Today, we are sharing some tips to consider when sending money abroad. There are some things you need to know first before undertaking the transaction.
- Be Aware of Exchange Rates
Most people don’t know or tend to forget that the biggest fee they pay when sending money internationally is usually the exchange rate itself. Know the rate and prepare towards it.
- Know the transfer charges
Transfer fees can be quietly added on to your transaction from the sender and also to the recipient or even fused into the exchange rate. Know what the situation is or better still, look for a service provider that is truthful with the system they use or a provider that has a reasonable transfer fee.
- Use a safe and secure channel
Make sure you can easily contact the customer service team and not be diverted to an automated call centre in some far away part of the world. You could also check to see the body that regulates the transfer company you are using. This way, you are sure that your money is safe. You could also consider the number of years the company has been in business.
- Use cheaper mediums of sending money
Some financial services have websites and apps through which you can send money. If they do not come at an extra charge/cost, you could save your time the stress and time and simply opt for those mediums of sending money.
By following these basic tips, you should obtain value for money.
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