Choosing a Transfer Method
What Money Transfer Does For You
Transferring money has a cost and although we understand this, it is still a bit frustrating to see a part of our funds, our effort, our profits, being taken away when we finally send it to its destination. This is especially tough when the money we are sending is destined to our family.
Many methods are offered by multiple companies encouraging you to chose a certain service to remit your money. Promises are made about low commissions, no commission, advantageous exchange rates and more. Yet the truth is that transferring money has more or less a fixed cost and there is no way of avoiding it.
What then can you do?
Choosing the service that offers the best possible deal for your needs can save you a lot of money over time. That, in essence is what Money Transfer does for you. It directs you to the best available option at the time of your inquiry, depending on your needs, your location and the destination country.
The hidden fees
In most cases, the bulk of the cost in the remittance on money abroad is the exchange rate. Companies will many times offer very low commissions or even no commission at all only to lure the customer into using their services. Except that those services are based on offering a very poor exchange rate which largely compensates the company that relinquished the regular fees.
Most people are unaware of this because they simply are not used to doing the math. For example, if someone is transferring US$200 from the USA to India with zero fees, their a content in seeing that only 200 dollars where debited from their account/credit card etc. As opposed to, for example US$210 with a company charging a 5% fee. The relative in India receives the funds in rupees and is happy to get the money.
Nonetheless, in such cases, it is very probable the amount received in Rupees is substantially less than US$200 and probably closer to the equivalent of US$170 in rupees. Thus, the actual cost of transferring the money has been a 15% fee, hidden in the exchange rate.
The Money Transfer Solution
Other elements factor into calculating the best solution for your needs. Time is also money and preferring a service that allows you to transfer money without needing to physically deliver the cash to an exchange service is a plus. Nowadays, it ease very easy to send money using apps and credit cards.
Another factor is the simplicity of the transaction. Hitting a few buttons on your cell and getting the transfer done also has an added value you should consider. In other words, the flat fees or exchange rates are not the only cost your need to take into account.
That being said, Money Transfer has you covered. Our mission is to direct you to the company that will offer you the most cost-effective remittance service relative to the itinerary of the funds. Instead of trying to figure out what option to use and wasting time and money researching on the internet, Money Transfer simply points you in the right direction.
Other factors to consider
There are two more essential factors to consider when deciding which remittance service to use:
You want to always use a service you can trust to be lawful, accessible and consistent
You must make sure that the remittance option you choose allows the money to be transferred safely and arrive to its destination securely
This is of course another part of the services that Money Transfer automatically covers. We make sure to partner only with regulated and bona-fide financial corporations that have a proven record in offering quality services and reliable remittance systems.
That is why using our site is so beneficial to your pocket. With us, you are ensured to be working with and through reliable companies offering excellent services and charging minimal fees.