With the ever-rising number of expats in different countries, international money transfers are always at a hike. Millions and millions of people send money back to their home countries to financially support their family members, friends and relatives. It is a known fact that international money transfer need not come at free of cost. The sender must pay a little too much to make this transaction happen as there are various fees and hidden costs associated with overseas transfers. Some of them are:
- Unfavourable exchange rates offering a lesser value of money than the real worth.
- Currency conversion fees
- SWIFT tracing Fees
- Same-day remittance fees
You might think how great a difference these small hidden charges can make. But they do, even if you think of them as significantly smaller amounts, they will rise with the amount of money you wish to send, the currencies that are involved in this transaction and the time of delivery. Now, comes the part of how to avoid these additional costs while transferring money. Here are some tips that will help you to steer clear of these hidden costs:
- Understand that banks are not always the way to go: You may have a blind trust in bank transfers. But you must think of a better alternative because banks tend to offer poor exchange rates and are also accused of levying hidden charges. Thus, think differently to save your money.
- Plan your transfer beforehand: If you plan your transactions earlier, you can easily avoid overcharges for quick transfers.
- Always keep an eye out for the best exchange rates: Try to send money when the foreign exchange rates are favourable to you. Sending money at the wrong time can be a loss, as it limits the value of the money sent.
- Opt for slow transactions, if not in hurry: If your money transferring need is not an urgent matter, go for a slower delivery of money instead of same-day remittance. This can definitely save your bucks.
These tips can be of great value in saving your money when conducting international money transfers. You may also choose the best online money transfer in Australia for the added convenience and many more advantages of the fastest service and real-time tracking of all transactions.