Cross-Border Payments on a Budget: Our Best Money-Saving Tips

A UN study from 2013 found that 3.2 per cent of the world’s population lives in countries other than the one they were born in, making a total of about 232 million expatriates around the globe. At the time, that was a significant increase from 175 million in 2000 and 154 million in 1990, so the trend is obviously on the up. Naturally, that creates a significant demand for cross-border payments.

Of course, it’s more than just expatriates who need this service. The globalised business landscape often makes it enticing to buy goods and services from companies overseas, even if you live in your home country. It’s no surprise, therefore, that cross-border payments were worth about $150 trillion in 2017, with that figure expected to rise by over $100 trillion by 2027.

So, being an essential part of everyday life for more and more people, the inevitable question is how you can get the best deal, minimising the admin and other costs so that the amount you need to send out of the country is kept to a minimum. Let’s take a look at some of the options.

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