How to choose a reliable money transfer service provider?
International Money transfer services or remittance services have become one of the essential services for many of us these days. Either to send money to your family back home or to transfer money as a part of your ongoing business, endless options are available to transfer the money nowadays. According to the world bank nearly 74.6 billion USD is sent from the USA to mostly low or middle income countries each year.
Each transaction costs around 6 percent service cost for the sender. This is why you should choose wisely the best service provider for your money transaction. Facts like security or safety, receiving the best exchange rate, avoiding scammers or simply trying for the best deal are the things we always look into. Most importantly choosing the cheapest way to transfer money can save a lot more for you than spending on fees.
Thanks to the development of digital technology and fintech collaborations the remittance industry has become more innovative and competitive providing plenty of options to send money online. Compared to the past there are many organizations that handle money transfers now and each provider offers a wide range of options to suit your requirements.
You can work on the best option to match each circumstance and at the same time be reliable and cost efficient. Picking up the best service provider can sometimes be a tricky or rather difficult task for you.
Considering few areas with few providers may give a better understanding of the service providers you are looking at.
Cost efficiency and transparency
We all want the best rates and value for the money we send. Also a maximum amount to be received by the recipient. If you transfer money on a regular basis it is best for you to pick the one that charges a minimum amount of fees. The traditional methods of money transfer may cost more than the modern online or web based transfers.
Certain service providers may also have hidden charges which may be tricky to figure out. Some providers may charge you extra on exchange rates which may be not mentioned or may even say no extra charges at the beginning of the process. You can get exchange rates from a few service providers you are considering and compare their exchange rates. Even though these rates fluctuate fast it will still give you an idea on what companies overcharge you. Speaking about Exchange rates, our Sri Lanka exchange rate is the highest in UK market. So choose Teeparam Exchange to send money to Sri Lanka from UK .
It is good if the receiver can get the maximum out of what we are sending and this is why transparency is an important factor to look into. There are some service providers that levy a backend charge from the receiver. Meaning an additional service fee will be charged at the time of receiving the money. A provider that offers a competitive exchange rate with no backend fees, no cancellation fees with cost efficiency and transparency will be the best option to consider. Also some providers offer a range of benefits for larger amounts of transactions.
Speed and reliability
As a money sender it is important to check how much time it will consume from sending to receiving money. Many online money transferring companies offer amazing service with a range of payment and delivery methods. Either your requirement is a regular money transfer or an emergency some companies offer easy access with quick online sign up options.
Companies with mobile money transferring options will let you transfer the cash fast and easily. Delays in transactions can create hardship to both senders and receivers. In the modern world with the help of the latest digital technology and with a widespread network the money transfers can be done instantly to any part of the world. Always look at how wide and strong your service provider's network is.
Connectivity and currency preference
If you are looking for a speedy service, then your service provider should have a strong and wide spread of its network to many parts of the world. A provider with many cash pick up outlets around the globe will be a better choice.
Also some money transferring companies offer only few currency options and they may not have the currency you are looking at specially if the transaction is for a less popular country or to a remote area. It may also take extra time to transfer money to such areas. So it is important to check the availability of the currencies before choosing a service provider.
Trust and security
Priority should be given to pick the most reliable service provider when you are transferring the cash. No matter where you need to transfer you do not want to lose your cash before it reaches the destination. By comparing the international money transfer service providers along with the customer reviews and their reputations you may get a clear idea about the providers you are looking at. Also the service provider you are going to go ahead with must have legitimate licenses and regulations to provide a trusted and secure service to their customers.
The cheapest provider may always not be the smartest choice especially when it comes to handling your cash. A provider with a secure platform and that offers the latest technology to safeguard your cash for a speedy transaction will be a better choice. The modern technology infrastructure offers you to track every step of your transaction until it reaches the destination. Some providers send email updates of your transaction which can easily be shared with the recipient.
Support and customer service
It is important to know or decide what type of cash receiving method will be preferred or versatile for the money receiver. Some providers offer mobile wallet transfers, bank account transfers or pick up cash from one of their branches worldwide. Select a preferred method for the transaction and check whether this method is available with the company you are looking at.
Remember good customer service is a must for a company for its survival and development. Customer reviews can give a clear idea about the provider’s service. A Good customer support will always be helpful to both sender and receiver to clarify the transaction details whenever they need to.
Before transferring the money to the desired location, quick research run by you considering the above mentioned facts may enable you to select the best service provider for the transaction with a full protection for your money.