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3 Points to Consider before making International Money Transfers

3 Points to Consider before making International Money Transfers

While sending money to friends and relatives living or travelling abroad, most people are concerned about how cheaply they can get their funds across to the overseas recipients. However, there is no ‘one size fits all’ solution for this particular issue as different methods have their own particular pros and cons.

This is why, irrespective of whether you are travelling abroad or simply sending money to your family back home, it may be deemed prudent to check and see the different options available before you either send or receive any remittances. The best possible means of doing so is to run though a checklist of factors thorough which you can evaluate the money transfer company or organisation that you will eventually choose, for all your money transfer issues.

Exchange Rates of the different service providers

Exchange rates may vary much among various providers especially with regard to global money transfer companies like OFX. This  is why it is of paramount importance to pay attention to the exchange rate since a mere five cent difference can cause a lot of variation when the money is finally handed over to the intended recipient. For example, a difference of .5 cent d may end up being a really big amount when the final tally is done. This is why it is always deemed prudent to shop around before setting on a particular money transfer agency, especially if you are considering a long-term relationship rather than a one-off transfer, per se.

The issue of the transfer fee

All agencies and money transfer outfits have either their very own rate lists and charges for transferring money abroad. This may depend on the destination as well as the amount being transferred. This is why it is necessary to juxtapose two (or even more) money changers with reference to their transfer fees and any other service charges so accrued by them. By and large, the sender has to pay the transfer fees, but sometimes, both the recipients and the sender have to pay the fees at both theirrespective ends. There are many online services that can help you come up with the right ideas and relevant advice when you are looking for a money transfer agency to send money overseas.

Overall Transaction Reliability

The importance of this critical factor simply cannot be emphasised enough. After all, if you send money and the recipient simply does not receive it, then it stands to reason that the whole exercise was in vain. While both you and the person you send your money to, run around from pillar to post looking for your precious funds.

This is why it is absolutely imperative to make sure that the money exchange company is highly reliable and licensed by the relevant authorities in Australia. Yes, well reputed financial institutions may be more expensive, but they certainly will give you complete peace of mind that the amount you sent has been successfully transferred to the intended recipient.

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