Avoid Unnecessary Costs When Transferring Money Internationally
If you’ve ever transferred money internationally, you know that the options rates, fees, and other factors really add up. There’s no single solution that will suit everyone, but by carefully considering a number of factors you can find the best rate available to you. Here are our tips:
Try Avoiding Banks
Traditional banks have a very high overhead cost in order to maintain their chains of high-street branches. They try to recoup some portion of these costs by placing a margin on the exchange rate. They also often can’t offer a fixed conversion rate, putting you at risk of international currency fluctuation.
While the majority of online or service point money transfer providers offer fixed conversion rate and transfer fees, their rates vary from provider to provider. So do your research and shop around to find the best rate available.
The cost of an international money transfer can vary significantly based on the processing time required. The faster you want to send money, the costlier it becomes. Therefore, plan ahead and try to send the money using the longest processing time to get the cheapest rate.
Be Wary of “No Commissions”
While it can be very tempting, be extra careful about providers offering 0% or no commissions. These providers usually recuperate their expenses through hidden fees, lower exchange rates, etc. which eventually can be more expensive. In the worst case scenario, these providers may turn out to be a total scam!