If you have ever wanted to send money abroad for the first time, then you already understand that it is never easy to settle on a particular transfer option. One big mistake that many people do, especially those who intend to make regular transfers, is getting satisfied with the first company that makes their transfer successful.
The risk of this is that it prevents one from exploring other better options that are available, and they only come to realize when it is too late that they have been spending excess when transferring money. While jumping to the next best international money transfer service may seem like a hard task, understand that Exchange Rate IQ has made everything simple. All you need to do is enter your country and the country to which you want to send the money, and the available money transfer services will appear including, information like the cost of service and exchange rates.
Because you can send money online today, the best thing you can do is ensure that you keep exploring and finding out more about this industry. The good news is, you are going to learn how to get the best rates to money to any part of the world. To do so, you will need to;
Find out how much you are spending
Many people send money blindly without taking time to confirm how much the transaction costs. It is common with transactions that involve a lot of money, and it has been the life supply to companies that implement hidden charges. The term hidden charge comes from the fact that the responsible money transfer company does not reflect their service charges amount until the money has been sent. That way, they are able to charge you highly because you are focused on making remittance.
Take interest in the forex exchange market
In order to understand international money transfer, you need some basic knowledge about the forex exchange and how it works. This is information that you can access, easily over the internet and it will go a long way to help you understand the exchange rates and why some companies will have high rates and others low. Understanding the exchange rates will give you an upper hand in finding less costly transfer services.
Look for cheaper options
One lie that many people have been made to believe is that if you are transferring money abroad, you will have to incur high charges. What such people don’t know is that you can send money across borders for free without any charges. If you are used to sending money using transfer services like Western Union, then you will need to try out Money transfer Apps. A good example of a money sending app that can allow you to remit money for free is XE Money.
Note that online money transfer costs less and some even allow you to make direct bank deposits. Most of them are instant if you are transferring money to the same account. Direct bank deposits on the other hand can take a longer time of up to 5 working days if all factors are considered.
Focus on how best to complete a transfer
People send money for various reasons and a good percentage of them are not using the best choice of transfer. For example if you send money to school for fees, it is not a good idea to send money to someone or the student for them to withdraw or transfer the cash to the schools’ bank account. If the money has to go through another transfer before reaching the accounts department, you incur another transfer cost indirectly. The same applies to any other kind of transfer even if you are buying an item or paying someone and there is an intermediary.
Consider the receiver
There are two kinds of people who send money. The first one is the sender who includes withdrawal charges if they are applicable and there are some who will send the exact amount of money. Always propose a transfer method that favors both sides in terms of service cost. That way, you will still spend, less and because the withdrawal charges are likely to be fair, the transfer company does not eat much into the recipient’s money.
You can today send money instantly online thanks to technology but that does not mean that money transfer companies will not want to exploit you. That is why it is important that you do enough research using platforms like Exchange Rate IQ. If you feel like you have been spending unfairly high with your transfer, know that your next transfer can be cheap, fast, and secure with a much better experience. All you have to do is step out of the comfort zone and sign up for the next best service.