5 Important Points to Consider While Transferring Money Overseas
However, as there are a number of options to choose from, you should consider some factors so as to be able to save money on money transfer. Here are some points to consider so that you can make an informed decision.
1. Wire Money Comparison
Wire money comparison is an essential thing to do while considering different money transfer services. It won’t take much of your time with the help of sites like Wire Compare. Such a comparison will help you find the most profitable exchange rate, minimum transfer fees and most trustworthy service.
2. Send a Single Large Amount
Rather than sending small amounts multiple times, sending a single large amount is always cost-effective. Though the money transfer services charge a percentage of your amount, the small decimal digits adjusted to make the figure round can add up each time to make it big.
3. Consider Total Cost
Pay keen attention to the total cost of the transfer. The fees to be given to the transfer service may seem to be low, but the exchange rate may be high. Here a service like Wire Compare is indeed useful because they send you an alert if the exchange rate is not very lucrative during your money transfer. Calculate the final amount your recipient will get. E.g. service A offers the exchange rate of $1 = Rs.60 and charges $2 as transfer fee and service B offers an exchange rate of $1 = Rs.60.20 with $4 as transfer fee. In this case, if you are transferring $500, your recipient will get Rs.29,880 through service A, whereas he’ll get Rs.29,859.20 through service B, so the latter is lower, and it’s beneficial to use service A, though the exchange rate is lower.
4. Avoid Expediting
Unless it is very necessary, avoid expediting your transfer so that you can avoid additional fees. Thus, if it’s not required to transfer money within a few hours, choose a standard transmission and you’ll save the unnecessary extra charges.
5. Pay Attention to Fluctuating Rates
The foreign exchange market is active 24/7 and exchange rates keep changing every second, plummeting or rising significantly within a short span of time. You may think that it’s pointless to observe the fluctuation of a few pennies but it will make a huge difference in the end.
Considering these factors will help you choose a transfer method that will be profitable to you and your recipient and you can enjoy a win-win situation.