With fintech’s growth, it’s now common to have several bank accounts. You may have a school account, a work account, or even a joint one. Sometimes, you need to shift money between these.

The way we transfer money has changed. We used to use cash, checks, or wire transfers. These are still available but less popular. Yet, they can be useful. For instance, wire transfers are good for moving large sums.

Methods like cash, check, wire, bank draft, and money order still work. They can be handy depending on your situation. There are also cheaper ways to transfer money. The cheapest option depends on your needs.

Bank staff can help set up different transfers, including wire transfers to other banks. To do this, you need the account number and the bank’s routing number.

Remember, transferring money often costs extra. Besides the money you’re moving, you might pay the bank a fee.

That’s where TangoPay comes in. It helps you save money when moving. This blog will show how TangoPay works and how it can be a cost-effective solution.

So, whether you’re sending money to family, paying a bill, or moving money between your accounts, keep reading. Learn how TangoPay can make this process easier and cheaper.

Comparing Different Remittance Sites to Save Money

Here are some of the popular money transfer services which can help you do cheap transfers.

TangoPay

TangoPay is a company in the UK that helps people send money to over 70 countries, including Pakistan. They have different ways to send money, like picking up cash, using mobile wallets, or transferring to a bank.

 They have more than 435,000 places all over the world where people can pick up cash. You can use their service anytime, even on bank holidays.

When you start using TangoPay, you don’t have to pay any fees for the first three months. There won’t be any hidden costs when you send money.

If you tell a friend about TangoPay and they join, you can earn some money! When your friend sends their first 100 GBP, you get 10 GBP.

TangoPay gives you good rates for sending money. You don’t have to worry about hidden fees or extra costs. Your money won’t be wasted.

Using the TangoPay app is easy and smooth. Everything you need is right there. The app calculates exchange rates for you and sends you notifications to keep you updated on your transactions.

Exploring Ways to Save on Money Transfers

Here are some of the tips that will come in handy if you are looking for cheap money transfer options.

Shop Around for the Best Deal

The secret to finding a cost-effective money transfer is comparison. Different providers offer different rates, fees, and transfer times. So, it’s wise to compare multiple companies to know which one best suits to your needs.

The cost of your transfer will be influenced by how much you’re sending, your payment method, and how the recipient will receive the funds.

Go Digital with Your Transfers

Online money transfer platforms usually offer better deals than traditional banks. Services like TangoPay are known for providing affordable international transfers.

Opt for Fixed Fees

 If you’re sending a large sum, choosing a provider with a fixed transfer fee might be cheaper. Some services charge a percentage of the amount, which can become expensive for large transactions. Fixed fees can be a more economical choice for sizable transfers.

Stay Alert for Hidden Charges

Don’t be lured by low transfer rates and attractive exchange rates only to be surprised by additional charges later. Watch out for hidden costs like correspondent bank fees or recipient’s receiving fees. These can significantly increase the total cost of your transfer.

Choose an Economical Payment Method

Your chosen payment method can influence the overall cost. For instance, it’s usually cheaper to pay via bank transfer compared to a credit card.

Compare Exchange Rates

Some people think all places give the same rates for changing money. That’s not true. Some places make the rate higher. Always check the rate before you send money. And don’t forget about the fees too.

Some places might have low rates but high fees. So, sending money could cost more in the end.

Keep an Eye on Exchange Rate Fluctuations

If your transfer isn’t urgent, waiting for a favourable exchange rate could save you some money. As exchange rates change daily, timing your transfer right can be beneficial.

Look Out for Special Offers

Some places give special deals, especially to new people. These deals can include sending money for free. For example, TangoPay lets you send money online for free the first time. That means you can send money to another country without paying anything.

Consider Transfer Limits and Speed

When you find a cheap place to send money, make sure they can send it when you need it and can handle the amount you want to send. Look at their limits and how long they take.

 If you need it fast, pick a quick service. How you get your money can also change how fast it is. Getting cash is usually faster than bank transfers.

Try Peer-to-Peer Services

Some places use a system called peer-to-peer or P2P. This matches money going out of one country with money coming in from another. Because of this, these places can give better rates for changing money.

What to check Before Sending Money Online?

Here are some simple things to remember before sending money online:

Who You’re Sending To

Make sure you know the person you’re sending money to. Double-check their name and contact details so the money goes to the right person.

How Much It Costs

Different ways of sending money can cost different amounts. Some might have a fee you need to pay. Others might not give as much money for each dollar you send. Check these things before you choose how to send your money.

Where The Money Is Going

 If you’re sending money to another country, make sure the service you’re using works there. Also, check if the person you’re sending money can get it easily.

How Long It Takes

Some ways of sending money are faster than others. If you need to send money quickly, make sure you choose a way that is fast enough.

How to Send the Money

Different services have different steps for sending money. Make sure you understand what you need to do to send your money.

How Safe It Is

Make sure the way you’re sending money is safe. You don’t want someone else to take your money. Look for services that have good security and protect your information.

What to Do If Something Goes Wrong

Sometimes, things don’t work as planned. Know what to do if the money doesn’t get to where it’s supposed to go.

Sending money online can be easy and quick, but it’s important to check these things first to make sure everything goes smoothly.