People fail at international money transfer because of one main reason and we are going to get into that in a bit. Technology has played a big role in improving international remittance but still, some people find it an uphill process to transfer money abroad. With hundreds of money transfer companies offering international remittance, it is easy to get confused or worse, conned.
In the past, sending money abroad was not easy and it would take a very long time before the money finally reaches its destination. With the lack of the right facilities to make the process better, traditional money transfer involved a lot of intermediaries which did not only make transfers costly but slow as well. Today, you can send money to any country within minutes and even make a quick confirmation using a call or text, something that was never there in the past.
If you think that traditional money transfer was risky because there was no proper tracking, you should think again. Ever since technology took center stage in cross border money transfer, more people have had a bad experience because of the following reasons;
Failure to compare available options
Sending money abroad for the first time is not an easy task and for many people, they will rather go with what has worked for someone else without second thoughts. To them, they feel like the hard part has been handled for them and as long as they can send money, they are satisfied. One thing they don’t know is that not all international money transfer companies are available in all the countries in the world. Therefore, an option that has worked for someone else may not necessarily solve your problem unless you want to send money to the same country as they are. Even if it is so, you still need to make comparisons to find out the best way to send money abroad.
Failing to consider the main factors
You have to stop for a minute and answer some questions in your mind before engaging any money transfer company. Find out what it will cost, how long it will take and how the person on the other end will receive the money. Without answering these three main questions and selecting a transfer agent that satisfies your demands, you can never have a smooth transfer. You are also most likely to spend extra and in the case whereby you have to reverse the transaction, you will experience nothing but losses. Keep in mind that times have changed and most of the methods used to send money are no longer preferred. Have an open mind for online money transfer services as these services are today the main way of sending money across international borders.
Without gathering the right information that is enough to prove that a certain transfer agent is legit, never proceed to make the transfer. There are so many people who have lost money to cons in an attempt to send money abroad and some of the victims are people who understand exactly how the procedure should be executed. The good news is, you can always avoid dealing with unscrupulous transfer agents by using platforms like Exchange Rate IQ to find your best match for cross border transfer. That is because we do our best to only catalog money transfer services that are legit and operating as required by the relevant international money transfer laws.
It does need time to compare the available services in order to settle on the best one and this gets harder if there are too many service providers in your country. If you are not up to the task of going from one company to the other, you should at least be able to find an easier way of looking at some of the best available options and that is where we come in. Keep in mind that other than Exchange Rate IQ, there are other platforms that will simplify your research work. Finding the cheapest way to send money abroad with services like XE Money transfer is easy but requires patience because it can take a couple of days to clear.
The one skill to send money abroad with the best rates
If you are serious about sending money abroad successfully then you should master the most important skill which is research. How do you do it? Your main aim for research is to find a transfer agent that works best for you. Maybe you need to send a minimum or maximum amount of money and for this to be possible, you must make sure that you select the one that will accommodate you.
While research can take you several hours, there is always a shortcut to it. Use different service comparison websites to collect as much data about these companies as possible within a very short time. Another important reason why you will need good research skills is because exchange rates are always fluctuating. A service that may cost you less today may cost you more the next time. You should also know that in order to get the best rates to send money abroad, you can take advantage of the shifting exchange rates and send money when the currency you are using is performing well.
With money apps, you should be able to send money online to any part of the world even if you have to send money to a bank account. The only problem usually is finding the right app to go with and from what you have read here, you already know how to go about getting one. Nevertheless, Exchange Rate IQ should be your one-stop for international money transfer needs. That is because we go beyond comparing the available services to providing you with more insights about how international money transfer works.