There are many money transfer service providers that offer simple, safe, and less processing time to send money overseas. However, there are factors you must consider to save money on international money transfer online.
It will be wise to monitor fluctuating foreign exchange rates, and research on all processing and transfer fees to make a cheaper overseas money transfer. It also depends on the amount you wish to send, the location, and how fast you need the funds to be transferred.
We have compiled important tips and tricks to help you make informed decisions, and save time and money while making international money transfer online.
Comparing money transfer services
You need to invest a little time into comparing money transfer services to find the best exchange rates, competitive transfer fees, and reliable services. There are companies such as Muthoot FinCorp that ensure a safe, simple, and cheap way to transfer money overseas.
Know transfer limits
Each service provider gives a certain transfer limit as per the laws of the country. The transfer fee depends on the transfer limit. Always know your transfer limit and send money as per the norms set. Any amount beyond the set limit would cost you more money.
Avoid expediting transfer time
You will have to incur additional transfer fees to expedite the transfer. So, unless it is of utmost importance for the fund to be transferred in a few hours, it would be wise to follow the standard transmission procedure.
Be mindful of fluctuating rates
Exchange rates fluctuate rapidly every second of the hour and paying close attention to the rates will save you money. You have to be smart to get the best rates. One way to ensure that is by choosing service providers that transparently calculate the value of currencies based on live market data.
Never transfer funds through a credit card
Credit cards are the most expensive way to make international money transfer online than wire transfers. The transfer fee on every transaction is high. So, do a quick research before getting surprises.
Transfer money through Bank Draft
This is ideal for people who are not in a hurry as it takes about 15 days for the recipient to receive funds in his account, but comparatively, the cheapest method to save money. You have to draw a bank draft in the name of the recipient and courier the draft to his address.
Transfer large sum via foreign exchange companies
Always considering foreign exchange companies to send large sums of money instead of sending through services that only cater to smaller amounts. Financial institutions such as Muthoot FinCorp and IndusForex offer competitive exchange rates along with lower transfer fees.
Double-check refund policy
There are times when a recipient is unable to collect the money on time and the cash may end up in the pocket of service providers. Always ensure that you can get a complete refund of the transfer amount during such an event.
So, before making an international money transfer online, make sure to perform a quick cost-benefit analysis and know all the fees, both apparent and hidden, involved to save money.