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International Money Transfer Fees: What You Need to Know Before You Send

Know Before You Send

If you are someone who regularly sends money abroad, you would know how tough it can be. The fluctuating exchanging rates and service charges can make it a costly affair. However, there are several options you can choose from to transfer money most affordably. It can be tough to choose the best one, as there are several options.

If you are looking to get the best value for money, we bring you this guide on how to send money overseas.

Sending money overseas

It can be common to assume that banks are the only option to send money abroad conveniently. However, several money transfer agencies specialize in international transactions. They can give better exchange rates and charge lower service fees as compared to banks. Moreover, they also offer personalized services to make money transfer a seamless process.

How to transfer money from bank to bank? When it comes to bank transfers, you need IBAN (international bank account number), bank SWIFT code, bank routing numbers, etc. There is also an option of telegraphic transfers. There can be confusion between routing number vs account number, but both are different.

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Important tips to transfer money economically

Here are some basics of international money transfers that will help you send more money to your family. When it comes to choosing the best money transfer company, here are some factors to consider.

  • Exchange rate
    It is the value of trading a local currency with another foreign currency. The rates fluctuate daily because of the changing market conditions and their demand and supply.
  • Transfer fees
    When you utilize the services of a bank or money transfer agency, they will charge you a fee. It would vary with each service provider and the transaction you are engaging in. Some might charge a flat rate, while others will use a fixed percentage from the amount you want to transfer.
  • Convenience
    Money transfers in the past involved visiting the bank’s branch or money transfer service provider physically. Sending cheques via mails was another option, but it had security and time issues. Most money transfer agencies today have their own website and app, which makes it easy to transact from the convenience of your home.
  • Security
    Wire transfers hold as much risk as physical cheques. Choosing the wrong service provider can pose many risks like losing the transfer amount, fraud, identity theft, etc. It thus becomes critical to choose a reputed name that you can trust.
  • Transfer time
    In the past, money transfers would even take a week. With the advent of technology, it has become possible to send money to the recipient on the same day or within a day or two. There are many agencies that make instant transfers, keeping in mind the emergency of the sender.

Send money abroad conveniently with Lotus Remit

Bad exchange rates and high service charges can increase the cost of money transfer. By choosing the right service provider, you can get the best value for your hard-earned money. A leading and recognized money transfer agency like Lotus Remit can give you the best exchange rates. We charge nominal service fees, which will be worth every penny of it. To know more about our services and exchange rates, contact us today.

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