Hi, I’m Quinn Askeland. In 2016, I started Transumo after experiencing expensive, slow, and frustrating international transfers and payments through banks. My mission is simple: to help others simplify and reduce the cost of transfers and payments. Fortunately, today, there are excellent alternatives for international money transfers and payments. See My Full Bio.
How’d you like to see how I consistently save thousands of dollars on a regular basis when I transfer a fairly modest amounts around the world?
After 10 years of living around the world and thinking each time that we were going to settle down 🙂 – I have learned a thing or SIX!
Unfortunately most people waste between at least 3% of their money and usually more like 5 – 7 % of their money when moving their hard earned dollars, pounds or euros worldwide.
Here is a round up of some awesome ways I have discovered how you can end up with more in your bank account.
1. Use a Money Transfer Service
As discussed everywhere there easiest way to save money is to not use a bank and choose a service that specializes in transfers overseas – ideally one that has an office on you country because of the extra layer of safety you will get and the fact that you are more likely to get better rates and service.
2. Dip a Toe In
I found out the number 1 reason people continue to use their bank is that they are worried about losing their money. My suggestion here is to transfer a small amount initially – you will soon see how silly you were to wait so long.
Until you register you have got nothing. The rates indicated on websites don’t mean a damn thing until you are actually in the back end and ready to trade. There is one awesome service, that I use myself personally that does actually offer the rates right on their website – live – the actual rate you will get BUT even then by the time you login or signup the rate you thought you could get is no longer.
4. Shop Around
The transfer market has become pretty competitive. This means you can do well to shop around.
In the eBook I provide tips on exactly how to go about each of these.
After you have read it you will be miles ahead of most people without doing anything else.
But if you want to go a bit deeper and actually make some money here are some slight less passive ways to do it!
5. Ladder Technique
Through a little experimentation I found a way to basically lock in rates as they go higher.
Just like a ladder and using your two legs you are able to move higher up the rungs.
This saves me easily on average about $100 each time – risk free.
I thought it was a cool little technique, so I made a little video.
You can find the transcript here or watch it now.
The only thing about the ladder is that you have no idea how high it goes.
You have to have a little discipline to take the extra money off the table. Just be happy with what you get.
6. Smart Alerts
Beyond just using a specialist money transferrer with an office ideally in you country this is by far the most powerful way to make (save) a bundle of money.
I showed, “How I made $2500 or 10%” with a case study where I show you step-by-step how I do it.
Essentially I have taken a tactic that the Pros have used and simplified it and dumbed it down so that I can do it without too much thought – just results.
Yes it takes a little discipline, but I have consistently outperformed over a long period of time.
I can always get an extra 1% (but often more) which covers all the costs of the transaction and a bit more usually.
It is as simple as setting up some rules and alerts for yourself on when to send the money based on drawing a couple of lines.
You can also read, “How to Lock in Great Rates” to help you master this technique.
Hope that helps – Happy Transfers!