Left Menu
Development News Edition

MoneyHub compares various companies for money transfer services

MoneyHub’s guide to international money transfers explains to consumers everything they need to know to get the best foreign exchange rate and pay the lowest fee.


MoneyHub compares various companies for money transfer services
MoneyHub’s guide to international money transfers explains to consumers everything they need to know to get the best foreign exchange rate and pay the lowest fee. Image Credit: Pxhere

MoneyHub has published a guide to money transfers, designed to explain and compare the various companies offering 'best rate' services. MoneyHub's guide to international money transfers explains to consumers everything they need to know to get the best foreign exchange rate and pay the lowest fee.

MoneyHub Senior Researcher Christopher Walsh said:

"Before making a money transfer, or converting currency, we suggest consumers check the real mid-market rate. This can be done using Google, for example searching "NZD to GBP" and seeing what it shows. This will work for any currency, e.g. "NZD to Thai Currency". Despite an array of providers advertising themselves as market leaders with the 'best' rate, we observed few providers offering a mid-market rate".

"We studied the seven online transfer websites over a period of five days during June 2019, to compare the total amount received in local currency for a range of NZD amounts. We used bank transfer as the method of payment and compared the cost of sending a range of payments (NZ$100 to NZ$5,000) to AUD, INR, GBP, EUR, USD, CAD, SGD, JPY, MXP, and ZAR. Our results, which will be updated again in early 2020, showed TransferWise offered the best exchange rate and lowest fees for the transfer sizes we sampled".

"Ultimately, the best way to compare each money transfer company is to ask how much foreign currency you will get for your New Zealand dollars after all charges have been deducted. Online tools make it easy, so the average consumer can get around five quotes in less than two minutes. It's then relatively straightforward to use the provider with the best foreign currency for NZD".

"We expect our detailed guide to international money transfers to be popular, and our research team will be updating the details on an ongoing basis".

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

Mavericks' Doncic sitting out, no showdown with Young

A highly anticipated showdown between young All-Stars Luka Doncic of the Dallas Mavericks and Trae Young of the Atlanta Hawks wont occur Saturday night after Doncic was ruled out for the game in Atlanta with soreness in his right ankle. Don...

UPDATE 3-Now to end 'long suffering': South Sudan's former rebel leader sworn in as first vice president

Former rebel leader Riek Machar was sworn in as South Sudans first vice president on Saturday as part of a unity government with his former adversary President Salva Kiir, a tentative step towards peace after years of civil war ravaged the ...

UPDATE 3-In Nevada, voters heavily favor government-run Medicare for All plan - entrance polls

Nevada voters entering caucus sites for the Democratic presidential contest on Saturday heavily favored a government-run Medicare for All healthcare plan, according to early entrance polls, a positive sign for front-runner Bernie Sanders. S...

Rugby-Pivac believes in Wales progress despite France loss

Wales coach Wayne Pivac admitted to some frustration but says there is no panic and insists his team is heading in the right direction despite a second successive Six Nations loss on Saturday. Wales, fielding the most experienced side in Si...

Give Feedback