This blog will identify some of the critical aspects you should know when deciding to send money abroad, either for regular or periodic payments.
When opting to send money from one country to another, whether it is for business or personal reasons, many tend to choose the easiest way to complete transactions. This often leads to choosing banks that are known to be more safe and secure to any potential frauds. However, suppose you decide to undertake a bit more research and consider all of the options available to you, whilst considering different factors that impact the money transferring process. If you do that you will end up saving a considerable amount of money in fees, commission, and time.
If there is one thing guaranteed about the exchange market, it’s that it never sleeps and exchange rates wildly fluctuate ,even in a short time period. Getting the best exchange rate available for your international money transfer is crucial, as it can save you a significant amount of money. Therefore, check currency specialists and money transfer agencies/fintech when transferring money internationally as they generally tend to have the best rates.
International fees and charges
This is key when transferring money internationally. A fee is a payable with all providers associated with this service; however, some providers such as banks and other money transfer agencies may charge receiver fees in addition to the sender fees. Therefore, you need to do some research on which providers offer the best rates, and don't hesitate to contact their customer services, for more information as this may even save you some money.
International money transfers speeds
When sending money internationally, especially when time is of the essence, you need to know when it is expected to arrive and that it will arrive at the correct place at the correct time. Some providers offer instant transfers, while others may charge extra for instant transfer. Investigate the time offered by the agencies when deciding to transfer money.
Check for an online option
Long queues at the bank or endless minutes at the end of a telephone may not be option you wish to consider, however, if transferring to Non-EU countries, your receiver will most likely face such problems. Thus, identify companies that offer online platforms for their consumers. This makes the process more manageable and less time consuming, as your registration is completed online, whilst being provided with consumer service 24/7. Opting to choose online providers, will save you valuable time which ultimately translates in less money spent by you.
Knowing what to look for when sending money internationally will save you both time and money and making your experience less stressful. If you follow these guidelines, and be aware of these points, whilst researching it is almost guaranteed that in your Google searches, you will find OneFor. All these factors that you need to know when conducting international transfers, OneFor makes it easier for you. OneFor directly translates your currency to the country selected whilst offering favorable rates. OneFor is significantly cheaper than banks, compared to money transferring agencies (50% less expensive than Western Union - the global leader in money transfers). It is instant, a feature that is not available with many operators and is available in the comfort of your own home. All you need is your phone, and the rest of the process is easy. We will guide you through it.