International money transfers are essential type of service that people use to pay, receive and transfer cash in different parts of the world. It is a method usually administered by major banks, financial institutions and identified as one of the safest ways to transfer money. This procedure involves transferring or wiring money from one bank to another.
Everybody recognizes the convenience that it brings and this is the reason why most people prefer this type of service rather than handling the money physically. It is quite impossible if you work abroad and you need to send money to your loved ones back home. As you make international money transfers, you are also paying extra fees. Major banks take advantage of this situation and the electronic wiring fees may cause a little trouble on both the receiver and senders’ end. The actual amount of cash sent may not be the same because of the transfer fees.
Banks that offer international money transfers generally charge 2% – 3% for exchange rates which is quite huge and unbearable for senders. This becomes a problem if you are sending money to a foreign country. Foreign currency has different cash value. The exchange rate may affect the amount of money you are going to transfer and may be lesser than the expected value because of the transfer and conversion rate.
Other financial institutions that carry the same service may charge only 1% which is much lower compared to the fees charged by major banks. This is the reason why some people avoid bank transfers; it is quite understandable that some cannot afford to pay the fees and can cause them to lose a significant amount of money. Some find themselves in debt because of the unbelievably high rates charged by major banks. Sending money overseas becomes expensive which should not be. If your bank is charging fees that are too high, then it’s time to seek for other options. Other financial institutions carry the same service that charge lower fees.
International Money Transfers
Consumers can go online to check the foreign currency exchange rates. It will give them a better view, and to control the timing of money transfer. However, it may not be applicable to small amounts. Transferring money in minimum amount can be free of charge. The minimum is not constant and varies from one service provider to another depending on their scheme or bracket. Before you make a transfer, it is best to make a comparison to get the best deal.