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5 Things To Look For When Making International Money Transfers

August 20th, 2019

5 Things to look for when making international money transfers

Money really does make the world go round, and remittances play a huge part in keeping the global economy afloat. Whatever your reasons to send money internationally, you have plenty of services and operators to choose from.

Let’s look at the five most important factors to consider before making an international money transfer.

1. Reliability

Safety and security of money and personal information can be a major concern for those intending to use international money transfer services. Depending on an unreliable operator not only puts your money at risk but can also compromise your financial information and lead to bigger problems. For reliable money transfers what you need is a channel like Xpress Money.

With a strong reputation built over 20 years, Xpress Money guarantees peace of mind by placing stringent security checks on each layer of the transaction. There are rigorous KYC checks at both ends – for the remitter and the recipient. Additionally, each transaction is secured with a unique 16-digit XPIN, which the receiver needs to produce along with a valid identification for collecting the funds.

Quick tip: If you intend to make transfers regularly, start with a small ‘trial’ transaction that helps you understand all the variables involved. This way you can check the service quality and reduce turnaround times when it comes to actual transactions.

2. Speed

Often time is of essence when looking to send money internationally. Your loved ones may need funds for a medical emergency, to pay college fees, or to finalise an investment deal. The recent advancements in financial technology have added immense value to the remittance service industry.

With the word ‘Xpress’ in its name, you get no points for guessing who can offer real-time transfers when it really counts! You can check for favourable rates on the currency converter on the Xpress Money website and transfer funds to your beneficiaries.

Further you can use the transaction tracker feature that updates you on the status of your money at every step until your intended recipient collects it.

Quick tip: As far as possible, choose an international money transfer service that strikes a balance between the speed of transfer and the remittance fee.

3. Convenience

Xpress Money offers the flexibility to choose a medium of your convenience. You can send money instantly through cash pay-out channels. The recipient has the option to pick up cash from one of the 200,000 cash pick-up locations in over 170 countries. Further you can send money internationally through account credit or mobile wallet services that offer convenience to the beneficiaries.

Quick tip: Leveraging favourable exchange rates can help you make the most of your money transfers.

4. Transaction Costs

Despite an annual growth in the global remittance market, the transaction costs continue to remain high, especially in the African market. The average remittance fee for some corridors are usually higher than the global average as it may include a mark-up on the currency conversion and additional commissions. These costs can quickly add up if there are too many intermediaries involved.

In such a scenario, the total cost of remitting funds can be invariably high and hardworking expats, could feel exploited. So, how to send money overseas without paying exorbitant fees?

Xpress Money prides itself on its level of operational transparency as the international money transfer fees do not include hidden costs or other surprises. For every transaction, you can use the currency converter to assess what your loved ones will get at the end of the transaction.

Quick tip: Look for the inter-bank rate between currencies on Google or Reuters. This is the real exchange rate used for transfer among banks. Check this against what your service provider quotes to understand the percentage of mark-up.

5. Customer Service

The customer is supposed to be king, but does your service provider make you feel so? Customer experience forms the core of every service, right from the time a customer makes an enquiry until the transaction is complete.

Because money is involved, many things can go awry. There could be KYC issues, regulatory checks, or just plain server downtime that can delay transactions. You need a service provider that understands your concerns and is able to proactively resolve issues and allay your fears.

Customer-centricity is the core philosophy on which Xpress Money operates. Customer support is available to you round the clock, anywhere in the world. The digitally responsive interface of the Xpress Money website ensures that you have access to information at all times in the remotest parts of the world.

Quick tip: Before you zero in on an international money transfer service provider, be sure to first gauge the quality of customer service.

In Closing

When looking to transfer money abroad, there are many variables at play, and it’s challenging to choose one single best way to transfer money internationally. Regulatory changes and fluctuating currencies are factors one has no control over. However, timing the transaction, calculating the amount and mode of transaction are choices one can control and monitor.

So, before you decide to send money internationally, be sure to perform adequate due diligence. Choose the right service provider to benefit from easy, swift, and cost-effective options to transfer money overseas.