Do you find yourself often dazed by how international money transfers work? You are not alone. International money transfer can feel like a watch mechanism with so many gears moving at the same time. There are several unclear fees and a plethora of security concerns too.
There are different money transfer services from which to choose, and although third-party review platforms like uk collected reviews make it easy, one can still find it a bit puzzling when going through each service’s perks. We’ve been in this boat and have successfully navigated the waters of international money transfer, and we would love to help you do the same. To this effect, we’ve put together what we feel is a comprehensive guide to help you send money overseas securely and hassle-free.
What options do you have?
With international money transfer, there are few options to choose from – some of which you most probable than not, are familiar with. People use the different options to send money online either through a bank or any financial institution set-up for that purpose or via online money service providers popularly known as FinTech companies. The latter is more common nowadays. If we chose to write an article to give you an example of a FinTech company, it would be About WorldRemit.
Are they even secure?
One of the biggest hurdles in the way of getting people to send money abroad is convincing them that their money is being kept safe. How do you know your money is secure? You know your money is protected when sending money abroad about as much as you know it is when you keep it in a local bank; you have to trust the service. However, beyond trusting the service, there are things you can check for to confirm the legitimacy of a service. Some authorities regulate these FinTech companies just like banks have regulators that look out for your best interest. You should check to see if a service you choose has recognizable bodies regulating it. You should likewise confirm the online money service provider has measures in place to protect your money. This means checking to see if their web service is built following the internet industry’s standards for building financial web applications.
What else is there?
You’ve picked out a money transfer service, you’ve decided it is safe, what next? It would be best if you understood other critical things when sending money online, and one of the most important is the cost of making the transfer in itself. On the subject of costs, two things you should know are:
· Exchange rates
The exchange rate is what fixes the price of a currency. In simple terms, it determines how much of one currency you need to buy another currency. For example, how many pounds can $100 purchase?
Money transfer services also have running costs. It would do you a world of good to know how much it costs to use a money transfer’s service.
International money transfer should not be difficult. You can get the hang of it if you follow this guide thoroughly.