How to minimize the cost of international money transfers

Do you regularly  transfer money  internationally?

If you use a normal bank to do so, then there is a high probability that you are not getting a good deal on the exchange rate.

An alternative solution, would be to use an online currency transfer service like Transferwise. Doing so should significantly reduce your costs of transfer (they claim to be up 8x cheaper than traditional providers).

I have been using them for the past two years and have yet to find a service that offers better exchange rates.

An additional benefit, is that whereas it used to take my regular bank 3-5 days to complete the transaction, with Transferwise it is usually done within 24 hours.

You can find out more about how they do it here.