If you’re someone who sends money online, whether internationally or domestically, there are some important things to keep in mind to help you save on your online money transfers. Here are six smart ways to help you plan for better savings when you send money online anytime of the year.
- Locked-in rates
Sometimes, the exchange rates you see when you first hit the “transfer” button can change by the time your order is processed. It’s kind of like a bait-and-switch. But you can avoid this and be sure you’re getting the original exchange amount by looking for “locked-in rates,” which services like Ria Money Transfer always honor.
- Narrow your search
When you search for broad and generic terms (e.g. “transfer money”), you might not get the best results. Try to specify your needs when you search by including where you are sending money, and you can even be more specific by including a method (e.g. “transfer money to india with debit card” or “send money online to a philippines bank account”). The more specific you are, the better chance you have of finding the best deals and promos relevant to your search phrase.
- The way you pay
When you’re setting up a money transfer, you’ll probably notice that there are multiple payment methods for transferring money. The main three are credit card, debit card, and ACH (“Automated Clearing House,” meaning straight from your bank account). The rates for these vary, so it’s always smart to compare them. Typically, a credit card will be the most expensive and transferring straight from your bank account will be the least expensive. With Ria Money Transfer, you can easily compare the three methods.
- Choosing the best time
You’ve probably noticed the special promotions that happen around holidays. It’s smart to time your money transfers for these periods when the savings are best. Services compete with each other for the best rates around Christmas, Mother’s Day, and other major holidays, including those that are country specific holidays like Diwali in India or Ramadan in countries where it is celebrated. Be sure you’re taking advantage of the special pricing during these times.
- Comparison shopping
It never hurts to see what the exchange rates look like from multiple services. There are free, third party tools to find the best rates. These typically change daily, so you’ll want to check right before you’re going to send money. After all, you always deserve to get the best exchange rate per dollar.
- Referring others
Know anyone else that transfers money regularly? Check if the remittance service you use has a referral program, such as Ria’s Refer-a-Friend program. If it does, refer someone you know and you’ll save money on your transfer. But remember to read the details, because you often need to mention the person you referred and enter your email address to collect your savings.
With these tips, you’re sure to save a significant amount on your money transfers. Remember, it’s always wise to read any fine print, where certain services will mention their hidden fees and other policy information you’ll want to understand before you use the service.