When sending money abroad you have to find a money transfer service which fits to your current needs. Before taking a decision, you have to wonder what are your transfer needs: how do you want to pay? how the recipient should receive the money? are the transfer urgent? do you want a fast transfer? a cheapest transfer? or an easiest transfer? Below the list of what you have to consider when sending money abroad:
Payment and delivery methods are the first thing to consider when sending money abroad
First how do you want to pay? Several options are possible as paying by bank transfer, by credit or debit card, or with a cash deposit. Money transfer services don’t allow the same pay-in options. Most of them provide bank transfer. Generally speaking a transfer by bank is cheaper but the transfer takes minimum 2 days. Paying by card allow to do a transfer faster but it also a bit more expensive.
To receive the money the options are numerous: bank deposit, cash pick up, prepaid debit card, ATM withdrawal, SWIFT, physical delivery at home. There are also some options like email, mobile wallet and mobile recharge.
Speed of transfer
The transfer delay depends on the money transfer service you choose and depends also on the payment and delivery options chosen. A bank-to-bank transfer takes at least two days while a transfer with a payment by card and a reception method by cash pick up can be made in minutes.
If your transfer is urgent you can also use the express service of some money transfer operators. You’ll pay an additional fee for this service.
The most important criteria: take care of the fees when sending money abroad. There are two types of fees: look at both the fix fees announced and the fees charged in the exchange rate. It can be very complex to know which money transfer service is the cheapest because you have to calculate both the fix fees and the fees in exchange rate. But good news you can use a money transfer comparison service for international money transfers. It does the job for you because it tells you the exact amount received so that you can see which operator offer the best rate for a specific transfer.
At last, the user experience is very important too. Who wants to use a cheap service if the customer service is poor? Look at the easiness of the operator. With some operators all can be made online whereas with others it takes two days just to validate an account, so it’s finally a waste of time if you need to go fast! Again you can have this information on a comparison service such as Moneytis.com