earned money intact.
Avoid Hidden Fees And Bank Tricks
Let’s call it what it is: Banks can be sneaky. They’ll advertise “zero fees” or “instant transfers,” but somewhere between your account and your recipient’s, a few dollars vanish. These are the infamous hidden fees that make sending money feel like solving a mystery.
Here’s how banks quietly take a cut:
- Intermediary fees: When you make wire transfers or bank transfers, your money sometimes passes through intermediary banks that charge their own processing fees, and you’ll never see them listed upfront.
- Exchange rate markups: Many banks offer “special rates” that sound good but actually include a small margin to the exchange rate, meaning you lose more money than you think.
- Recipient deductions: Sometimes the recipient’s bank charges a fee before the money even arrives in their account.
- Flat fees that don’t stay flat: Some services say they charge a flat fee, but that changes when you send large transfers or use a different currency.
At Korrency, we do things differently. Our transparent fee model means you see exactly what you pay. There are no hidden charges or surprises, just honest pricing that helps you keep more of your money where it belongs.
Choose The Best Way To Send Money Internationally
There is no one-size-fits-all method for sending money internationally. The right method depends on where you’re sending from, how fast you need it delivered, and how much you’re willing to spend on fees. Picking the best method can be the difference between saving and overspending.
Here’s how to choose wisely:
- Bank transfers: Secure but often expensive, especially when multiple fees and poor exchange rates are involved.
- Money transfer apps: Korrency offers competitive rates, low fees, and fast delivery, great for both smaller transfers and high-value transfers.
- Multi-currency accounts: These let you hold, send, and receive international money in different currencies without constant conversions or conversion fees.
- Rate alerts and tracking: Use features that notify you when exchange rates improve, so you can send at the best time.
Korrency makes it easy to choose the best option for your specific transfer, whether it’s personal, business, or a money transfer from Canada. With transparent pricing and faster processing, you always get value for your money without the usual headaches.
Tips To Keep More Of Your Money On Every Transfer
Saving money on international transfers isn’t just about finding one good deal; it’s about making smart, consistent choices every time you send. A few small habits can make a big difference in how much of your money actually reaches your recipient. Here’s how to stay ahead:
- Time your transfers: Exchange rates fluctuate daily. Use rate alerts to track changes and send when the exchange rate offered is most favourable.
- Avoid unnecessary conversions: Use a multi-currency account to hold funds in different currencies until you’re ready to send.
- Plan large transfers carefully: For high-value transfers, always double-check transfer speeds and limits and ensure your money is ready before initiating.
- Compare every time: Even if you’ve used a service before, always check if there’s a cheaper or faster way to transfer.
- Look for transparency: The cheapest way to send money isn’t always the one that claims “no fees”, it’s the one that clearly shows the cost of your transfer upfront.
With Korrency, every transfer is built for transparency and value, so you can send confidently, keep your money, and focus on what really matters: the people you’re sending it to.
Learn How To Save And Keep More Of Your Money
At the end of the day, sending money abroad shouldn’t feel complicated or costly. The truth is, most people lose money not because they have to but because they don’t know where the hidden fees are. Once you understand exchange rates, compare money transfer services, and choose the right way to send money internationally, you’re already miles ahead.
At Korrency, our goal is simple: help you save money on transfers and make international payments feel effortless. Whether you’re sending money home, paying for a project, or supporting family, we believe you should always know exactly what you’re paying, and why.
So before your next transfer, take a minute to compare rates, review fees, and choose transparency over guesswork. You’ll be surprised how much more of your money actually gets to where it’s supposed to go. Start your next transfer with Korrency, the smarter, cheaper, and more transparent way to send money internationally.
