The Genius Way UK Millennial Expats Are Saving Money

By Kirsten Barkved on January 10, 2017

Do you know how your friends are saving money? You might be shocked at how much money you’re throwing away if you don’t already know the trick.

On average, there are 400,000 Britons leaving the UK every year, with nearly 600,000 of them living in Canada. Which means that over half a million UK expats need an affordable, fast, and reliable way to send money online from Canada. Yet even with new, fintech money transfer services available, most people still think that the only way to send money abroad is through traditional methods, which charge hidden fees.

A typical monthly money transfer will range between $200-$500. The average global cost to send just $200 is $16, a fee that is often hidden in the exchange rate and isn’t shown to you at the time of your transaction. Which means you’re paying more than you should just to send money home to someone who depends on you.

That’s why we created VoPay. We’re a Canadian fintech company, and we’re the trick your friends use to send money online back home, affordably. Up to 7 times more affordable than the major players; you pay the lowest possible fee, shown clearly up front, with the real mid- market rate for conversion.

With VoPay, the process is simple: we swap money directly through people and businesses that require different currencies. So that when we receive your funds in our Canadian account, we pay out using our local UK account, matching up your transaction with someone sending money in the opposite direction, avoiding bank fees completely. Your money arrives to your recipient in Pounds, having never crossed any physical borders.

VoPay charges just a fraction of the average cost to send money; one upfront, low fee alongside the mid-market rate (the real rate) that you see at the time of your transaction, up to a 70% savings in fees. With our best rates, you know from start to finish exactly what you’re paying.

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So, for instance, to send $900 Canadian Dollars to the UK will cost you $8.06 and the recipient will receive £553.68. That’s it. You save up to $60 compared to other major service providers, paying only a total of $908.06.

Let’s compare that directly to other major players in the remittance industry and you’ll see the difference is shocking. The higher amount you send, the more you end up being charged in fees.

 

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Sometimes they’re upfront about their high fees, like the major remittance money service, Western Union. $40 to send money to loved ones is pretty costly, but at least they’re transparent about it. Add this to the hidden fees in the exchange rate, it will cost you $940 to send just £530.67. This means that on top of the $40 charge, the recipient will receive $23 less for a total cost of $63 compared to our $8.06 – this is a 155% difference in cost.

 

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Other times, in the case of major banks, some of their fees are shown, yet you’re still losing money, as in the case above. In this transaction, you’re sending $900, but your recipient is only getting $521. Compared to what we can help you send ($553), you’re getting 6% less – that’s $32 dollars missing from your one transaction. Add this to the $18 transaction free and the total cost of the money transfer is $50 – a 145% difference than sending with VoPay. Where did your money go?

 

Sending Money Online

 

Let’s look at the numbers with PayPal. PayPal states that they do not charge you a fee to send the money. To send the same $900 Canadian to the UK, PayPal doesn’t charge you an upfront transparent fee, but let’s look at the hidden costs in the exchange rate. Your recipient will receive the same amount of pounds as they would with VoPay, but to send that $900, it will cost you $936.50 – that’s a hidden fee of $36.50 or 128% more than sending with us.

All it takes is you simply logging on to your VoPay account, paying in Canadian currency, and confirming your recipient details. That’s it. It takes you less than five minutes. We’ve driven down the cost and sped up the transfer.

With us, you have options. Join the thousands of other Britons sending money home from Canada.

 

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