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Save Money on International Money Transfers: Top Tips & Tricks
Posted on Wednesday, June 19th, 2024 | By IndusInd Bank
Selecting a reliable money transfer service to carry out international transactions might seem simple. However, several vital considerations, including international money transfer fees, need to be made beforehand. This means that before starting an online money transfer, it’s essential to watch the volatile foreign currency rates carefully and be aware of all associated costs. Doing this can reduce the cost of your transactions and improve how you manage your daily spending.
For whatever purpose international money transfer, be it to finance a foreign mortgage or buy a classic car, you will always need some advice on reducing costs. So, let’s explore the top tips and tricks to save money on international money transfers.
What is International Money Transfers?
It is a process by which people or a company send money from one nation to another via different modes like bank transfers, remittance services, online payment platforms, etc.
Top Tips to Save Money on International Money Transfers
1. Compare Exchange Rates
Prior to selecting a provider, it is crucial to evaluate prices offered by several vendors, just as with any other purchase. This will assist you in obtaining the most favourable exchange rate and costs for your foreign money transfer.
Remember that banks aren’t always the most affordable choice, so you might also want to use Internet remittance services or specialised currency exchange businesses.
2. Look Out for Hidden International Money Transfer Fees
As previously discussed, there can be hidden costs related to overseas money transactions. These may include paying international money transfer fees imposed by the recipient’s bank. Before completing a transfer, carefully read the fine print and request an explanation of all the associated expenses.
3. Choose the Right Payment Method
When sending money overseas, a variety of payment options are available. Ensure the option you select fits your needs. Wire transfers are usually the best option for more significant amounts, while credit cards work well for smaller amounts.
4. Choose the Right Time to Make Your Transfer
Because currency rates are always changing, when you make your transfer, it will have a significant impact on its cost. It is crucial to monitor exchange rates and select a period when they are most advantageous for you. To know when to make your transfer, you may also set up pricing notifications with your preferred provider.
5. Protect Yourself from Fraud
Money transfers include some risks, and to avoid being a victim of fraud, it is good to keep a keen eye on transactions. For best results, always deal with a reputable money transfer company and never hand over money to anyone, no matter how convincing they might be.
Finally, if someone asks for your social security number or any other secure number, you should not provide it until you have checked with the company.
6. Negotiate Transfer Fees
Negotiating international money transfer fees with your preferred provider might be possible in some circumstances. This is especially helpful if you need to make frequent or big transfers. Contact suppliers, and don’t be scared to ask for a better deal or to compare international money transfer fees.
The Bottom Line
People often think that sending money overseas must be costly, but that is not the case at all. With these top tips and tricks, it is quite easy to avoid being overcharged when sending money across borders. To get the best value for international money transfers, one should make a point of comparing charges. Apart from that, being wary of additional charges and considering other forms of transfer to get the best value for money for international transfers. The next time you find yourself in a position to transfer money to another country, use these tips to avoid being a victim.
