The USA might be the greatest economy in the world today. However, making international money transfers from this country is a challenge. There are many options you can use, so the very process of making a transfer isn’t a problem.
The issue is that these transactions are rather expensive because the number of providers that offer them is limited. But this reality is slowly changing due to the emergence of money transfer companies.
The process of globalization opens multiple opportunities for everyone. Therefore, the number of people who can benefit from affordable international money transfers is growing fast.
One of the options is global real estate investors. Today you can join their ranks with ease as long as you have the capital. And money transfer companies will allow you to use that capital more efficiently as you won’t lose up to 10% of it due to transaction fees and foreign currency exchange (FX) rates.
People who travel or work abroad as well as expats all need to make regular international money transfers. Therefore, the majority of them now struggle because of America’s outdated and overpriced banking system.
The problem in the States is that the legal system regulates financial services with extreme care. This might be making people safer, but it also prevents competition.
With no real competition, those providers can take shameless advantage of US customers using these services. Their fees and FX margins are very high, which means that every international transaction costs, on average, 3-10% of the transfer volume.