If you have ever sent international money transfers, especially if you do so regularly, you are probably aware of the security concerns and precautions you need to take for a safe transfer. You are also aware that the paperwork is a nightmare. The worst setback is the hidden charges factor. You will be subjected to a list of transaction fees, taxes and a whole lot of other charges. Most currencies, particularly the Euro has with time wiped out the complicated process, and it is now easier to send money abroad. Here’s what you need to know for a swift money transfer.
Know the exchange rate
Finding the best exchange rate can give you value for your euros. Avoid banks if you can, you are better off transacting with a foreign exchange bureau or expert. Even an extra penny can make a huge difference, especially when transacting huge amounts of cash.
Be keen with transaction charges and fees
Banks and money transfer agents are known to hide fees that can add up to significant amounts. Do a quick background research and know the benefits you qualify for. Example, it is free to transfer money in the EU, thanks to Single Euro Payments Area (SEPA). Sending money to a non-European country will cost you an average £40, (48 Euros). The transfer fees will vary with banks, and finding the cheapest transfer agent can make a huge difference.
If the market on an upward trend, it would be best to wait a few more days, but if it is in a free fall, you would better hurry and send the cash as soon as possible. The 0.5 difference can translate to hundreds of euros in the end especially if you send cash regularly.
Take care of your money
Ensure the medium you are using is regulated to avoid fraud and theft. If you are sending a lot of cash, use a bank or a competent money transfer agency.
Methods you can use to send
Any bank, although not their primary business, has a money transfer service. If not, they outsource the service from money transfer companies. Reputable UK-based money remitter TorFX will not disappoint. You can send international money transfers anywhere, with zero commission. Western Union is known for its large network. You can send money to almost every country in the world, with cheap rates and safe transfers. Moneygram is popular for its convenience and cheap rates. It is also a safe and reputable company. US Forex (UFX) is awesome if you are sending money to the US, Canada or Australia.
Risks to watch out for
The risks are minimized if you use banks or money remittance companies. Online money transfer is the riskiest, with over 87% of money transfer fraud cases occurring online. Remember, transferring money in the currency of the receiving bank eliminates the risk of overdrafts in your account. Use a reputable bank or transfer agency to avoid the risk of fraud.
So, whether you are sending an international money transfer to a loved one, or sending school fees abroad, or paying for a mortgage in your home country, it is best to avoid low profile money transfer options. These small service companies promise faster and cheaper money transfer, but they can prove very expensive if your cash does not arrive.