Sending money abroad to friends and family in Greece should be simple, fast, and low-cost no matter where you are. However, opaque bank fees, foreign exchange markups, and regulatory issues often complicate the process. Thankfully, advancing financial technologies among cash transfer facilitators now enable more affordable and convenient payments tailored specifically for remittance corridors to Greece.
In this guide, we analyze the leading money transmitters offering the most cost-effective service for routing funds into Greek bank accounts from abroad. By comparing companies like Wise, Remitly, XE Money Transfer, WorldRemit and Azimo across transparent pricing, exchange rates, transfer speed and reliability, we break down everything you need to save on your next payment.
Whether funding living expenses for relatives or paying down a Greek mortgage from overseas, using the right Greece-focused money transfer outfit saves both time and money. Follow our analysis to avoid common pitfalls and unnecessary fees when sending hard-earned income abroad to Greece. Transferring money to Greek accounts need not be a maze of hidden charges thanks to purpose-built fintech.
Currency of the Greece – Euro (EUR)
Greece’s official currency is the Euro (€), abbreviated as EUR. The Euro is the common currency used by 19 of the 27 European Union (EU) member countries, collectively known as the Eurozone. It replaced the Greek Drachma (GRD) in 2002 when Greece adopted the Euro as its official currency. The Euro is subdivided into 100 cents and is represented by both coins and banknotes, with various denominations catering to different monetary needs. As a member of the Eurozone, Greece benefits from a stable and widely accepted currency that facilitates trade, travel, and financial transactions within the EU and beyond. The Euro’s symbol, €, is internationally recognized, and its exchange rate can fluctuate in the foreign exchange market based on various economic factors, impacting both domestic and international financial activities in Greece.
What Are the Best Companies for Transferring Money to Greece?
For transferring money to Greece, several companies offer efficient and diverse services from various parts of the world, notably from Germany/Europe, the United Kingdom, and the USA. Wise emerges as a strong contender, facilitating transfers in local currencies (EUR from Germany/Europe, GBP from the UK, and USD from the USA), with all transactions converted to EUR for the recipient in Greece. This makes Wise a reliable choice for those seeking straightforward currency conversions.
Revolut, known for its digital banking services, also offers transfers from these three regions to Greece in the respective local currencies, again converting all to EUR for the recipient. This aligns with the needs of those preferring digital and mobile-first financial solutions.
Instarem stands out with its flexibility in received currencies. While it allows transfers in EUR from Germany/Europe and GBP from the UK to Greece, it offers the option of receiving either EUR or USD in Greece. Transfers from the USA can be in USD, with the choice of receiving EUR or USD in Greece, catering to those needing multiple currency options.
MoneyGram, with its global presence, provides a straightforward service from these regions, converting all transactions to EUR for recipients in Greece. CurrencyFair offers an even broader range of received currencies (EUR, USD, GBP) for transfers from all three regions, making it a versatile choice for varied currency needs.
Xoom, TransferGo, Western Union, and Remitly all support transfers from Germany/Europe, the UK, and the USA to Greece, with all transfers being converted to EUR for the recipient. This uniformity makes these services user-friendly and convenient.
OFX, another key player, supports transfers in EUR from Germany/Europe, GBP from the UK, and USD from the USA to Greece, with the recipient receiving EUR, USD, or GBP, catering to diverse currency preferences. Skrill and TorFX also provide efficient transfer services from these regions, exclusively converting all transactions to EUR for recipients in Greece.
XE, known for its expertise in currency exchange, offers transfers in EUR from Germany/Europe, GBP from the UK, and USD from the USA, with the recipient in Greece having the choice of receiving EUR, USD, or GBP, providing significant flexibility in currency options.
In conclusion, for transferring money to Greece, these companies offer a range of options in terms of sender’s currency and received currency, catering to different needs. Companies like Wise, Revolut, and MoneyGram are ideal for straightforward transfers, while CurrencyFair, Instarem, OFX, and XE offer greater flexibility in terms of received currencies. The choice depends on the individual’s specific requirements, including the currency of transfer and the desired currency of receipt.
What Is the Fastest Way to Transfer Money to Greece?
When considering the fastest way to transfer money to Greece, several providers are known for their quick and efficient services. Wise is renowned for its rapid transfer times, often completing transactions within a day, making it a preferred choice for those who prioritize speed. Revolut, leveraging its modern financial technology, also offers quick transfers, sometimes completing them within hours. Instarem is another service known for its speedy transactions, ensuring funds are transferred promptly.
MoneyGram, a long-standing player in the money transfer market, is notable for its fast service, often completing transfers within minutes, especially for direct deposits. CurrencyFair, while known for competitive exchange rates, also focuses on swift transfer times, typically completing transactions within 1-2 business days.
Xoom, a PayPal service, is especially known for its speed, often delivering funds to Greece rapidly, particularly for bank transfers. Western Union’s extensive global network enables it to offer fast transfers, with many transactions allowing recipients to collect money within a short time after the transfer is sent.
Remitly addresses the need for speed with its express service option, which significantly accelerates the transfer process. OFX, known for its currency exchange services, also provides expedited money transfer services, ensuring quick and efficient transfers to Greece. TorFX, often used for larger transfers, offers quick processing times, ensuring timely delivery of funds.
XE, primarily known for currency exchange, extends its expertise to provide fast money transfer services, often completing transfers swiftly and efficiently.
In conclusion, for rapid money transfers to Greece, services like MoneyGram, Western Union, Xoom, Remitly, and Wise are often preferred for their ability to complete transactions within minutes to a few hours. Meanwhile, Revolut, Instarem, CurrencyFair, OFX, TorFX, and XE also offer quick solutions, typically ensuring that the money reaches its Greek destination promptly. The choice of provider can depend on the specific transfer requirements, including speed, cost, and convenience.
What Is the Cheapest Way to Transfer Money to Greece?
When looking for the most cost-effective solution to transfer money to Greece, CurrencyFair emerges as the cheapest option among the various providers available. CurrencyFair distinguishes itself with exceptionally competitive exchange rates and lower transfer fees, making it the go-to choice for those seeking affordability without compromising on service quality. While other providers like Wise, Revolut, Instarem, MoneyGram, Xoom, Western Union, Remitly, OFX, TorFX, and XE also facilitate money transfers to Greece, they typically incur higher overall costs due to their fee structures and exchange rate policies. Wise and Revolut are known for their transparent pricing, but they still don’t match the cost-efficiency of CurrencyFair. Instarem, MoneyGram, Xoom, Western Union, Remitly, OFX, and TorFX provide reliable services, but their fees and exchange rates often result in more expensive transactions compared to CurrencyFair. XE, while offering competitive exchange rates, still doesn’t surpass CurrencyFair in terms of overall cost savings. Therefore, for individuals and businesses prioritizing low-cost transfers to Greece, CurrencyFair stands out as the most economical option, ensuring a greater portion of the transferred money reaches its intended destination.
Should You Transfer Money to Greece Using Your Bank?
When considering the most suitable method for transferring money to Greece, it’s important to note that using traditional banks may not be the most advantageous option. The primary drawback of relying on banks for international transfers is the significant cost involved. Banks typically impose substantial fees, comprising both upfront charges and hidden costs in the form of exchange rate markups, which can substantially reduce the amount that the recipient in Greece ultimately receives.
In contrast, money transfer sites or specialized remittance services generally offer more competitive exchange rates and lower fees, ensuring that a larger portion of your sent funds effectively reaches the recipient. This makes these services a more cost-effective choice for international money transfers.
Another vital consideration is the time it takes for the funds to reach Greece. Bank transfers can often be slower due to the involvement of multiple intermediary banks, leading to delays and uncertainty for both the sender and the recipient. Conversely, money transfer sites and specialized remittance services prioritize speed and efficiency, with many capable of completing transfers much more quickly, sometimes even within minutes. This expedited process ensures that recipients in Greece can access the funds promptly and without unnecessary delays.
Therefore, if your priorities include cost efficiency and speed, opting for money transfer sites or specialized remittance services over traditional bank transfers is likely to be a more beneficial choice. These alternatives typically offer a more efficient and cost-effective solution for sending money to Greece.
How to Send Money to Greece? Step-by-Step Guide
Sending money to Greece through online transfer services is a straightforward and convenient process. To help you navigate this transaction, here’s a step-by-step guide:
Choose a Reliable Money Transfer Service:
Start by researching reputable money transfer providers like MoneyGram, Western Union, or Remitly. Take into consideration factors such as exchange rates, transaction fees, transfer speed, and customer reviews. Make sure the selected service operates in your country and offers transfers to Greece.
Create an Account:
Visit the website of your chosen money transfer provider and sign up for a new account. Complete the registration form with your personal information, including your full name, address, and contact details. You may need to provide valid identification as required by the service for security and regulatory compliance. Additionally, complete any necessary verification steps, which might involve confirming your email address or phone number through a verification link or code.
Initiate a Transfer:
After your account is set up and verified, log in using your credentials. Navigate to the money transfer section and select Greece as the destination country for your transfer.
Enter Transfer Details:
Specify the amount you wish to send, and the website will typically display the equivalent in Euros (EUR) or other available currencies, taking into account the current exchange rate. Provide accurate recipient information, including their full name and, if opting for a bank deposit, their bank account details. Ensuring all details are correct will help avoid any delays.
Review and Confirm:
Thoroughly review all transaction details, paying particular attention to the exchange rate and any associated fees. Double-check that all recipient details are accurate to prevent any issues with the transfer.
Choose Payment Method:
Select your preferred payment method, which may include direct bank transfers, debit/credit card payments, or other online payment options. Be aware that different methods may have varying processing times or fees, so choose the one that best suits your needs.
Complete the Transaction:
After selecting your payment method, proceed to confirm and complete the payment. Make sure to take note of the transaction confirmation and any provided tracking number for future reference.
Track the Transfer:
Utilize the provided tracking number to monitor the status of your transfer on the service provider’s website. This feature allows you to stay informed about when the money has been sent, or received, or if any issues require attention.
By following these steps, you can ensure a smooth and hassle-free experience when sending money to Greece using online transfer services.
How Can You Find the Best Transfer Rate to Greece?
When it comes to finding the best transfer rate to Greece, RemitStack is your reliable partner. RemitStack specializes in assisting individuals and businesses in their quest to discover the most favorable transfer rates for sending money internationally. Their platform is meticulously designed to assess a wide range of money transfer providers, drawing upon their extensive industry knowledge. RemitStack places a strong emphasis on crucial factors, including exchange rates, service fees, transfer speeds, and the reliability of each provider. This meticulous approach ensures that users can easily pinpoint the most cost-effective and efficient options tailored to their specific needs.
RemitStack’s service is particularly valuable for those looking to optimize the value of their financial transactions when sending money to Greece. Whether it’s for personal or business purposes, RemitStack is dedicated to providing up-to-date and comprehensive comparisons. Their ultimate goal is to simplify the process of selecting the right money transfer service, offering transparency and clarity to empower users to make well-informed decisions that align perfectly with their transfer requirements.
With RemitStack, users can confidently navigate the intricacies of international money transfers, assured that they are accessing the best rates and services available in the market. RemitStack is committed to streamlining this often complex process, serving as a trustworthy and dependable resource for those seeking optimal financial solutions for their international transfers to Greece.