Whether you’re considering to shift base or buy a home abroad, there’s a high chance you need to transfer money internationally. While it might seem pretty simple to send money overseas, the process can get frustrating when you’re forced to do that at a loss. You need to closely monitor the unstable foreign exchange rates and stay up to date of the transfer fees before initiating a money transfer abroad. To help you save some stress, time and a substantial amount of money, here are some tips to keep in mind while making international payments.
Watch out for exchange rates
The foreign exchange market is always fluctuating, and it makes sense to keep a close eye on the rates so that you can end up saving a considerable amount of money in the long run. Observing the rates will also ensure that you don’t get exploited at the hands of foreign exchange brokers. You gotta be clever when it comes to your personal finances.
Calculate the total cost
Don’t forget to calculate the total cost! The incurred fees might appear low at first but what if the exchange rates are high? It would be worth to pay a higher fee only if the exchange rates are low. Some banks charge up to £30-£40 per transaction. This might seem bearable if it’s a one-time payment, but the cost can reach up to £400-£500 which is a bit too much. This is why it’s important to choose your service provider wisely- the one that offers you a balance of the transfer fees and exchange rate. Do your research, compare various service providers by calculating the final amount that the recipient will get, and make a smart move.
Choose the best option
With the rise of digital money transfer, fortunately, today we have plenty of options available. However, not everything that shines is gold. Therefore you have to make an informed decision. Renowned money transfer service comparison sites like CompareRemit can help you make that informed decision.
One provider that genuinely offers the lowest transaction fees and bank-beating exchange rates is the Ria Money transfer. Take advantage of low fees and great rates when you make an international money transfer with Ria. If you are going to send money to Latin America, international money transfers are convenient. Ria lets you send money to 149 countries in less than 15 minutes. Besides, with amazing discount offers, 24*7 customer service, security of transaction and easy payout options, Ria provides clients an excellent bang for their buck.
Get a fixed rate
If you’re well-informed of the international payments in advance, try to secure a fixed currency rate so that you can stay relaxed even if the rate fluctuates. Many companies would ask for a deposit of 5-10% in order to assure a fixed rate. This way the unexpected shift in currency rates won’t take a toll on you.
Make a single, large payment
Avoid sending smaller amounts multiple times as every time you initiate a money transfer; transaction fees will add up. Therefore try to make a single, large payment. A word of caution: Do not send a large amount of money using a service provider that only serve to smaller payments. Shop around and look for the best Foreign exchange company that can offer you better rates and services.
Get a broker on board
It’s best to plan the international payments ahead of time so that you can monitor the market, thereby taking a rational decision. You don’t need to become an expert in the field of foreign exchange, let your broker do it for you. Having a broker/account manager becomes more crucial when you make international payments quite often. A broker will help you understand market trends, counter the fluctuating rates, stay alert of the changes in the currency value and get the best deal that there is.
Whether you’re buying a holiday home overseas or transferring money to help your family back home, saving on international money transfers is not as complicated as it might seem. All you need to do is to keep the tips mentioned above in mind while making a payment or just leave everything to Ria money transfer. Be it a bank transfer, cash pickup or home delivery, Ria is undoubtedly the best way to ensure a secure transaction and save on international money transfers.
About the Author: Sharon Kalipai is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency in Denver, CO. When she’s not writing, she loves to travel, dance and read books.
