, Business Tips, Cashflow

International Money Transfer: 3 Safety Tips to Keep in Mind

Sending money abroad has always been considered a hectic task. Earlier, it was difficult to send money to other countries due to the lack of suitable services. Today, many online services are operating worldwide that facilitate people to easily send money via their smartphones. However, when it comes to choosing the right service, it is extremely important to do some research on your own to ensure you don’t lose your hard earned money. Here are some tips you should follow for a secure money transfer:

Consider Costs:

When you opt for a money transfer service, make sure you’re aware of the involved costs. Exchange rates apply when you want to transfer money in another currency. This exchange rate is lower than the current standard rate and varies with each service provider. Make sure you go through the exchange rates of different services and opt for a method that charges a reasonable fee.

Exchange rates are influenced by various factors such as the current value of currency, political conditions in the country where you want to send money and the policies of bank through which the amount will be transferred.

Interbank rate is another variation of currency exchange rate that is applied by banks. A majority of people don’t know about these charges, since they aren’t accessible to general public. Therefore, international banks tend to deduct a significant percentage, usually 3%-6% from the amount being transferred.

Aside from exchange rates, money transfer fee is also deducted from the transferred amount. It depends on the policy of money exchange service as well the amount to be transferred.

Reliability of Service:

You can’t just choose any service for international money transfer. A thorough research on your end is extremely important for a secure money transfer. Make sure you opt for an international money transfer service that holds a proven track record.

Every reliable organisation maintains an online presence. Look for their website and social media accounts to determine their credibility and service quality. Make sure you check some customer reviews to find whether or not the customers are satisfied with their service. Online reviews can help you assess their customer service as well as the time they take to transfer money.

Online money transfer services allow customers to contact them via email or live chat and discuss their queries. Also, check out this review of frontierpay’s services to understand the mechanism of international money transfer.

Convenience:

Convenience factor shouldn’t be overlooked when it comes to international money transfer. Online services facilitate you to easily transfer money from the premises of your home with the help of electronic gadgets. All you need to do is to connect to the service via internet and transfer the amount to your required destination.

Not all services provide a convenient money transfer service. Therefore, opt for a reliable and quick service to save your precious time.

You should know about these services if:

  • You’re a freelancer and need to receive your pay from clients.

  • You’re settled abroad and want to send money to your family.

  • You want to send gifts to your family on any event.

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