You may find that you need to
transfer money abroad on a one-time basis or monthly and even weekly.
Tips For
Transferring Money Abroad
Whatever your requirements, you
may want to investigate and explore the best ways to transfer money abroad,
especially if you have never done so before.
Today, we’re sharing a few tips
for transferring money abroad safely, quickly and at the lowest cost.
Being aware of
how to transfer money abroad involves a few key components:
·
Affordability
·
Safety
and security
·
Reliability
·
Knowledge
and common sense
What To
Consider Before we Transfer Money Abroad
When you know a little bit about
the ins and outs of sending money abroad, you can rest easy knowing that you’ll
save a bit of cash and time, and have peace of mind as well.
There are some things you need to
know before transferring money abroad.
1) Be Aware of
Exchange Rates
Most people don’t know that the
biggest fee when sending money internationally tends to be the exchange rate
itself
Banks know this and that’s why
they slap on an extra 3 – 6 per cent ‘spread’ on top of the 0% exchange rate
they get to use. So you, as an everyday person, have to pay an extra 3 – 6%
exchange rate just for the privilege of sending your money somewhere – and
that’s before the fixed sending or receival fee they may charge on top.
2) Be Aware of
Those Fees
Of course, you’ll need to be
aware of transfer fees. Transfer fees can be quietly added on to your
transaction from the sender and also to the recipient.
3)Be Safe and
Secure
If you transfer money abroad then be safe
and secure. Check to see what body regulates and oversees the company. In this
way, you can then rest assured that you, your recipient, and your money are all
safe and sound. Make sure you can easily contact the customer service team and
not be diverted to a large automated call center in some unreachable part of
the world.
Source: currencyfair.com/blog/tips-transferring-money-abroad/
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