Why is it best to first check money exchange rates before remitting it?

Why is it best to first check money exchange rates before remitting it?

- in Finance
28
Comments Off on Why is it best to first check money exchange rates before remitting it?

Are you looking to buy a property in India? Do you want to transfer the university fee to the university in India? We are sure you must be having confusion regarding through which medium should you transfer the funds. Do you lack knowledge about international wire transfer services? Are you looking for a reliable service provider who can safely provide the money to your parents or dependents living in India without getting into the hassles of international wire transfer services? If you can relate to any of the questions mentioned above then you have reached the right place to get the answers to all your questions.

 In this post, we will discuss the benefits and shortcomings of the money transfer companies over that of the banks.

Let’s get started.

There are innumerable options when you want to transfer money overseas and most of the people doing that are confused between which options to choose from among the banks or the money transfer companies. With increasing number of options in the market, it is getting all the more confusing to decide how to send money, through international wire transfer services or through the remittance service providing companies. It is important that you make the right choice after taking all the crucial factors into consideration. These factors could be reliability, the time taken for the transfer, fees for the transfer, and the rates of the transfer.

Most of us place our trust in the international wire transfer services, but this might not always be the right choice. Let us study the following factors:

The cost of transfer

You’ll find that the exchange rates for international wire transfer services are quite low. So this might allure you into going to the banks for making a money transfer. Also, some banks may offer no wire fees for the overseas transfers. If this is the case then you need to be extra cautious about the possibility of any hidden charges. You should also take into account the final charges that will accrue to you because the receiving banks will also apply its charges at the other end.

The details asked by the banks

Generally, if you are making transfers through the banks, the banks will ask many details in their forms. Also, not all the banks provide international wire transfer services. You will be required to visit their offices in person and complete all the paperwork which also includes sharing of the identity every time you make a transfer. Many times you may not want to disclose your identity; here online remittance service providers can be of great help to you.

The time matters

International wire transfer services take a shorter time than usual due to the minimal procedures involved. Money transfer companies like the Western Union, MoneyGram, Xoom, Instarem, etc. are available online 24*7 and can accomplish the task within a matter of few minutes.

What are exchange rates and why you should know about them?

Many international wire transfer services do not provide detailed information about the prevalent exchange rates. They claim to be commission free but later burden you with a plethora of hidden charges. Exchange rate is one of them. These rates fluctuate very often and are changed even in a minute. These are the rates on which the international wire transfer services buy and sell the money to each other. The value of the exchange rates depends on a plethora of factors and you have all the right to know about them when you are hiring the international wire transfer services to remit funds.

About the author