When sending money for business or personal reasons internationally, many people take the most convenient path. For most, the first thought that comes to mind is to choose a bank for money transfers. However, there are also other options.
Here are some things that you need to consider before making a transfer.
- Exchange Rate
The thing with the foreign exchange market is that it never stops or sleeps. Fluctuations in currencies go on 24/7, meaning the market is open 24/7. Getting the best rate is integral in all international money transfers. This is an important factor to look out for when making an international money transfer.
Check if the rates are competitive enough for your appetite. There are times when money transfer providers have more favorable rates compared to banks. So, go around and check international money transfer providers, such as Western Union.
- Money transfer fees and charges
On top of the exchange rates, money transfers also include fees and charges for services that send money overseas. This is also an important factor that you should consider. Both banks and currency specialists charge separate fees in money transfers.
At times, banks also charge higher fees for international money transfers. If you are not in a hurry to make the transfer, it is also advisable not to take the same-day transfer option. Since it will be processed on the same day, it might cost a bit higher as well. Do an international money transfer comparison before making a decision.
- The reputation of money transfer provider
Before going into a transaction with a money transfer provider, currency specialist, or bank, it is essential to determine whether the firm is an authorized institution to make the transfer. Check out the necessary permits and authorizations of the particular institution. In addition to that, you must also do your own research on the firm.
The money transfer provider must have a good reputation and reliability. Research before you put your confidence in anyone who will handle your money. For more tips on international transfers, you can get the 101 on money transfers by watching this video: https://youtu.be/L1qXI_JVLUo.
- Timely international money transfers
When you send money internationally, you want to be secured that the money will arrive on time. Check out the processes of each money transfer provider or bank that you are eyeing on, and determine how long before the funds will be released. The time it takes for the funds to be released will affect the length of time it gets credited to the beneficiary accounts.
Another factor that will affect your transaction is the cut-off time of the bank or the money transfer provider that you are transacting with. If you miss the cut-off time, your funds will be processed the next day.
- Online transfer option
To avoid the queues at the banks or money transfer providers, check if the provider offers an online platform for international money transfer. This will help you a lot if you do international transfers regularly. You will be able to save on time and effort on transferring money overseas since you’ll just be doing it on your phone or in front of your computer.
Global transfers can now be made at the comfort of your own home. At the same time, you will be able to see your transaction history.
- Customer service
At times, there will be instances that you will have trouble in your transactions or wire transfers. So, it is vital to ensure that the international money transfer provider has an efficient customer support team that will be available for you via phone or email. Since the transaction is about money, it’s important that someone from the support team will be able to address your issues and concerns immediately.
Make sure that you are comfortable with the kind of service they give you when you encounter issues. Ask others who have also had transactions with them and ask them about the customer service they get as well.
- Global reach
When it comes to money transfers, the money transfer provider must have a presence globally. The more countries they have access to, the more flexibility you’ll get. Check how many countries they can access, and if this will help you.
When it comes to international money transfers, it is important that you become more meticulous in choosing the firm you’ll be entrusting your money with. Those are the factors that you should look out for. After which, you will be able to narrow down your choices.