Summary: International money transfer is a huge industry, with transaction volumes of close to $5 trillion every day. Individuals, corporations, governments – all are engaged in this activity. The industry has gone through extensive digitalization over the years, and transferring money across countries is a much less arduous task. This article will provide you with some guidance to make effective international money transfers.
You may need to make an international money transfer for a variety of reasons. But before you do so, you should take into account the factors which will influence how well you have done the transfer. You need to get a good deal while making this transfer, so please keep in mind the following points in this regard:
Keep Yourself Aware Of Hidden Charges
The first place to approach which comes to your mind when you plan for international fund transfer is your bank with which you maintain your account. However, most banks have some hidden charges or the other. Many customers don’t bother to do a thorough check of the rates, and how much they will end up paying.
Therefore, as a prudent customer, you should definitely read between the lines when it comes to charges. Ask for a complete break-up of all the fees that you need to pay, and be absolutely sure that it’s all there in front of you in black & white before you make the transaction.
Select The Suitable Money Transfer Organization
For international money transfer online, it might be a more cost-effective option to do it through a money transfer company. A bank will maintain a higher margin, and will also charge more for the service they provide. There might be exceptions, but this is mostly the rule. Transfer companies take lesser time to complete the transaction than banks.
So, look around for options that international money transfer companies are offering you before you select the provider. And of course, you must keep in mind the reliability of the transfer company for business.
Obtain A Competitive Exchange Rate
Do some research from online & offline platforms regarding the exchange rates for the day. A lot of free tools will help you with this. Then obtain quotations from several service providers. Some providers might offer low exchange rates but charge higher fees, while some others will do the opposite. And ask for a complete break-up of all the charges.
But you must keep in mind that you need to compare actual rates and not indicative ones. And to get actual rates, you might need to register with some transfer companies. Once you have the rates in front of you, compare them after a thorough study, and then select the provider of your choice.
Look Out For Deals And Offers
From time to time, money transfer companies come up with attractive deals & discount offers. If possible, time your international fund transfer accordingly, so that you can avail of these schemes.
Try Not To Make Multiple Transfers
You will always find it more cost-effective to make a single large transfer than multiple smaller ones, as you will be able to save on the transfer fees. So, try to limit your number of international money transfers, while you keep the amount larger.
Avoid Paying Additional Fees If You Can
Most international money transfer providers will charge extra if you need to do the transfer faster than usual. Avoid this facility unless it is absolutely necessary so that you don’t need to pay additional fees.
Know The Transfer Limits
Different transfer companies will have an upper & a lower limit when you want to make an international money transfer online. The limits will also depend on the country you reside in, the country you plan to transfer money to, mode of payment, etc. So before you make the transfer, you must have a good understanding of these points.
To conclude, it is very important that you do proper homework before you go for the money transfer. Invest some time to do thorough research of available options, check the fine print & have all the information in black & white before you make the transfer.