Today, millions of people transfer money around the world on a daily basis. If you are one of them, you should invest some time into learning how to effectively compare international money transfer providers. One of the first things that you need to do is to educate yourself on the practices of providers, including exchange rates, time money takes to transfer, and credibility of the companies which you are considering. If you are not careful, you can lose a significant amount of money. You should access all the international money transfer provider services to choose one which is the most reliable, secure, and transfers money the fastest.
Currently, there are several options for international money transfer. We have aggregated a list of factors that you can use to select the company which best suits your needs. To evaluate the companies you are considering, organize a list of different remittance transfer companies, and compare them based on these factors.
Some factors you can use to compare international money transfer providers, are:
1. Exchange Rates:
Exchange rates may vary much among various providers. It is important pay attention to the exchange rate as a difference of 5 paisa can make a huge difference in the recipient's amount, if you are transferring a large sum of money. For e.g. - Difference of Rs. 0.10 while sending $10,000 will make a amount difference of Rs. 1000 rupees in the recipients amount.
2. Transfer Fees:
Take a look at the charge required to transfer money internationally. Also, consider that these fees may apply to both the sender and the recipient. These fees can vary depending on the amount of money transferred.
3. Total Cost:
The total amount of money you will have to pay to the remittance transfer company for your transaction that includes total cost of fees, other charges and amount you are sending. For e.g.: Case I - If you are sending $1000 where the transfer fee is $4.99 with exchange rate $61 the total cost of transaction is $1004.99 and receivable amt is Rs.61,000. Case II - Comparing to another transaction of sending $1000 with transfer fee of $1.99 and exchange rate of $60.80; even though the receivable amount is Rs. 60,800 but you are still saving $3 on exchange rate (according to exchange rate is Rs.182.40). Comparing the cases, case A gives is able to send Rs. 200 more to India and case II is able to save you $3 (Rs. 182.40). Evaluating these scenario, the total cost of the case 1 transaction is better, since it is still able to send Rs. 17.60 more than Case II.
Examine the service charges that may be deducted from the remittance transfer. It differs from country to country and also depends upon who is receiving the funds.
5. Transfer Duration:
This is the number of working days required by remittance transfer companies to complete a transaction between source bank and destination bank. Typically, all banks take 3 working days, while Indian Banks take about 7 working days.
6. Customer Service:
Make sure that the remittance company has a reputed help desk service, specifically in the event of delay or non-arrival of funds. The company should be reachable 24/7 via email, phone, or other communication channels.
7. Provider Reviews:
Check out reviews on different platforms-- from social media, to forums. Most of the time, the reviews give you an idea what you can expect from a certain provider. Read more: Money Transfer Provider Reviews.
8. Option to Cancel:
If anything goes wrong, the company should give you a chance to cancel your transfer. The provider should provide you with clear instructions about your right to cancel your money transfer along with the terms & conditions.
9. Security & Reliability:
Most of the remittance transfer companies are trustworthy, but there may be some unlicensed agents. Make sure to investigate the complete path. It is important to check the security measures different providers take & up to what extent your information & money is secured.
10. Promotions & Coupons:
Some remittance providers have special promotions and coupons if you are transferring money overseas. You can search for the latest coupons on our site under Money Transfer Coupons.
Taking all of these factors into consideration will help you find the best money transfer service provider that ensures a safe, secure, and advantageous transaction.