4 Things to Consider When Choosing an International Money Transfer Service
It’s astounding to think that the world has advanced so much where you can transfer thousands of dollars to a person halfway across the world in a matter of seconds. It’s truly the age of technology. Due to the profusion of online money transfer services, you might be wondering which one you should choose to give your business to.
Read on to see 4 factors you can use to choose the best international money transfer service for you.
1. Fees & Exchange Rates
There are many low-fee money transfer services available, but be careful that they don’t gip you on the exchange rate. These are the two costs of transferring money using an online money transfer. You pay a certain fee to the company for helping you transfer your money and they also get to decide what exchange rate to use.
Some companies like Transferly will be able to give you a good breakdown of the various online money transfer companies, like Remitly, and more.
2. Speed Of Transfer
You are probably looking for a quick money transfer abroad when searching for online money transfer companies. You don’t want to wait for days or weeks for your money to arrive at its destination. Most companies will be able to transfer your money instantaneously, especially if you have transferred to the person before, or you have to transfer small amounts.
When it comes to larger amounts or unknown vendors, online money transfer companies put checks and balances on fraud by increasing transfer times. This is for your safety and theirs.
3. Quality of Service
If you make a mistake in putting in the account number of the receiver or you want to renege on the transfer, you must have a solid customer service team to speak to directly. You can tell how great the customer service is by how satisfied the customers online seem.
Check online reviews to hear directly from previous customers and make your decision accordingly. Also, try out a transfer or two with the company to see what their service is like. There’s nothing as informative as the first-hand experience.
4. Trust & Security
Transferring money internationally isn’t an easy task, electronically speaking. Cybercriminals are always looking to get in on the action. That’s why you must choose an international money transfer service that has a high level of security both on its smartphone app and on its website.
You want to feel safe transferring money with such services. It’s your hard-earned money that’s going down the drain, otherwise.
Find the Best International Money Transfer Service for You
It might take some time to find the international money transfer service for you, but it’s well worth the time you spend. Once you have a trustworthy and reliable service to work with, you will never have to worry about transferring oodles of cash overseas to family, friends, colleagues, and more.
No matter if you are using it for business or personal reasons, a good online transfer company is essential. If you enjoyed this article, keep browsing our finance section to keep learning more.