You need to send or receive cash overseas, but how does it work? You might think you need to go to the bank to make a transfer, but oftentimes that isn’t the cheapest option. We are here to help you!
Like we said, a bank isn’t the way to go. They often have higher fees and lower exchange rates for international transfers, so you’re better off sending money by other means. A more cost-effective solution is to use money transfer companies. They allow you to send money overseas fast, securely and with much better rates than those of banks. You can also handle all this from the comfort of your own sofa.
Compare transfer companies
You need to compare different services to find out the best one for your needs. These are some things to investigate when making the decision:
- Exchange rates: A better rate means more money for the recipient. Find a company with the lowest exchange rates.
- Fees: It is very important to check how much each company charges for handling the transaction. A small transfer could easily become an expensive one with the wrong provider.
- Transfer methods: Which is the most convenient way for you to do the transfer; online, through a mobile app, calling the company or visiting one of its branches?
- Turnaround time: How long will the process take? The processing time varies from a few minutes to several days depending on the company.
- Limits: Some companies have minimum limits for transfers, so pay close attention to this if you don’t need to send a lot of money.
- Pickup methods: Check how the cash is to be collected.
Once you have chosen the right company for you, all you need to do is register with them by supplying your name, address, contact details, proof of ID and information about your selected payment method. You also need to provide the recipient’s information and contact details. Then you just select the amount you want to transfer and complete the transaction. You will be given a receipt of the transfer, so you can track your money throughout the whole process.