International money transfers – what to look for
Money is the global grease that makes the cogs of the world go round. Without money, we’d still be diving for shiny seashells and hoping that whoever has enough food to spare will be swayed by the shells enough to enter into a shells-for-sandwiches style barter system. Thankfully, we’ve moved on a bit since we used to swap goods and services in exchange for goods and services. Now, the world has the almighty dollar (other currencies are available). The thing is, we don’t always want to spend our money within the confines of our own country. Sometimes, we have good reason to send our money abroad. These reasons could include paying for a foreign wedding, paying for our children to attend foreign universities, purchasing foreign properties, and paying for a foreign divorce lawyer. That’s a lot of funds moving across borders. Let’s take a moment to consider what to look for in a foreign money transfer, so you don’t get stung with excessive fees and charges.
A reliable operator is key
When it comes to money, especially your own money, safety and security is paramount. Think of the consequences of using a less than reliable international money transfer operator – not only do you run the risk of payments going missing with little or no way to track and recover your funds, but you also risk your details being compromised (leading to a whole series of unfortunate events that will likely culminate in speaking to the fraud department at your bank or wherever you sent the money from). Select a provider that you can trust to receive the best money transfer services. Stick with the big names. Avoid the bright lights of cheaper fees, as this will usually be recouped by the provider anyway in the form of a lessened exchange rate.
The speed of your international money transfer
If you require a speedy international money transfer service, perhaps to pay for medical fees or an unexpected bill, you will likely wish to go with a non-bank service provider. This is because banks take time to set up your international account and typically process the payments at a slower speed compared to other operators. Banks, however, will usually provide a better exchange rate. This means that if time is not of the essence, you have the choice to opt for a better exchange rate over an expedited payment.
*This is a collaborative post.
