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3 tips when choosing money transfer service

3 tips when choosing money transfer service

Sending money abroad may sound like a big deal for some people but, in fact, it is very easy. All you need to do is choose the right money transfer service and register to it online. You do not have to go anywhere, get a credit card or anything. When you are a registered user you just have to input a bank account and after some time (depending on a platform) the money will be at the recipient’s account.

Crucial part is choosing the finest service and here are 3 tips how to do that:

1. Start from the top

Google up the latest ranking that compares the most beneficial money transfer services. Then compare it with other rankings created by different experts and observe which firms are popping up at the top most often. These are probably your best options. Remember that the situation on a market is fluxionary and conditions offered by the firms are constantly changing. Also there are a lot of new firms in the business. So always check the most recent sum-ups .

2. Check the essentials

Firstly, verify if the country you want to send money to is on the list of countries covered by the services of the platform.

Then, examine all the fees. Bank-to-bank transfers are slow and overrated so never use them. Platforms that specialises in foreign money transfers offer more competitive prices. Exchange rates on such platforms are always lower than in banks which is important especially if you are sending a big sum. Also, search if the firm wants to charge you with any additional fees and be prepared that you can be charged by the intermediary bank.

Check how long the transfer will take. It is usually 1-2 business days but there are even firms offering an instant transfers.

Check if the platform has any limits. Some of them allows only bigger transfers, exceeding a specific sum.

If you want to learn more and start your research maybe read this TransferWise review to learn more about sending money internationally.


3. Do not get scammed

Always remember to read reviews. Imposters are a frequent phenomenon in this business so opinions of the customers will decrease the risk of being shafted. Besides, they will help you determine if the firm’s services are satisfying for the users or if you should continue on looking for something else.


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