Send money from Sweden

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I’ve been diving deep into the world bank reports these last weeks about where the Swedish citizens were sending money. Does this reflect where they emigrate? Does it reflect where the immigrants come from? Does it reflect where the Swedish buy a house or pay taxes? I don’t know for sure, though what I know is that the Swedish send… I must say first that everything I say is according to the world bank report of 2015.

The swedish send $ 461 million per year to Finland. This is by far the biggest amount they send as individuals to individuals, as remittance, to a country. This doesn’t seem surprising, these countries are neighbours. But it’s more surprising when you know that Swedish only send a quarter of this to Norway. Why such a big difference? Norway only receives $ 127 million per year from Sweden.

The second country which receives the most money from Sweden is… You will never guess… Lebanon!  I’m not kidding, even before Denmark which receives $203 million. Did you know Sweden was so close to Lebanon? I mean, just taste the food, it has nothing in common. So why would they do that?

The 5th country to receive money from Sweden is Thailand. I don’t think there is so many Thai people in Sweden, so if I had to guess I would say that Swedish pay for their retirement in Thailand. When we think about it, it sounds like a smart move. With a retirement as high as in Sweden, you can have a wonderful life in Thailand if you send your money wisely.

After this comes China, Germany, Poland, Hungary, India, France, Nigeria, Vietnam, Spain, Bosnia, Iran, Philippines. So many countries, so many cultures, so many people, so many, am I right? In the meantime the fact that Sweden has still it’s own currency, is something really important for the economy of the country, it helps it to be independent, though we shall not forget that this currency it’s something like indexed to the EURO.

 

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How to request money every month?

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Sometimes, you have to remember about paying your bills once a month, and you are sure to forget it at some point which results in a financial loss. But there is a worst scenario, a case where it drives you mad, it’s when you are asking for a subscription to be paid to a thousands of people or company, and you have to  track them, and send them mails every week.

Request money internationally every month

This is what we need, a solution to request money every month to a set of people. You would input your information and the email of the people who needs to pay and they would receive every month a mail reminding them to pay what they owe you. It would be really easy to do it they would just click a link, enter their bank information and transfer. They could maybe use several options to pay, if they want the easy choice, something like Stripe could be suggested but if they would like something more specific, cheaper or faster, they could use Moneytis to find the best deal.

Request it via API

This service would need to be used via API if you are a company managing thousands of international money transfers online every month. But you would use a graphic interface otherwise. You could create subscription, manage subscription, cancel international transfer. You would also be able to recommend yourself the best way to pay, and maybe add your affiliate link directly inside. Though you would need to verify if this is allowed by your money transfer provider of international overseas service.

In the end, what really matters is how to make the experience of the user more enjoyable and more simple. We don’t want to spend hours requesting money.

 

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How to request money?

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I can’t believe, nothing exists to ask for money. Wait a minute, I’m not talking about begging online, no. I’m surprised there is nothing I can do to request money from a friend, to request money from a company for which I’m freelancing or for my family from me when they run out of Kenyan Shilling back home.

And yet, when I search on google the only thing I can find is from companies such as Paypal or Transferwise that are not even available in my country.

How do I want to do it?

I would like to be able to ask money from my phone, a basic Samsung smartphone with an internet connection. Fill the amount and the currency I want to receive it into. Where do I want to receive it, for example on my mobile wallet, in cash, or on my bank account and all the information needed for the recipient to pay.

The bonus would be to tell him what is the best way to pay. Mostly because when you do an international transfer, you can get screwed really easily by a bank or a dishonest broker.

Mostly, I would like the design to be smooth, to be smart with a beautiful UX so that I’m proud of sending this request. Then they could start sharing the tool with other companies and benefit from it.

Who am I asking money from, usually.

I mainly use it with my own company to request money from other companies. I’m a freelancer and 10 times a week I invoice companies. But there is some time, after a restaurant with friends where I paid for everyone where it would be important. And also when my family needs money and they can’t reach me on Skype, the easiest would be a mail with the information and a button to pay.
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How to send money in continue ?

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The concept of sending money in continue is quite new. It basically means that instead of sending money every now and then, you send money every hour, every minute, every second, but very small amounts.

Why would you do this?

We are used to send and receive money once a month. Most of the countries at least, except US where some people are paid every week for example. We pay our rent and most bills at the beginning of the month, we receive our salary at the end of the month and we send money home right after receiving it. It is simple, instead of checking your account every hour to see if you are in the positive, you do it once a month. We do this because this was the only way we could get paid, you don’t want to go to see your boss every hour to ask him for money. Now imagine you could get paid every minute, everything would be smoother, you arrive in front of the cashier and wait 10 seconds to see your account go positive and pay. Of course if you are paid in continue, to really go smother you would need to pay every bill in continue too. You would pay 0.02c per minute for your flat, 0.005 for your car and send to your family 0.01c back home. In this way, there is no worry about being in the red at the end of the month, everything is calculated all the time. Your account should basically stay more or less flat and if you see that your money is going down, it is and you should be careful!

Can we send money in continue?

At the moment it is really complex as the infrastructure to pay is not ready. You basically have 2 options :

  1. You create a view of your account that takes into account the monthly cost and split it over the month. In this way every time you look at your account you see the real amount of money you should have.
  2. You use blockchain technology. This is not completely easy at the moment as there is a fee for each transfer of a couple of sent, the best way would be to wait for the lightning network to pop in and start to be used by some fintech company.

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How to transfer money abroad as a digital nomad

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Being a digital nomad working from anywhere, necessarily means that at some point you’ll be needing to transfer money abroad, either to get paid or to pay for your daily expenses. Here is a simple guide to help you with this.

What to use to transfer money abroad?

You first instinct will probably be to use your bank for such operations as many of us. It looks safe, quick and almost effortless as you can do it online. Be careful, it is probably the most expensive way to send money abroad! Why is that?

On such operations banks pay themselves three times: they get money on fixed fees (regardless of the amount you are transferring), variable fees (depending on the amount you are sending) and hidden fees. As their name suggests, hidden fees are barely trackable, they can actually be found in the exchange rate applied by the bank. Indeed, banks generally apply a poorer exchange rate than the real one at the moment of your transfer and keep the difference for themselves. Very few people actually know it as we never go and check the exchange rate once we have received the money from the bank.

You should definitely opt for a money transfer operator such as Transferwise, Azimo or Worldremit to transfer money abroad. Indeed, they are much cheaper than your bank. However, there are more and more actors on the market today that choosing the right one can be difficult.

Why compare before transferring money abroad?

As I just said, there are many actors on the market today. The problem is that none of them operates worldwide and they all have their specificities. Comparing them before your transfer of money abroad is therefore important to make sure you select the best one for you.

Luckily for you there is a website that does it very well. Just enter the country you are sending money from, the recipient’s one, the amount you are willing to transfer and you’ll get the results. The only thing you’ll have to do then is to choose the one that best fits your needs and make your transfer. Easy peasy.

How to send money abroad?

In our globalized world, sending money abroad has never been so easy. Yet it is something that remains complicated for many of us, dark and expensive. Expensive because it costs nearly 10% of the amount you are willing to send. Let me explain you how to make the most of your money transfers.

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Compare before sending money abroad

Today, there are many operators out there that enable you to send money abroad; however people traditionally use either their bank or services like Western Union or Moneygram. The problem with these actors is that they charge you outrageous fees to make your transfer.

Recently a new of Peer-to-peer operators appeared on the market. Most of them work 100% and they managed to reduce drastically the cost of money transfers. The best thing about these news actors is that they are really cheap and you never get surprised by the amount you end up receiving on your account.

However there is also one problem: there are so numerous that it is getting harder to know which one is the best to send money abroad. It would take hours to compare each of them by simulating a transfer on each platform. Fortunately some guys recently had the brilliant idea to create a single platform where you can find them all!

Sending money abroad has never been so easy

So here you are: you need to send, let’s say, 1’000€ from France to the UK. You enter both countries, the amount you want to send, and BOOM, with 3 clicks you have access to all the services available between these two countries. This is what Moneytis does! For each provider you know exactly how long it will take for your transfer to be made, how much money you’ll receive. They have also added a grade showing how easy the service is to use.

Depending on your needs: receive money quickly or receive the maximum amount possible you can sort the results so they perfectly fit your needs.

Let’s put it this way: imagine you are booking your next holidays in Italy. You need to book flights and a hotel right? I bet you’ll go to comparison platform such as Skyscanner or Kayak to find the cheapest flights and on Booking to find the best deal for your hotel. Why won’t you do the same when sending money abroad?

Keep in mind that saying “My bank, or Western Union is the best solution to make international money transfers” is like saying that American Airlines always have the cheapest fares. It does not make any sense!

My advice: next time you need to send money internationally, compare the solutions!

Who needs to send money abroad?

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In 2016, according to the World Bank there are more than 200 million people living out of their home country. For example 17.5% of Ireland’s population lives outside of the country. There are many reasons why people leave their country: they go studying abroad for a semester or a year, they found a job opportunity and are willing to discover a new culture of learn a new language and sometimes because they need to find a better job to send money back home. In any of these 3 cases, it is very common for people to send money abroad, back home or from home.

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Expats generally send money abroad to invest

Many expats from developed countries generally send money abroad, to their home country, in order to invest for their future: to buy a second house for example or to prepare for retiring. They either send large amounts of money home to invest or send smaller amounts each month to save for later.

Parents need to send money abroad to their children

It is now more and more common for students to go abroad for a semester or a year. It is a great experience for them to improve their language skills and discover a new culture. However, has most of the time they are not financially autonomous, they rely on their parents to help them. Therefore parents need to send money to them. They generally just make a wire transfer, which is probably the most expensive way to send money abroad but this is another topic.

International workers send money back home

Finally, many people from developed countries are forced to move and find a job in a more developed one to help their family financially and they need to send money abroad at least once a month. For example 34% of Filipinos receive remittances each month. In some cases, remittances are very important and represent more than 30% of one’s country GBP. This is the case of Nepal and Liberia with 32% !