Sending your money from one country to another from the comfort of your home is certainly a costly affair. Add to the fact that there are exchange rates, transfer fees and then hidden charges make for even a more expensive ordeal. However, like every other product and service in the market one can shop around for fair-minded money transfer services as well, because evading the process is certainly not an option.
In today’s time of transferring money by cash, check, bank draft or money order is equivalent to living in the days of the dinosaurs. Here are the legit charges involved in money transferring and need to be on a lookout for:
If you are a regular client, then there is even more of a higher chance for you to strike a reasonable deal. Here are some foolproof ideas to avoid costly international transfer fees:
Most services offer loads of free thing but end up charging it all via hidden charges. To avoid these, ask upfront about any hidden charges. Explore your options and offers wisely before applying for money transfer.
If you wish to avoid the high costs, then avoid the banks. Their process might seem easier and much more convenient but their exchange rates are fixed and their transfer fees the highest. Regardless of the competition and regardless of the actual exchange rates, banks are always the costliest option for money transfer.
Fortunately for the masses in Australia, there are various companies that provide the services of international money transfer without the enigma of transfer fees. Check out the Hifx review to get some idea; https://www.icomparefx.com/hifx-review/.
The fluctuation in the currency rates does not affect the foreign traders alone, but those who transfer money internationally frequently suffer equally. For those with time can opt for services with rate watchers, or another way is to keep a close eye on the rates and then attempt the transfer exactly. Rate watchers are offered by some services who volunteer to watch the rates for their clients and then inform them when their desired number has appeared on the markets.
There are also a number of services that exist for the sole purpose of comparing the rates and transfer fee between an array of services and then help the clients decide. Using these services help the clients take advantage of the lowest rates in the market.
At the end, it all boils down to research and exploration. Never utilize a service unless you know exactly what the rates are and if there is not a service that offers lower than that.
You could just be dealing with large purchases abroad or sending one-off transfer to family members but you never have to pay a big price for it.