Many companies have discovered the benefits of outsourcing some processes to companies abroad or hiring freelancers from other countries.
In such instances, international monetary transfers become very important. If you have employees in different parts of the world, you probably know that sending money to them can cost you a lot. For example, you have to pay up to 85 dollars to send 1,000 dollars from the US to Serbia.
We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:
To make money transfers work for you and to reduce costs for sending money to Serbia, take a look at the tables below. All you need to know about charges, hidden conversion costs and percentage fees that money transfer services charge you is listed in the charts.
Pay attention to the notes after every chart to make sure that you’ve chosen the right service.
|Transfer Method||Receiving Currency Option||Stated fees to send $1000 USD||Hidden currency conversion cost||Total cost||Time for the transfer to arrive|
|Ria Money Transfer (slow)||Euro||$5||$22||$27||3-5 days|
|Payoneer||Serbian Dinar||$9||$19||$28||3-5 days|
|Ria Money Transfer (fast)||Euro||$15||$22||$37||In minutes|
|Western Union||Serbian Dinar||$20||$35||$55||(Bank) 3-5 days (Credit Card) in minutes|
|Wire Transfer||Serbian Dinar||$25 – 55||$10 – 30||$35 – 85||3-5 days|
|Transfer Method||Receiving Currency Option||From the US||From the UK||From Canada||From Western Europe||From Australia|
|Global Web Pay||USD||Not available||2.6%||Not available||Not available||Not available|
|Xendpay||EUR||Not available||Not available||2.3%||Not available||2.4%|
|Payoneer||EUR||2.8%||Not available||Not available||Not available||Not available|
|Azimo||USD/EUR||Not available||1.8% USD||Not available||0.12% EUR||Not available|
|Small World FS||EUR||Not available||3.6%||Not available||0%||Not available|
|Ria Money Transfer||EUR||2.7%||Not available||Not available||Not available||Not available|
|Wire transfer||RSD||2.5 – 5.5%||2 – 4.5%||2.5 – 5.5%||2 – 4.5%||3 – 6.5%|
Transferring Money with Wise (formerly TransferWise)
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Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.