Tricks To Save Your Time & Money While Making International Money Transfer
Mar 12, 2021 - 07:45 AMAuthor - Alex Pardin
Being a global trader, you often find the need of sending/receiving money internationally frequently. For this, you want the process of these online international money transfer services to be quicker, simple, safe, efficient, and easy to use. In short, while choosing the best service for international money transfer, high-speed matters. The service that allows you the convenience of transferring funds anytime from anywhere through a smartphone within a few minutes will be preferred by you but there are some other useful tips & tricks that every global trader needs to keep in mind while making an international fund transfer.
Here are a few tips that help you save your time and money with international money transfers:
1. Compare Different Money Transfer Services - The very first step before making an international fund transfer is to make a list of several money transfer services and compare them. It will not take too much time and will help you know the best exchange rates, lowest transfer fees, and safe, reliable services. Various online platforms can give you full information about different & best money transfer services on a global level.
2. Consider International Payment Options - The global traders have an option to make an international money transfer via writing a check but this payment method is time-consuming and can take weeks to process. Further, it requires multiple daunting steps for the payee to receive their payment. Fortunately, there are a plethora of online global payment methods that eliminate all these issues such as prepaid debit cards or wire transfers like PayPal, etc.
3. Find Best Exchange Rates - The next step is to come up with the services that offer the best or lowest exchange rates. Various service providers charge different exchange rates but you should go with the services that offer the most transparent and competitive rates at that time. You can also go to private financial institutions or banks offering international payment & transfer services at favorable exchange rates.
4. Verify All The Fees Including Hidden Ones - This is the most essential criteria that a global trader needs to pay attention to. Some financial institutions charge service taxes, conversion fees, and receiving charges for every global transaction. So, it will be a wiser idea to be aware of all these charges before finalizing any services.
5. Check The Transaction Speed And Time - To ensure whether the beneficiary has received the money you sent on-time or not, verifying the speed and time of the particular transaction services is essential. In wire transfers, a payee can receive an international money transfer in less than 24 hours. Depending on the mode of transfer, it can take from a few hours to a few days to complete.
6. Check Currency Conversion Services - In case of international wire transfers, you must check if your service provider is catering to the currency you want to transact in. This would be helpful for both the payer and the payee. Wire transfer incurs additional transaction fees.
7. Check Money Transfer Limits - While making an international money transfer, you should check whether you are sending money under the money transfer limits imposed by particular service providers. The transfer money that you are charged usually depends on the amount you transfer.
8. Choose The Right Pay-in & Pay-out Methods - In an international money transfer, you need to figure out how the money will flow in and out which means the pay-in and pay-out method. There are several ways to send money to a beneficiary such as cash pick-up, bank transfer, mobile wallets, card payment, and many more.
9. Correct Beneficiary Details - When you send money globally, you will be asked to provide the beneficiary’s information. In case any of your details are wrong, the transaction can be denied. The details include the recipient’s bank account number with name, and address as well as the bank’s branch name and IFSC number. Also, Swift codes in some cases.
10. Know Cut Off Time - The banks of different countries also have cut-off time to initiate and complete the money transfer globally on the same day within the assigned cut-off time. So do not forget to ask for the cut-off time for each country.
These were some of the tips to save your time and money internationally. Apply them now and get the benefits. You should also conduct a cost-benefit analysis for the sake of your pocket.