Despite of the many innovations and advanced technologies, transferring money is a tricky job, whether internationally or within the country. It is confusing at best and baffling at worst, especially for the people who are doing it for the first time. It is crucial to take a few things into consideration before transferring money in order to get the maximum value out of your money and ensuring minimum loss in terms of remittance and exchange fee. This article explains some of factors that you should check before making an international money transfer.
Check the Exchange Rates
The exchange rates for international money transfer varies depending on the bank or money transfer company you choose. There are some rules and regulations that apply to all international money transfers and all the money transfer services and banks should follow them. If you need to transfer money on a regular basis, then it is a good idea to know these rules and regulations. In this way, you can take advantage of the fluctuations and get the maximum worth out of your money. Many online sources allow you to check these exchange rates and compare different banks and services. You should do a proper research before making the money transfer.
Look for the Coupons and Discounts
Banks and money transfer companies offer coupons, discounts and promotions for choosing their services but unfortunately, most of the people are not aware of this. While checking out the companies and banks, make sure to look for these extra features and discounts to save money on international transfer. Some of these offers include added return on investment (ROI), for example, £2 on every dollar. Not only it can maximize the value of your money but also increase it.
Send Larger Amounts Rather Than Smaller
For people who have to make international money transfer regularly, it is better to send larger amount of money each month rather than smaller amount of money every week. Transferring smaller amount of money is unproductive and cost you more in terms of conversion fee and exchange rate. By transferring larger amount of money every month, you will have to pay service charges and conversion fee less often.
Use Smartphone Apps for Speed Transfer
It is better to plan your transfer in advance but in case of emergency, you can avail from speed transfer that all the banks and money transfer companies provide. However, there is an additional fee attached to it. Another way to speed your money transfer is using the smartphone apps. Money transfer apps like World First and MoneyGram allows you to make transactions within minutes. This is perfect for people who have internet and smartphones but this service would not work in far off places with no internet access.
Open Accounts in the Same Bank
It is common for immigrants to send money back to their families and this process continues for an indefinite period of time. The hefty exchange rates, commission, conversion fees and additional charges may seen inconsequent when transferring money every other year but they can cost you a lot of money, if you transfer regularly. However, some banks can make financial transactions free of additional charges within the same bank. Therefore, ask your family or recipient to open account in the same bank as you, in this way you can get the most value out of your money.
Be Special Careful of the Online Services
Online money transfer services are definitely convenient, however there are a lot of unauthorized companies present on the internet as well. Do a background check on the company you are choosing and read the online reviews and testimonies about their service as well. Online companies who advertise extremely low exchange rates and no additional charges are more than likely to be a scam. Be careful while choosing online money transfer services.