So, it is quite obvious that money transfer service providers are increasing day by day. With increasing number, competition has become tough between them. And, finding the best deal for money transfer has become a difficult task for customers. Here are some money transfer tips to find the best deals:
Tip 1: Sometimes, the company charges hidden exchange rate costs. Even, some companies advertise saying no money transfer fee to allure the customers. This can be true up to an extent as they may charging an exchange rate higher. Before choosing a company, look for the overall cost of getting money in your account.
Tip 2: You can ask the companies about how much currency you will get after overseas currency transfer. This way you can quickly compare the companies based on the money you will get in account.
Tip 3: Transfer funds online electronically using the bank wire transfer system. Intercepting and decrypting the password for such a system is not easy to make use of.
Tip 4: Take advantage of the growing competitive market and look around. Check the deals offered by different companies to get the best offer.
Tip 5: If it is not immediate, you can get a lower money transfer fee for delayed transactions. Your money will be transferred in 3-4 days. But, your cost will also reduce up to 25%. This is the cheapest option for regular senders. Obviously, for emergencies, you couldn’t consider this option.
Tip 6: Open a joint account and take credit card. The recipient can take the credit card overseas and use it. While, the sender can load up the card for them. For this, you will need a company providing credit card at lower overseas fee.
Considering the above tips, you can transfer money overseas smartly and reduce the fee as well. For safety and reliability purposes, it is always better to choose the popular companies for money transfer.