If you need to send money online, you should know what kind of options you have for an international money transfer. While most people may think that the bank is the best choice to send money abroad, there are actually cheaper and better ways to send money internationally, such as through Ria Money Transfer. With Ria, you can avoid some of the hefty fees you would have through a bank. You also get the added benefit of security through encryption and top online protection so your money transfer doesn’t turn into a headache.
The Exchange Rate
The first thing you have to consider before choosing a company to send money online for an international transaction is your exchange rate. Most financial transfer companies will offer customers their own currency exchange rate, and it’s not always the most competitive. In some cases, when you need to send money abroad, you’ll pay extra for a poor exchange rate because of regular market conditions. Ideally, you should opt for a company that offers the best exchange rate for foreign currency.
Companies such as Ria Money Transfer offer better exchange rates than traditional banks because of the volume of foreign transactions. Additionally, consumers don’t have to worry about heavy foreign transaction fees that sometimes come with an international money transfer with a credit card or debit card.
Added Fees and Charges
After the foreign exchange rate’s cost, consumers should also find out about any added fees and charges to send money abroad. Some banks and other financial organizations charge consumers a flat fee to send money online for a domestic or international money transfer. Banks or financial companies that don’t charge a flat fee for a transaction may opt to have consumers pay a percentage of the amount of the money transfer. It’s also common to see higher fees for an international transaction as opposed to one that is based in your home country. Experts are also seeing a new trend of rising fees for these types of transactions. Choosing a company such as Ria Money Transfer could help you avoid some of the highest charges.
The traditional business to choose to send money abroad has usually been the local bank. In the past, consumers would go to their neighborhood branch and meet with a representative for an international money transfer. They often had to pay a big price for this convenience, since years ago there weren’t any other organizations offering customers ways to send money online. Now, banks have started expanding their capabilities beyond the old-fashioned in-person transactions and allow customers to securely send money through apps and their computers. The fee structure for a transfer with a bank tends to be much higher than with other organizations, such as Ria Money Transfer.
Wire Transfer Service
Wire transfers are also common for people who need to send money abroad. One issue that has come up with wire transfer services is security. Some consumers get scammed when they send money online to fraudulent organizations located in international spots. Because of the nature of the transaction, it’s difficult to get any resolution from a fraudulent international money transfer through a wire service.
Online Transfer Organization
Now, customers are finding out about a third option that offers both a lower price and top security when you need to send money abroad. This third option is to choose a company that specializes in online money transfers, such as Ria Money Transfer. Customers can shop around and choose the best transfer organization that offers the lowest rates. These companies are often at the forefront of highly encrypted online security to make sure customers have safe transactions.
Instead of the bank for your next international money transfer, try checking out an online transfer company to send money online, such as Ria Money Transfer. Doing so could help you keep more of your cash in your wallet.