How to Save On Your Money Transfers

Just in case you didn’t know the money transfer industry is growing fast and is set to do so for the foreseeable future. Currently it increases by between ten and twelve percent per year. This is mainly fueled by globalisation, worldwide migration and of course ever improving technology. Just a quick example of this is that of money transfers completed via mobile phones. This sector of the market alone is set to become worth around $8 billion in just the next five years. This will be a massive increase from the 2006 turnover of $10 million.

With that in mind their are of course many operators offering money transfer services. However, it is not always easy to figure out how to get the best money transfer deal, so here are a few tips that will help make sure you are getting a good price when you transfer money overseas:

1) Think ahead. If you 상품권현금화 regularly transfer money than you probably know on which dates you wish to do so, after payday for example. This means that you can make use of delayed transaction services. Typically you can arrange for the operator to carry out the money transfer over a number of days, normally around 3 days. This delay in the transfer will of course give you a reduced transfer fee possibly as much as 25%.

2) Make sure you are absolutely crystal clear exactly what exchange rate you are being given. Some companies are happy not to make this information obvious for a reason! In fact sometimes they will offer special money transfers for free, but upon reading the exchange rate you are actually about to get a very poor deal overall.

3) If you have a large amount of money to transfer then it would be wise to transfer the money through a bank account. You can ask your bank to wire the money overseas to a different account. This method is particularly safe as the money is sent via an electronically encrypted messaging service and would be extremely difficult to decode and make use of.

4) Get familiar with the terms and conditions of the money transfer. It may be that you are charged a higher or lower fee than the advertised rates depending on from what location you are sending from and to where you are sending it.

5) Possibly the simplest and most useful question to ask your agent would be: In total how many dollars (or whatever currency) will be received at the other end for x amount of dollars at this end? This is a really easy way to make comparisons between money transfer companies.

6) Do not use a credit card when transferring money, you will most likely be charged a cash advance fee as-well as of course adding to the overall cost.

7) When selecting your money transfer company consider asking the following questions bearing in mind there are many new companies entering the market all the time:

How is the fee calculated and precisely how much will I be charged? What is the exact exchange rate that you are giving me? How soon will the money be ready for collection? Are there any extra charges for using credit cards?

8) A very simple and cheap way to transfer money overseas would be to let the intended recipient open a joint bank account with yourself. This would basically mean that you can make deposits in your home town and they can simply withdraw the money from an ATM. Of course you would want to select an account that offers low fees for overseas transactions and you would need to be absolutely sure that you trust the individual.

9) As previously mentioned there are many money transfer services being offered by many companies these days so this gives you a great selection of companies to go to, to compare prices, so take advantage of this and shop around!

10) Look after number one. Keep receipts reference numbers and so on in order to protect yourself in the unlikely even that the money transfer is not completed correctly. This is especially advisable when using newer less established companies.

The above list of money transfer tips can be made use of right-away. There are an abundance of companies around so shop around and settle on a company that you are happy with after considering the above tips.

 

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