The world has become increasingly globalised in the last few decades and with that, there’s been a rise in international trade. People choose to move to the opposite side of the world to their families for work or just to explore and businesses are able to source suppliers globally rather than solely in their own country.
Fast and affordable internet has allowed freelancers to work from anywhere, meaning it’s never been easier to set up a base somewhere more affordable while working for companies based in huge cities. The rise in remote workers has been good for businesses too, allowing companies to take on extra staff almost instantly as and when it’s needed rather than having hired temporary staff with set contracts.
Whether you want to send money to your family or you’re paying freelancers based in another country, finding a way to affordably send payment can feel like a minefield. There are lots of money transfer services online that claim to offer a safe and reliable service and the best value for money, but how do you choose the best provider for you? Simply follow these tips.
Check Their Credentials
While there are many legitimate online money transfer services, there are some websites whose sole intention is to steal your hard-earned cash. Luckily, there are checks that you can do to verify if it’s a legitimate website.
First of all, if you scroll to the bottom of the page there should be information about the company and regulatory bodies. The website should say where they’re registered and give an address and a way to contact them as well as list who the company is regulated by. The most important thing to check is that the company is regulated by a governing body – this means that they have to answer to someone should there be any issues, which provides you with more protection.
Finding The Right International Money Transfer Service For You
When you compare the best money transfer companies you should look at things like how long time it will take for your funds to arrive, the number of fees you need to pay and if the provider is using secure encryption methods. That way you can be sure that when you do use them for your money transfer needs, you’re going to be in safe hands. Once you know what fees you are going to incur, or how long the money is going to take to reach the recipient, you’re in a much better position to make a decision on which service to use.
If you leave it to the last minute then you can be in danger of being forced to use a service that costs more, just because they do what you need. It is best to be prepared and look at everything so that you can make an informed, timely decision. For example, if you’re using a money transfer service to pay a salary then you need to know how long this will take so you can ensure the funds reach your employee on time.
Check Reviews
Even if a company is legitimate that doesn’t automatically mean that they’re someone that you should hand over your money to. Look at sites like Trustpilot, Google Reviews and reviews on their Facebook page if they have one. Reviews can be bought so it’s important to take lots of positive reviews with a grain of salt.
What you really need to look for are any negative reviews – see how many there are and what any common complaints are. Negative reviews can’t be removed by the company so if there are lots of negative reviews it’s a good indicator that you should stay away.
Check the Transfer Speed
Instant bank transfers are something that’s usually taken for granted, but when you’re sending money internationally it’s a luxury. Depending on the amount of money that you’re sending and what country you’re sending money to, it could take anywhere from a few minutes to a few days for the transfer to be completed.
The transfer speed will also vary between companies. Some money transfer services offer rapid transfer speeds as standard, whereas others charge a premium for faster transactions.
Look at the Fees
One of the things that often mount up is the fees you need to pay. Most money transfer services will charge a flat transfer fee – the price for this depends on what country you are sending the money to and how much you want to send. While this fee is standard for money transfer services you need to do your research to make sure that there aren’t any hidden costs. Some companies will charge an extra fee for faster transactions. Others will advertise a lower transfer fee but then quote a worse exchange rate than is currently available elsewhere in order to make more of a profit.
How Many Countries do they Transfer to?
Probably the most important thing to check when choosing the right international money transfer service for you is to check which countries they can transfer to. Some countries are more expensive to operate in so companies that quote a lower fee might not offer a transfer service to your chosen country. Before putting the time and effort into researching the company’s reputation, speed and fees make sure that they are able to conduct transfers to your target country.
While finding an international money transfer service can seem daunting it’s worth putting the time into researching several options to find the best company for you. Your research will not only protect you from being scammed or getting caught dealing with a company that has terrible customer service, but it will also help you to save money. Knowing what the exchange rate should be and having a base knowledge of the fees that other companies are charging will enable you to make the most cost-effective decision based on your needs.
