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
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 SecurityThere 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?