If you are looking to send money internationally or even just send some cash down the street, you may be surprised how many options you have! So, which one is the best? And which one is right for your money transfer needs? Here is how to compare money transfer services and get the best option for you.
Check The Rates
When comparing money transfer services, the first thing you should do is check the exchange rates. Rates may vary from provider to provider by a lot and even a decimal point difference can cost you! Check the NAB exchange rates to give you a good idea of what a solid rate would be. Then, compare this number to the rates being offered by the money transfer services.
Never pay more than the NAB currency exchange says is fair! Taking the time to compare vendors and the rates that they offer will save you a lot. Keep in mind that exchange rates can change from day to day, so it will also pay to assess the exchange rate over a period of time and make your transfer when the rates are favorable. To find our further information on exchange rates, visit FX Compare.
Just as the exchange rates will vary widely, the fees associated with your transfers will change as well. Check the charges that will be applied to your transfer and look for a vendor with the lowest fees. Be sure to check both the fees incurred when you send the money and the fees that the recipient may have to pay. Keep in mind that fees also may change depending on how much money you are sending. If you are sending a large amount of money, a flat rate fee will likely be your best choices.
Look for a company that charges a set fee regardless of how much money you are sending and then send as much as you’d like! If you are only sending a small amount of money, you may be better off with a money transfer service that charges a variable fee. You will pay less since you are sending less. Assessing and comparing transfer fees is just as important as looking at exchange rates!
Every money transfer service will deliver your cash within a different time frame. If you need your money to arrive quickly, you should look for a same-day delivery option. If the time frame is more flexible, choose a service that sends that transfer a little more slowly which will also cost you less. You can get your cash abroad almost immediately, but you will have to pay! Compare transfer times when choosing the best money transfer services for you.
When assessing the time, it takes to send money abroad, it is a good, general rule that a center will take longer to send money internationally. This includes places like Western Union where you can send cash, but it will take several days before it can be picked up. Online transfer services will be able to send your money faster and might even have an instant option. Consider how fast you need your money to be available overseas and also think about how much you are willing to pay for a faster transfer.
You may want to look at the kind of customer service that the money transfer provider offers. Make sure that there is a help desk phone number, email or both that you can use if needed. If there is a mix up with your transfer or you want to check the status of your transfer, you want to be able to reach a service desk and get a response immediately! This is especially true if you are sending a significant amount of cash. A company that offers a 24-hour customer service center is best and likely will be the most reliable of all the services (Those that are willing to help you at any time typically stand by their product and service!).
Check Online Reviews
Online reviews are a great tool to help you compare money transfer services. See what real-life people have to say about using a certain transfer service and if they would recommend it. Read the best and the worst reviews (Sometimes negative reviews can give you valuable insight as well!) and see which service ranks the best among real people. You may even want to see if there are open chat forums where you can ask questions about the money transfer service. Interacting with previous and current customers may sway your decision to use a certain company over another.
Promotions and Coupons
Occasionally, a money transfer service may offer a promotion or coupon on all money transfers. This may be something as basic as waiving fees for first-time users or even offering lower interest rates on transfers. You may be able to have fees waived if you open an account with a certain company. For example, a bank could give you a free money transfer if you open a savings account. Take advantage of these promotions whenever possible, any amount you can save is valuable!
History Tells All
When you look into various money transfer service, you may want to look into how long the company has been in business. The longer a company has been in business, the more likely it is to be reliable and secure. A newer company may have lower rates but you might not want to trust a large transfer with a brand-new business.
When sending money transfers, be sure to take the time to compare and review a service before you use it. Consider all the sides of the transaction from how much money you are sending to which place has the best exchange rates and fees. Read online reviews and see if there are promotions or coupons for money transfers before you send your cash. There are a lot or services out there to choose from so getting the best one for your transfer situation is imperative!