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International Money Transfer Tips to Save You Cost

International Money Transfer Tips to Save You Cost

It might appear to be basic to send money abroad as you would have to opt for a service provider and do the formalities. However, there are several things you should consider to get the best value for your money. It is essential to monitor the rates and remain educated about exchange rates. In this article, we bring you some crucial tips that can help you save money on your next international money transfer.

Important tips to reduce costs on money transfers

Here are some essential things to keep in mind when transferring money abroad.

  • Research well It just takes a couple of minutes to compare and find the best conversion rate, least transfer fees, and best customer support for your online bank transfer through remittance service providers.
  • Exchange rates
    Exchange rates

    The exchange rates depend on the market conditions and keep varying on a daily basis. It can increase or decrease significantly in a matter of minutes. You need to be especially careful when there are significant fluctuations. Minor differences in rates will not cost you a lot, but watch out if you want to send larger amounts.

  • Transfer fees

    Depending on the amount you want to transfer, the fees might vary. You would want to choose a service provider that charges a minimum service fee.

  • Extra fees

    Depending on your emergency, some agencies might ask you for extra money. However, it is best to avoid them and instead look for other service providers that charge standard rates. It is thus important to research well.

  • Terms and conditions

    You might want to be fully aware of the terms and conditions specified by the service provider before you initiate the transaction. In case the funds don’t get transferred on time, you would want to know what options you have to ask for a refund or ensure the transfer happens soon. It is also essential to confirm the pickup options that the recipient will have. Lastly, you would want to be sure of the service charges of the recipient’s bank.

  • Cards or bank transfers

    Transferring money through a credit card will be the most expensive option. You can instead opt for a bank to bank transfer directly to the service provider’s account or cash to bank transfer.

Send money abroad with Lotus Remit

As a leading remittance service provider, Lotus Remit can help you make instant money transfer a reality. You can transact with us from the comfort of home or even visit our branch for a personalised experience. If you are looking to get the best rates and quick transfer, dealing with Lotus Remit will be a much better option than other service providers or banks. Contact us today to know more details about our services and exchange rates.