Why You Might Be Failing at Money Transfer

1. Legalities

   This is one of the main reasons as to why you might fail at money transfer. Using a company that is legal that is; a company that is registered and monitored by relevant authorities will make your transactions more successful. Other than securing your money, such companies have an obligation to fulfill, and that offers the best transfer services.

2. Company popularity

   Using a company that is not popular to send money might be very challenging. That is why considering a company that has traffic in terms of transactions will save you a lot of guessing. Using a new transfer company that is not well established may be a wrong move especially if you cannot prove that it is legit or fake. A company that is extensive, that is, one that has smaller branches in different cities, especially for bank transactions is a good indication that your money transfer will be successful. More established money transfer agents allow you to send money cheaply because they have high traffic that some even offer free services

3. Customer reviews

   A money transfer company that has a large number of positive customers tells a lot about its services. That is why before sending or receiving money, you have to review what customers are saying about each company. Better still, since each customer has different preferences, you have to stick to the one that has lots of positive reviews. You can also consult with your friends and colleagues and ask them about their views and opinions. If there is a cheap way to send money abroad, you will find out if you read enough reviews.

4. Security

   Before initiating a transaction, you have to inquire about the security of the company you prefer to use. The major reason as to why money transfer fails is because most people never ask if their transactions are protected or not. That is why many people end up losing their money to cons especially if the transaction is an online operation. Those transacting through the bank are not left behind. If you don’t have a two-way verification and you have to enter the code before transacting, your money can be vulnerable. You should also be careful with money transfer services that offer you a cheap way to send money yet their website lacks an SSL certificate.

5. Cost of service

   You may be facing challenges when sending money because you may not have enough money in the account to cater for the charges. Even if you have the exact amount of money as shown in your invoice or notification before you can release the money, your transaction can still fail because the transfer agent you selected has hidden charges. These you only get to know about after money has been sent and the deduction has been done. Also, pay much attention to the exchange rates because using the best rate to send money abroad will go a long way to ensure that you spend less.

6. Service availability

   You may be failing at international money transfer because the transfer service provider that you are using or you are used to does not exist in the country to which you want to send money. If your transfer agent does not complete transfers to a particular country, you have no choice but to look for an alternative. All this information you can find right here at Exchange Rate IQ.

7. Means of money transfer used

   Choosing the mode of money transfer has a bigger impact on whether the transaction will fail or be successful. It will make no sense if you want to make an online cash transfer to someone who can only access money through the bank. To make work easy, usually find out from the recipient their preferred mode of receiving international transfers. That will make it easier for you to avoid sending money using the wrong channels.

8. Lack of research

   Without research, you will never find the best way to send money anywhere. You have to do good research and while the process of finding a good transfer agent can be tiresome, you should know that you can find all the information you need right here at exchange rate IQ. If you are looking for the best rates to send money abroad, the fastest means or the cheapest way, all you have to do is enter the country pairs, amount and everything will be available for you. 

The reason why Exchange Rate IQ is the best stop for your international money transfer needs is that our databases are updated regularly to offer you the current market rates as provided by various money transfer agents across the world.

Conclusion

It is never easy to send money abroad especially if it is your first time. You will need to try out what has been working for other people before realizing that you can always find something that works for you. It is also advisable to consider having more than one money transfer option or money app for online money transfer fanatics. You never know when your reliable transfer agent will be down for maintenance and it is better to be prepared.