Sending money across borders has become a regular part of life for many people. They could be supporting family back home, paying for school abroad, or handling business transactions. But as necessary as it is, it can quickly get frustrating when you realize how much is being lost to fees, delays, and unfavorable exchange rates.
If you've ever wondered why the amount you sent feels smaller by the time it gets to the recipient, you're not alone. Now, there are ways to reduce those costs significantly without cutting corners on speed or security.
Here are a few smart and practical ways to save money when sending funds internationally.
1. Don’t Just Go With Your Bank—Explore Other Options
Many of us default to using banks for international transfers because it's what we know. But banks often charge high fees and offer poor exchange rates, meaning the recipient gets less than they should.
There are now several digital platforms designed to make international transfers faster and more affordable. Options like Pesa, Remitly, Flutterwave, and LemFi offer much better value—lower fees, more transparent rates, and quicker delivery times.
Before you send money, it helps to compare rates using platforms like AbokiUK . A few extra minutes of research can save you a surprising amount.
2. Pay Attention to Exchange Rates—They Matter More Than You Think
One common mistake is focusing only on the transfer fee and ignoring the exchange rate. Some services advertise “zero fees” but then quietly take their cut through poor rates. The real question to ask is: how much will the recipient receive after everything has been deducted?
Look for platforms that show the actual exchange rate and let you compare it with the mid-market rate (the one you see on Google). Some even let you lock in a good rate if you're not transferring right away.
3. Timing Can Make a Big Difference
Exchange rates change all the time—sometimes within the same day. If your transfer isn’t urgent, it might be worth keeping an eye on the rates and waiting for a more favorable window. Some platforms allow you to set alerts, so you’ll get notified when the rate hits your preferred target.
For example, if you're sending money from Nigeria to the UK, even a small shift in the Naira-to-Pound rate can mean thousands of Naira in difference for larger transfers.
4. Send Larger Amounts Less Frequently
It might feel easier to send smaller amounts whenever there's a need, but that often means more frequent fees. If possible, it's more cost-effective to combine transfers and send a larger sum less often.
Even if the fee per transfer seems small, doing it multiple times in a month adds up. By consolidating your transfers, you reduce the number of times you’re charged.
5. Choose Services That Use Local Payout Systems
Some platforms work smarter by using local accounts in each country. So instead of moving money through expensive international systems, they match you with someone sending in the opposite direction and settle the transaction locally.
This method is faster and a lot cheaper. Wise, for example, does this well and is very transparent with fees and timing. It's worth checking if the platform you're using follows a similar model—it could mean lower fees and faster delivery.
When you’re sending money across borders, every Naira, Dollar, or Pound counts. The goal is simple: get the most value out of every transfer while keeping costs low and delivery smooth.
As you send funds weekly, monthly, or occasionally, taking a few of these steps can make a big difference over time. It doesn’t have to be complicated—just a bit of awareness and the right tools can help you keep more of your hard-earned mmoney.
If you found this information insightful, share it with your friends to keep them informed. And don’t forget—always compare rates from top providers at AbokiUK before making an international transfer.