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5 Factors To Consider When Sending Money Abroad

5 Factors To Consider When Sending Money Abroad

1) Trustworthy Companies

Do some research on the company you are wanting to use before you go ahead and give them your personal details. Make sure the agency and/or the agents involved have the right licenses. You should investigate the payment process right from the sender all the way through to the receiver.

2) Consider Your Options

Never make last minute decisions to send money, most of the time your choices will not be rational decisions. Plan your transactions ahead, find the best possible exchange rates and fee. Use comparison sites to compare company rates.

Beware of hidden costs and fees.

3) The Amount?

The amount you wish to send is another factor that determines how much you will pay for the service. Each provider has its own rules regarding transferring different amounts. Look at your options as to what would suit your needs, ie. 1 big amount as to 3 smaller amounts, the currency or country, and the exchange rate at the time.

4) Easy & Effortless

Convenience should be taken into consideration whilst sending money.

Make a checklist and tick items off as you cover them:

  • Medium (Online, Cheque or Cash on hand)
  • Cost of transaction (Exchange rates, fees etc)
  • Speed of transaction (how long will it take to process and reach the receiver)
  • Convenience of recipient

5) Customer Service

Transferring money from one account to another can become a complicated process, and it is inevitable that problems may occur. Make sure the remittance company are willing to help you and resolve any issues that may arise with your transaction. Customer service is key when dealing with your money and staying informed is very important.

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