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.
4. Legal Authorization:
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.