Whether you are a business making regular international payments or an individual sending money to your loved ones residing overseas, check out the top factors to consider before making that important transfer.
Very often, people search for the cheapest way to transfer money overseas. But you need to know that there is no one-single option that is the cheapest or the best. Whether you have overseas business transactions or you are looking to send money back home, you must evaluate all the options available to you, before choosing the one method that works for you.
Here you can find a checklist of the top factors to consider while transferring money overseas. Evaluating transfer services using these factors not only helps in minimizing the cost of transfer but also ensures the security of your hard-earned money.
Top 7 Factors to Consider While Sending Money Overseas
- Reliability of the Service
This is the first and foremost factor you have to consider. Choose a remittance company that is reliable and trustworthy. Don’t be tempted by the promises of unbelievably low exchange rates and zero transfer fees. If you come across a remittance offer that’s too good to be true, then it isn’t true. Make sure to read reviews, Google the service provider to pick a highly reliable remittance service.
- Exchange Rates
The foreign exchange market never sleeps, and huge fluctuations within a short span of time are quite common. To get the best deal for your international money transfer, you need to find the service provider who offers you the best exchange rate. Remember that even small differences in exchange rates could help you save significant sums of money.
Make sure to shop around and compare exchange rates while choosing a remittance service provider.
- Speed of Transfer
You need to know how long the transfer will take and when can the recipient receive the money. Today, several online remittance service providers send your money to the recipient’s account within a few hours.
- Transfer Fees and Other Charges
Apart from the exchange rates, your transfer service provider will also charge you additional fees while sending money abroad. Make sure to include transfer fees and other charges while comparing service providers. Also, be aware of hidden fees that could give you a shock later on.
- Availability of Online Transfers
Today, it’s possible to transfer money overseas with just a few taps on your smartphone. Look for remittance service providers who offer online transfer facilities. Some remittance services even offer mobile apps, which make it quite convenient and hassle-free to send money overseas at any time and from anywhere.
- Safety and Security
It doesn’t matter whether you use an online transfer service or a high-street transfer broker, you have to double-check regarding the safety and security of your money. Check if the agent is licensed and has got the required government approvals. This way, you can be assured that your money will reach your family safely and securely.
- Customer Support
Customer support is a vital component of online money transfers, especially when you are moving money across borders. Look for service providers with an efficient customer support team. The team should be accessible 24 x 7 by email or calls. Before you choose a particular method of transfer, make sure you are comfortable with the team, by making a few calls to their customer service department to gauge their efficiency.
Make sure to consider all these seven factors before you choose a transfer service provider to send your money overseas.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”