Sending money cheaply has its risks especially when sending money abroad. It may cost a lot of time and if you are a first timer, it is hard to tell if you are using the best rates for sending money or if you are getting exploited. It is however good to understand that you can cheaply and safely send money to any country if you follow these tips.
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Compare cost of service :
Finding a cheaper way to send money may be overwhelming. But what we miss out are some of these cheaper ways that may cost relatively lower rates for international transfer. If you do your research properly, you should be able to send money for free using some money sending apps like XE Money and Travelex. You will however need to confirm if the service provider has minimum and maximum limits.
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Consider how long the agent has been operating :
You cannot send money using a company that has just started unless you have gone further to find out if it is a legal company. Some new money transfer agents want to offer something new and in most cases is an affordable and instant money transfer service. It is however good to know that you are more likely to send money cheaply using established agents. Some new international money transfer companies are fond of having higher rates as they are in a hurry to recover their investments hence may not be the best way to send money.
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Customer reviews :
Having a large number of positive customer’s reviews is a good start when looking for the best rates to send money. This makes it a little bit easier to avoid con artists and complete your transfer successfully. There are so many forums online from which you can find customer reviews concerning some of the cheapest international money transfer services around you.
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Take advantage of competition :
There are so many money transfer agents that you will find if you want to send money. In order to win more clients, these companies tend to compete and as a result, some have good rates and others make up for their bad rates in other ways like instant delivery. While you can find companies that offer cheap transfers, you can also find the cheapest offer in the market if you decide to take advantage of the market competition.
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Confirm the quality of service :
A money transfer company that delivers on time is always good to go. No one likes being inconvenienced especially in case of an emergency. Some money transfers are prone to delays and as a result, you can end up completing your transfer using an alternative. In the end, you spend almost double or if not, you still incur losses from transfer and conversion charges.
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Converter tools :
This should be the most direct way to send money at a low cost. One thing that you will never find is money transfer companies that have the same exchange rates. That is why, it is very important that you always confirm the conversion rates of the available. Fortunately, you can find the best converter calculator at Exchange Rate IQ that is also easy to use. All you need to do is enter the country combinations between which money needs to be sent and the amount. After that, you will be able to access a lot more than the cheapest way to send money online including how much the recipient will get if you use a particular money transfer agent.
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Consider online transactions :
Generally, online money transfer services are way affordable compared to other options like direct instant transfer services as seen with services like Western Union. Services like XE Money for example don’t charge for international money transfers. Travelex on the other allows you to send money for free provided that it is above $5,000. However, you should know that such favorable rates come at a cost of time as the transfer will take 3 to 5 days in order to be complete.
The truth about the best rates for sending money internationally :
You can imagine how money was transferred before technology became accessible. While it is true that technology has made international money transfer more affordable, it is vital to point out that the cheapest way to send money abroad is usually not the fastest. That explains why, international emergency money transfer is expensive because of the speed factor.
If you intend to send money using more favorable rates, then you should make sure that you release funds in time so that the recipient is not inconvenienced.
Conclusion
Consulting and inquiring about any mode of money transfer before using it can save you a lot of money especially if you want to transfer money regularly. Because the process can be demanding, we at Exchange Rate IQ take the responsibility of ensuring that you can quickly access all the data you need when searching for the cheapest way to send money internationally
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