Money transfer services or remittance services have been a fact of economic life for as long as people have been moving to different countries and needing to send funds home to support their loved ones. The remittance industry has seen significant changes and diversification in recent years, and there are now plenty of options for those looking for the best way to send money to meet their needs and those of their dependants.
Thanks to the growth of digital technology and fintech collaborations, the marketplace has become far more innovative and competitive. In the past, there were fewer choices when it came to picking a money transfer organisation – but now there are numerous money transfer operators with a wide range of different services to suit all requirements.
So, how do you choose the best operator for your particular circumstances? Here are some of the main things to consider.
Cost and transparency
There is no doubt that cost is one of the key factors in choosing a money transfer service. As with any service, fees will play a major part, so you will want to find the cheapest way to send money, especially if you are someone who transfers funds regularly. And if you can combine low cost with all the other factors that make for a superior service, you have a winning combination.
The high cost of transferring money has long been an issue for the remittance industry, with the global average for cross-border transactions hovering around 7%. In response, the United Nation’s goal is to reduce the global average to 3% by 2030. Another major challenge has been the lack of transparency around fees as customers end up paying more through hidden charges in the exchange rate despite claims of zero transfer fees.
Remitters want to be sure that as much of their hard-earned money as possible will make it back home, and that transparency is fundamental to any money transfer service. Apart from exchange rate mark-ups, some providers may levy a backend charge on customers – meaning that the recipient may have to pay a fee to collect the money.
The lesson here is that it pays to shop around. Look for the lowest transfer charges, ensure that good transfer rates aren’t concealing high foreign exchange charges and that there is no receiving fees. With Xpress Money, you stand to benefit from competitive exchange rates no backend fees or cancellation charges. In addition to this cost efficiency and transparency are assured. What’s more, Xpress Money’s services include reward schemes which enable customers to receive cash back when they send money.
The need for speed
The time taken to make a transfer is an important factor for senders and receivers. If you are transferring money regularly, you expect the funds to arrive as quickly as possible, especially when you need to make emergency transfers. Delays could lead to hardship for recipients, especially if money transfers are crucial to their sustenance.
The fastest way to send money will vary from provider to provider, with some taking as long as five days for transfers. However, with today’s digital technology, money transfer organisations such as Xpress Money can make instant money transfers to destinations worldwide. Speed and robust network mean that beneficiaries receive remittances in minutes and they can pick it up at their convenience.
Network strength and connectivity
Because speed must be matched by reach, you should look for a dependable network that connects the corridor and location that you want. Again, this is a benefit of today’s money transfer organisations, who are building robust networks that are connecting more parts of the world swiftly, efficiently, and securely. For example, with Xpress Money you can make instant transfers through a network of more than 200,000 cash pickup locations worldwide.
Security and reliability
When you use a money transfer service you want security as well as affordability. You want the confidence that your provider is reliable and that your transaction will arrive as intended. Whatever the corridor or means of delivery, safe money transfers is a priority. Compare different money transfer operators, look closely at their reputations in the marketplace and what their customers say, and ensure that they are licensed and comply with regulations. Never let cheap transfer fees be the only criteria for decision making.
Today’s technology not only promotes speed and efficiency, it also helps to safeguard transactions. Xpress Money has a highly secure technology infrastructure, ensuring safe money transfers no matter which country you are from or which currency you are using. Your transaction can also be tracked every step of the way, so you never lose sight of your cash.
Versatility, convenience, customer service
As technology has developed and the number of money transfer operators has multiplied, so have the channels for international transfers. For example, customers can choose whether they would want to send money to a mobile wallet, transfer it to a bank account or send it to be picked up in cash from a wide network of locations. Decide which transfer method is best for you and your recipient and choose an operator who can provide the required service together with the highest levels of customer support.
Money transfer operators are beginning to develop other financial services to help senders and recipients. For many people, money management is a valuable add to the core offering, which is why it’s good to form a relationship with an operator who can provide value add services that help you become more financially astute. So, when choosing a money transfer service, look for all the benefits discussed here and make an informed choice in the best of your and your family’s interests.