5 Things to Consider Before Making an International Money Transfer

Whether you are sending money internationally for personal or business reasons, today, this can be done in just a few minutes. If you only do this once every two years or rarely, then you probably do not give much thought to the international money transfer service you use. But if you frequently conduct international money transactions, you have to ensure the service provider you are working with has a good reputation. Here are five things to consider when making international money transfers.  

Fees

Even with the growth of digital banking or online apps for money transfer, one thing that a lot of people are concerned about is the transaction fees. Financial institutions and currency specialists charge a fee for every transaction done. Look for someone affordable and reliable. Also, when you notice an institution is charging a flat rate, inquire whether there are hidden costs associated with currency conversion or the bank receiving the money. This ensures you know the exact amount the recipient will be getting.

Speed

When sending money internationally, one of your major concerns is when the money will get to the recipient. Maybe your loved ones need money for a medical emergency, or you want to finalize a deal. In that case, you need the money to get there as fast as possible. You should also check whether there is a cut-off time with the provider when you are making same-day transfer requests. If a bank or currency specialist receives the money after the cut-off time, the payment is processed the following day. Note that there are fees associated with various timelines. An urgent transfer will cost you more than a regular transfer.

Customer Support

Customers need to be informed of the entire money transfer process and get help whenever they face a problem. The Olympia Trust currency exchange in Vancouver reminds clients of the importance of a support team that is available, whether via phone or email. A good team will address any challenges with transfers from sending money to when the beneficiary receives it. Any provider that makes clients wait unnecessarily for long periods should be avoided.

Reputation

Recently, the popularity of currency specialists as an alternative to banks has been growing. However, before doing a foreign currency transaction with any bank or specialist, check whether the institution has been authorized to perform international money transfers. An authorized firm has high safety measures to safeguard a customer’s finances.

An Online Option

People had to have long queues in the bank before making transactions in the past. Not only was this a waste of time, but frustrating as well. However, a good international money transfer company should provide an online platform where a customer can simply conduct a transaction at any time.

When you have worked hard for your money, you need to ensure that your transactions are done reliably. Consider these five factors next time you make an international money transfer for a safe and secure transaction.