5 Tips For Saving Money On International Money Transfers.
International money transfers are a necessity nowadays for transacting international business, for tourists and other customers in the United States. Money transfers are a fundamental convenience of modern living for paying bills in other countries, sending money to relatives abroad or conducting international business.
Some money transfers, however, at times also come with hidden fees & costs that significantly decrease the amount you’re hoping to send or receive! To maximize your savings, here are 5 tips from Konecta to help you save money on your next international money transfers.
Not all money transfer companies charge the same rates!
It’s smart to compare different providers to find the best option. Look into making use of banks, online services or specific money transfer companies to identify which one offers the best exchange rate and lowest fees. Keep in mind that fees may vary depending on the amount you’re sending and your destination! Check ALL the details before making the transfer!
Use Online Services
Online services are sometimes faster and will save you more money than “in-person” money transfers at a currency exchange agency or bank. Online also offers greater transparency in terms of fees and exchange rates. Different platforms suitable for these services allow international transfers to be made at competitive rates and with clear fees.
Additionally, they usually offer tools to help you calculate how much exactly your recipients will receive.
Take Advantage of Low Rates for Larger Transfers
Some places offer lower fees for larger transfers.
If you plan to send a significant amount of money, ask about any reduced fees or discounts offered that apply when you send larger amounts. Calculate, as well, whether these discounts will really benefit you compared to other available options.
Always investigate the reputation and security of the place you are selecting before making your money transfer. Market conditions may also change, so take into consideration the current exchange rates and associated fees when making your international money transfers.
Check the Return Policy
Before you go ahead completing your money transfer, review the refund policies in case your transaction isn’t completed or if you suddenly need to cancel it.
Some places offer a full refund only under certain circumstances or only a partial refund.
Avoid Using Credit Cards for International Transfers
It’s costly to use your credit card for international money transfers due to the high interest rates charged and associated fees you are expected to pay! Instead, look for a money transfer service that offers favorable exchange rates and transparent fees.
Do your research & save money on your next international money transfer!
Compare options to avoid needless fees. For example, use online services, plan ahead, keep an eye out for hidden fees and ensure that every single dollar you send gets to your family members and intended destination!