When it comes to international money transfer, everyone wants to get the best deal there is. With several money transfer services available today, it is easier to send money abroad than a couple of years ago before technology took over the world. Although there is high competition in the international money transfer industry, getting the right way to send money is ever easy, especially if it is your first time. Unless you do all that is necessary to get the most favorable agent for your transfer, you are at great risk of losing your money.
Understanding international money transfer
Every country uses its unique currency, which holds an absolute value. Because currencies are limited to specific countries unless shared, using a currency belonging to another country is impossible. According to the World Bank, immigrants are the highest number of people who depend on international money transfer services to send money back home. In the process, their currency is converted to the one back at home so that their family canget the money that they can use. In simple terms, if you were to send money from Canada to China, you will send AUD, but your loved ones will receive CNY. Money transfer companies usually charge for this service while some offer the service for free. It is however good to know that every service package has its features that you will want to consider. For instance, if you prefer a cheap way to send money abroad, it is best to know that the transaction can take longer compared to faster options like Western Union.
Selecting the best way to send money internationally: Western Union App Vs Bank Transfer Vs Cash Pick-Up
International money transfer is not new and can only be said to have evolved. Technology has taken center stage in this industry and if you want to send money abroad today, keep in mind that one way or another, technology will play part. Even Western Union which was wholly run in brick and mortar building today has their services available online and you can send money using the Western Union App. If you want to send money abroad, you will have to work with three options, namely wire transfer, cash pick up services or you will have to send money online. Both methods have their pros and cons are highlighted below:
This is a money transfer method that involves s making a direct bank deposit to a bank account in another country. Some of the notable benefits of bank transfer include;
- Excellent security
- The best for large amounts
Besides having great benefits, bank transfer also has its downsides, and they include
- Can be slow
- Can be expensive
Sending money online
If you wish to send money using the money transfer apps, you will need to make sure that you go for the top money transfer app in your country. You can always find the fastest money transfer app or the cheapest one, depending on what you need. With online money transfer services, you get to enjoy;
- Better rates
- Easy access to money
- Excellent tracking services
Online money transfer services can also have their weaknesses that you should be prepared for, including;
- A transfer can take longer
- Services can be interrupted at any moment
Cash delivery services
Cash transfer and pick up services have faced the test of time, and can only be said that this transfer method is here to stay. If you don’t believe it, you should know that even the Western Union app exists today. Some of the benefits of using cash pick up services include;
- Instant services
- Good security
- Available in almost every country
While cash pick up services seem like the way to go, understand that they don’t come with their downside like;
- Services are too costly
- One has to be physically present at the pick-up point
Note that the best way to send money internationally for you may not be the best option for another person about the reason why they need to complete their transfer.
Before selecting your money transfer service
The last thing that anybody wants is to choose a transfer agent only to realize later on that it is not what you expected. Before settling on any money transfer service, ensure that you are dealing with a legit company. Many people have lost money online because of being too reluctant to counter check who they are dealing with.
To avoid any kind of uncertainty, then you should consider using platforms like Exchange Rate IQ and many others for your research. It should take you only a few minutes to find the best way to send money abroad. You will also want to make sure that you have all the required details that will enable you to send money more so your details.
One of the most deciding factors for the cost of money transfer is the exchange rate, and it should be one of your interest points when choosing a transfer service. Always go for the option to see you spend less money even if you have to pay for the service cost separately. Be on the lookout for hidden charges as well, and remember that you can always send money abroad for free using services like XendPay and XE Money.