5 Useful Tools for Sending Money
By ExchangeRateIQ
3 years ago

If you have all the right tools before you initiate transfer, you will be avoiding a lot of things and not just the high cost. Keep in mind that scammers are always out to get you especially if you want to send your money online. Also, some money transfer agents have big mouths but nothing to show for it. For example, you can find a money transfer company that promises to complete your transfer within minutes only for your money to take 3 or more days.

To avoid all this nonsense, it is vital that you do some research before releasing your money.

Tools for sending money

For you to successfully send money, you need to be prepared. To achieve this, you will need to;

  1. Find a reliable money transfer service comparison platform : 

    The first step of finding the best rates for sending money is, knowing the kind of deals that are available for you. In many cases, you will need to start by searching for the best way to send money from your location to the intended country. Next, you will want to pick each option or service provider and visit their websites. To avoid all this work, you can use Exchange Rate IQ. That is because our platform allows you to compare across several service providers. All you need to do is enter the country combinations and allow our calculators to handle the hard part for you.

  2. Identify your mode of transfer :

    There are different ways of sending money including using money sending Apps, cash pick up services and direct bank transfers. From our platform, we will provide you with all these options including what they cost and how long it takes for the transfer to be successful. That way, it is much easier for you to pick the best choice. Whatever mode of transfer that you choose, always make sure that the recipient is comfortable.

  3. Mind your security :

    It is very important to make sure that you protect your information and the information of the person who you are sending the money to. Make sure that your account access is limited to only you and the people you can trust with the information. Sharing such sensitive information with the wrong people can easily lead to identity theft and other problems like losing money. When signing up for an online money transfer service for example, first confirm if the company is legit.

  4. Confirm the availability of a tracking system :

    Almost every money transfer agent today allows senders to track their money until a transaction is complete. They do this by providing you with updates through email and text messages. The good thing with tracking your money is that you get to have complete records about a transaction and this minimizes any risk of money getting lost. By tracking your money, you get to know how long it takes to complete the transfer and if you need to get in touch with customer care especially if the delivery is delayed.

  5. Use more than one transfer agent :

    You need to identify more than one mode of cash transfer especially if you are someone who intends to regularly send money across borders. That is because; factors like exchange rates are never constant. Also, you never know when your preferred money transfer agent will be down for maintenance. The good news is, the money remittance industry is very competitive and you will always have an alternative that works.

    Today, many people have resolved to use international money transfer Apps because they are readily available, cheap and offer several options for completing money transfers. This does not however mean that the old methods like bank transfers and direct cash pick up services are useless.

Bottom line

Money transfer methods are in many cases selected with regards to how much is to be transferred. Online money transfer apps don’t allow for transfer of huge amounts of money because it can be risky. That is why; most of them have maximum limits for sending money. Bank to bank transfers on the other hand seem to have no limitations as to how much can be transferred since these institutions have more secured security measures in place.

Through our platform, you should be able to find all your money transfer needs because we only review transfer companies that are legally operating and have a good track of completing international transfers. All you need to do is enter your country location and the country to which you want to transfer your money, the amount then choose the best option


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