If you need to move money to another country, it can be a little confusing when trying to work out which is the best currency exchange company for sending money abroad.
There’s no need to feel overwhelmed, though. Just like anything else, when you take it one step at a time, you can make sense of it and hopefully hold on to some dollars in the process.
Once you get the hang of it, sending money abroad will become easier as you gain the knowledge needed to make it work for you.
Here are five things to look for when sending money abroad.
1. Which Service Suits Your Needs?
There are many services for sending money abroad:
- Online money transfers
- Traditional banks
- Walk-in service centers
- Convenience stores
- Retail stores
- Traditional money transfer services
It is important to do your homework to see which service suits your needs best and which is the most cost effective.
2. How Much Will It Really Cost?
When sending money abroad, you need to be aware of how much money it will cost.
Look for things such as bulked-up exchange rates, hidden fees, commissions, and also look to see if you will be charged a fee on the recipient end as well as the sender’s end.
3. Safety and Security
There are many questions to ask when it comes to safety and security when sending money abroad:
- How long has the service been in business?
- Are they a secure site?
- Who regulates this service?
- Is there a system for tracking your money?
- Is there a system for the sender as well as the recipient?
4. Customer Service
As with any business you use, make certain that there is a customer service team that is willing and able to help you with your questions. Sometimes a company is only as good as its customer service team.
If you can, try to make a few calls prior to signing up for any particular money transfer service. See how patient or impatient the customer service team is in answering your questions.
Give the benefit of the doubt, speak to a few or more team members to get a good overall feel for how helpful their customer service team is.
5. Efficiency and Speed
Sometimes the only way to discover how efficient or speedy a service is, is to use that service or depend on recommendations of friends and family.
If a company is not reliable in its ability to deliver, then you may want to go elsewhere. With so much competition in the arena of sending money abroad, finding a company that is willing to go the extra mile should be an achievable task.
So, there you have it, these are five of the top things you need to look for when sending money abroad.
Video: Which Is The Best Currency Exchange Company
If you’d like some more information, here’s a very short video . . .
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