• Norway's news in English
 
expat_finances
What's the best way for expats to transfer money abroad?
Photo: Philip Brewer/Flickr

What's the best way for expats to transfer money abroad?

TT/The Local · 11 Apr 2016, 09:02

Published: 24 Feb 2016 09:02 GMT+01:00
Updated: 11 Apr 2016 09:02 GMT+02:00

And then there are those little things that still make a huge difference in the long run – like how to send money back home, or from home to your new location.

A recent analysis by consumer research organization Which? found that expats transferring money overseas can lose out on massive sums of money depending on what service they use.

Make the wrong choice and you could lose hundreds of euros.

Which? examined 16 different providers including big banks and other international payment providers, testing how much bang customers get for sending their bucks abroad.

Transfer service CurrencyFair – founded by expats, for expats – came out on top.

In comparison to bank Santander, which came in last place, CurrencyFair offered users €400 more on a payment of £10,000, even beating out competitors like TransferWise and HiFx.

"Perhaps unsurprisingly, the banks were bottom of our rankings," the report states.

So what exactly is CurrencyFair, and how do they give expats such good deals?

“CurrencyFair is a way of transferring money internationally without involving international transfers," cofounder Brett Meyers explains.

The Australian expat found he was losing hundreds on poor exchange rates when he moved to Ireland, and decided to solve the problem on his own, launching CurrencyFair in 2010 with several colleagues.

“It works on the principle that I might be sending euros back home to Australia for Christmas, at the same time there’s plenty of people with Aussie dollars that want euros,” Meyers says. “For example, a person who emigrated there needs to send money back to pay the mortgage.”

The service charges just a €3 fee per transaction, cutting out the middleman present in a bank transfer - and saving customers money.

With 18 currencies offered, the service has quickly become a natural choice for expats, and since its launch users have used CurrencyFair to transfer more than €3 billion.

“CurrencyFair’s online platform makes exchanging and sending currency around the world simple," one reviewer writes of the service.

"Rates are transparent, each transaction status is regularly updated and the platform is very easy to use and user friendly. Most importantly, for regular users, the savings can be substantial.”

Click here to try CurrencyFair today

This article was produced by The Local and sponsored by CurrencyFair.

 

For more news from Norway, join us on Facebook and Twitter.

TT/The Local (news@thelocal.se)

Today's headlines
Norwegian motorist kills 19 reindeer in bloody collision
Reindeer collisions are a frequent occurence on Norway's roads, but rarely on this scale. Photo: Alcino/Flickr

A Norwegian man crashed into a herd of reindeer Tuesday night, killing at least 19.

Norwegian renters’ association: Regulate AirBnB
Poster in Berlin aimed at deterring tourists from using AirBnB. Photo: Gunnhild Hokholt Bjerve / NTB Scanpix

The association is concerned that the popular holiday rental site may be driving up rental prices in Norway's biggest cities.

Researcher: Norwegian politicians should stay out of US election
Minister of Climate and Environment Vidar Helgesen. Photo: Håkon Mosvold Larsen/NTB Scanpix

Norwegian politicians have no business getting involved in the US presidential election, says Hilmar Mjelde from the University of Bergen.

Norwegian minister: Immigration reforms inadequate
Integration Minister Sylvi Listhaug. Photo: Lise Åserud/NTB Scanpix

Integration Minister Sylvi Listhaug of the anti-immigration Progress Party warned that further immigration and asylum restrictions may be on the way.

Tourist presumed dead after Norwegian waterfall drop
Photo: Ned Alley/NTB Scanpix

An American tourist is feared dead after falling from a height of at least 20 metres into a waterfall late Sunday afternoon.

Number of Norwegians joining Isis in decline
Ubaydullah Hussain and his lawyer, Hilde Wiig Nicolaysen. Hussain was charged with recruiting foreign fighters to the terror group. Photo: Terje Pedersen / NTB scanpix

A number of recently published reports from Scandinavian intelligence services suggest that Isis recruitment peaked across Denmark and the rest of Scandinavia in 2013/2014.

Man kicked off Norwegian flight over 'Isis tattoo'
A Norwegian plane at Stockholm Arlanda Airport. Photo: Johan Nilsson/TT

A Norwegian flight from Sweden was delayed after it was claimed that one of the passengers had an Isis flag tattooed on his arm.

Norway terror: Five years later
Norway PM: ‘Time does not heal all wounds’
PM Erna Solberg, Crown Prince Haakon and Crown Princess Mette-Marit lay wreaths in Oslo on Friday as Norway marks five years since the terror attack that killed 77 people. Photo: Vegard Wivestad Grøtt

Norwegian PM Erna Solberg addressed the nation on Friday as Norway marked the fifth anniversary of a right-wing fanatic’s hateful terrorist attack.

Norway terror: Five years later
Norway's open values intact five years after Breivik attack
The inscription reads: "If one man can display so much hate, think of how much love we can all display together". Photo: Dennis Lehmann/Scanpix

"If July 22nd, 2011 was a test for democracy, I think one can say we have passed it."

Man who fired on Norway police used starter's gun
File photo: Vegard Wivestad Grøtt / NTB scanpix

The Bergen man who precipitated Monday’s rare police shooting fired on officers with a starter police.

Sponsored Article
Why you should attend an international job fair
Danish scientist: Mysterious 'blue blob' caused by weather
National
Danish scientist: Mysterious 'blue blob' caused by weather
Norwegian school permits burkini in swimming classes
Education
Norwegian school permits burkini in swimming classes
Norway's ‘biggest sovereignty concession’ to EU in years
National
Norway makes ‘biggest sovereignty concession’ to EU in years
Sponsored Article
Avoid hidden fees when sending money overseas
Norway boosts defence against Russia threat
International
Norway boosts defence against Russia threat
Sponsored Article
Why expats choose international health insurance
FACT-CHECK: No, Norway isn’t banning diesel and petrol cars
National
FACT-CHECK: No, Norway isn’t banning diesel and petrol cars – yet
Norway aims to be climate-neutral by 2030
National
Norway aims to be climate-neutral by 2030
Migrant numbers plunge as Norway now 'less attractive'
National
Migrant numbers plunge as Norway now 'less attractive'
Sponsored Article
Why Swiss hospitality graduates are in demand
Society
Record number of kids mark Norway's National Day
Sponsored Article
Gran Canaria: Where Swedes go to work (and play)
Take a ride on Norway's most spectacular road
Travel
Take a ride on Norway's most spectacular road
All 13 on board die in Norway helicopter crash
National
All 13 on board die in Norway helicopter crash
Sponsored Article
Five things Americans should know about voting abroad
National
Norway violated mass murderer's human rights: court
Sponsored Article
Avoid hidden fees when sending money overseas
Modern-day Norwegian Viking conquers Instagram
Lifestyle
Modern-day Norwegian Viking conquers Instagram
Global protests condemn 'legal kidnapping' in Norway
National
Global protests condemn 'legal kidnapping' in Norway
Norway to allow gay church weddings
Society
Church of Norway to allow same-sex weddings
Sponsored Article
Why expats choose international health insurance
'No means no': Norway sends migrants on anti-rape courses
National
'No means no': Norway sends migrants on anti-rape courses
For first time, majority in Norway don’t believe in God
Society
For first time, majority in Norway don’t believe in God
Sponsored Article
Why Swiss hospitality graduates are in demand
Norway preps 'breakthrough' on gender change
Health
Norway preps 'breakthrough' on gender change
Breivik says he'll fight 'to the death' for Nazism
National
Breivik says he'll fight 'to the death' for Nazism
2,087
jobs available