Thoughts of an excited co-founder: Should you compare every time?
Oct. 27, 2015
Something amazing happened this week. A friend of mine used TransferGuru to compare the cost of sending money abroad, and reported back on how much he’d saved. Something I helped build helped someone!
While getting a text saying that you’ve helped save someone even a fiver might not sound like much, it’s pretty great to be able to read it and think ‘yeah, what we are doing is working.’ It has made a difference to at least one person right in front of me. You can’t put a price on that. (You can; he was able to send 15% more for £5 less than with his previous go-to provider).
A Problem to be Fixed
This friend of mine is pretty tech-savvy, and probably enjoys having spare disposable income (a bold assumption, I know). His text made me realise that if he doesn’t know of the cheaper money transfer providers out there, then there really is a problem to be fixed. There are masses of people sending money abroad who are tech-literate and yet stick with a preferred provider. People are kept in the dark about just how much better off they could be by shopping around.
He saved money, but is that our job really done?
I just went online to check the costs of the same transaction that my friend carried out, and saw that the provider he went for was already more expensive than two new alternatives. The reality is that no provider is consistently the single cheapest one yet. Each one works out exchange rates and fees in different ways – whether three-day average exchange rates or fixed margins – so it’s impossible for one to be the most competitive, even to a particular country.
If only there was a way to know the cheapest provider whenever you had to send money!
TransferGuru has been operational just a few weeks – I’ve been a regular in the office less than two months – and there are more countries and providers to be added to the site soon. Comparisons will be faster. Reviews will be better. And, like my friend above, I hope it’ll become clearer and clearer that it really is worth taking 20 seconds every time you send money abroad to compare costs. He saved more than a fiver this week – maybe another ten in the next? It’s doesn’t take long to start adding up.
Shreya Hewett is Co-Founder and COO of TransferGuru