Do you want to know how make a money transfer abroad cheap and secure? There are things to be aware of when making an international money transfer. They are:
• Exchange Rates
Every dollar that you send generates a certain amount of foreign currency. That is known as the exchange rate. It varies daily or at times several times a day according to changes in the international money market. That’s because money transfer companies change it to create profits when you are transfer money abroad.
Fees are the amount of money that these services that move money abroad charge. They vary it depending on how much money you are sending, how urgent you want it delivered and whether you are using online means or walk in- agents.
• Total Cost
Total cost is the total amount of money that you will spend including the amount to be sent and the service fees.
• Total Currency to Be Delivered
Total money to be delivered is calculated by multiplying the number of dollars that you are sending with the exchange rate.
How To Cut Costs When You Want To Transfer Money Abroad.
• Compare Transaction Costs
You should shop around for better deals even if you are dealing with the same service provider. That because some services charge more fees when you are transferring money online as compared to when you deal with their walk in agents. For example, Viamericas exchange rates. You can read more on saving money on this article here. > Beat The Banks Like Natwest, Lloyds, Barclays, Hsbc, Nationwide
You should avoid paying extra to have your cash transferred abroad if you can wait. You should also avoid sending small amounts too often as its costly when you accumulate the charges. Send large amounts at once if its possible.
• Automatic Transfers
Another thing you should avoid is monthly or annual transfers. That’s because they may occur when the exchange rates are not favorable.
• Special Offers
Companies such as Wells Fargo have special deals for customers who meet their minimum account rules. You should look out for such offers.
Security of Your Money
You should ensure that your money has safely arrived and in its exact amount. That’s by providing correct sending details and also checking your receipt. If anything goes wrong, get in touch with the money transfer service or the industry regulator.