4 Things To Remember While Picking An International Money Transfer Company

Money know-how
26 Jul 2017
3 mins read
Written by Team Instarem

Ludicrous exchange rate, hidden fees, delays and commission — sounds like the usual story of International Money Transfer? Such shenanigans cost us hundreds of dollars as our money makes its way to our home land.

Whether you are a business or a personal customer making regular international payments , the first instinct for many when making international money transfer is to use a bank. While most of us know the rules, not all know of the benchmarks. You’ll be surprised to know that depending on the options available you could actually end up making significant savings on International Money Transfer.

Thus, we have put together a list of 4 Indicators Of A Good International Money Transfer Company:

1. Transaction Processing Time

It should not take more than a day or two. Yes, that’s all the time it takes.

Unless encountered with issues like incomplete details of the payer or incorrect details of the payee, the money should be received within 2 business days. Also, since the money is sent directly into an account, the recipient should not have to visit the agent’s office to collect the money.

2. Foreign Exchange Rates

According to a study, good FX rates can boost recipient receipts by upto 25%. That means your money would work even more for you.oo

As a Personal money transfer medium, it’s expected that transactions will fall within a certain bucket range. Though the average transaction size in the industry is about AUD 500, you must consider a company that touches about AUD 2000.

3. Hidden Charges

Sometimes we are euro-wise and dollar-foolish. That’s how the banks make all the money!

When making international money transfer, the costs fall into just two areas: fees and the exchange rate. Regardless of whether you do it through a high street bank or a money transfer agent, watch out for poor exchange rates and a variety of hidden charges.

The firm needs to be authorized by a regulatory body. Yes, there are rules!

Currency specialists have become popular alternative to banks. But you must check the if they have been authorized by the country’s regulatory body before you trust them with your hard-earned money.

With more than 300 money transfer services in operation today, according the World Bank, the choice of which money transfer service to use is difficult and complex.

At InstaReM, we leave no stone unturned to ensure our customers have a quick and hassle-free Money Transfer experience. With transparent and no-margin FX rates, a nominal fee and as low as 2-day remittance time in aisan countries, we have so far successfully assisted over 10,000 customers to transfer money globally.

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.

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