See the Big Picture, not just the fees

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Oh, the dreaded wireless phone bill. It surprises you every month, doesn’t it?  You can never be sure what you’re going to get hit with, from additional charges for extra data and international texting to those twelve line items of surcharges, government fees and taxes. It’s all too common to see a total bill that is 15 or 20 percent more than you signed up for.

Sending money to a loved one abroad can feel like that surprising phone bill.  You can end up paying much more than you expected.

To get the best deal when sending money abroad, you need to know the cost of the whole transaction. Some companies promise “no transfer fees” but give you a poor exchange rate, and others show you what looks like a great exchange rate but tack on hefty fees. LumoXchange offers the best possible exchange rates AND only charges a small fee, as low as $4.99.

To illustrate how LumoXchange offers the most for your money let’s look at some examples of  real exchanges for currency in two different countries using LumoXchange and our competitors.

Scenario 1:

Malick lives in Atlanta. He wants to send $500 to his mother in The Gambia. He compares the exchange rate and fees from LumoXchange versus Western Union and MoneyGram.

Based on exchange rates published on 10/09/2018

Malick saved $13.50 in fees using LumoXchange instead of Western Union and saves $7.50 versus MoneyGram. His mother in The Gambia receives D1,227 more or $27 vs. Western union and D1,085 more $24 vs. MoneyGram. The total savings of sending money with LumoXchange instead of Western Union is more than $40.50.

Scenario 2:

Victoria in Chicago wants to send money to the Philippines. She’s compares LumoXchange to Western Union and Xoom. When sending $500, she’ll get a much better exchange rate with LumoXchange and even though she’ll pay a $5 fee. She also gets PHP 1,153 more or $22 vs. Western Union and PHP 569 more or $10 vs. Xoom! 

Based on exchange rates published on 10/09/2018.

Let’s say Victoria decides to send $1,000 to her father in the Philippines to help him pay for his medical bills. With LumoXchange, her exchange rate will be even better than it was for her $500 transaction. With LumoXchange, you get a better exchange rate when you send more to the Philippines. Victoria gets PHP 2,356 more or $45 vs. Western Union and PHP 1,189 more or $22 vs. Xoom! 

Based on exchange rates published on 10/09/2018.

Don’t be fooled by “lower fees or no fees.” They’re only part of the total transaction cost. Step back and look at the big picture. You’ll see that you may be paying more for your transfer. 

#SendMoreLove

About the author

Joshua Price

Director, Marketing & Growth @ LumoXchange

By Joshua Price

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