Remittance is not a simple task, it is an international affair in which the currencies of two different countries are being exchanged one for the another. There are many ways of doing it, let’s say, traditional and emerging ways. Before making an international money transfer, it is inevitable that you must compare the money transfer services and remit rates. Why? Because each functions in different ways, offering variant services, fee structures etc.
International remittance is facilitated by these major agencies:
- Bank Wire Transfer
- Inter-Bank Transfer
- Online Payment Platforms
- Money Transfer Operators
Although they all serve to fulfill the same purpose, they are separate entities working on different principles and policies. Thus, before choosing one randomly, one must find time to compare each of their services. How are they different from others? What advantage will I get upon choosing one over the other?
Some of the major things you must notice while comparing are:
- Exchange Rates: As all transactions happen only with currency exchange rates, it is important to compare different rates offered by different services. Upon looking at favourable exchange rates, money transfer operators are known to offer the highest rates.
- Transfer Fees: Take a look at the transfer fee required for international transactions. Carefully compare the agency’s policy on the transfer fees. Is it fixed or changes with larger amounts?
- Transfer Duration: This accounts for the number of working days required to complete a transaction between the senders’ and receivers’ destination. A typical transfer duration (for example, 3-5 working days) must be compared, unexpected delays can happen to any service provider.
- Provider Reviews: All kinds of service providers have social media pages, websites, Google reviews etc. Pay greater attention to the reviews said by the customers about the service providers.
- Customer Service: A reputed help desk service is important for all agencies to clarify the doubts and confusions of all customers. Compare the agency attitude towards customers for a better understanding of their service.
With all these comparison yardsticks in hand, make a thorough analysis of all the agencies that offer international money transfers. It is very crucial that you do this comparison so that you don’t waste your hard-earned money on online money transfers.