In today’s connected world, there are more ways to move money around the world than ever before. Because of this, it can be easy to feel overwhelmed or lost when it comes to finding the best method to get money safely from place to place. After all, as the internet has grown to be a global phenomenon, dangerous risks have popped up in the form of scams, fraud, and identity theft. It is important to know the safest, most cost-effective money transfer services.
Here are a few things to keep in mind when sending money online.
Keep an eye on exchange rates
A critical factor to bear in mind when transferring money around the globe is the exchange rate of the currency you are sending. This can often be difficult to keep up with, as it is always changing and shifting in favor of one currency or another. A very common misconception is that financial institutions offer exchange rates at the same level as each other can end up costing individuals substantially when transferring money to other currencies. In fact, many banks and unions made incredible amounts of money in the past because of these ambiguous rates. In the US, new regulations have been put into place recently to help clear this process up, but it is still important to be vigilant when transferring money to another currency.
Consider how much you are transferring
Depending on how much money you are looking to transfer, certain services may work better than others. For instance, if you are transferring a large amount, say about $10,000, it may be wise to utilize a money transfer operator that specializes in business operations, such as HiFX, as they often charge less than bank wires for large amounts. However, most of the online transactions sent today are of the smaller variety, and this is where money transfer operators such as Ria Money Transfer come into play as an advantageous option.
Watch out for transfer fees
Many traditional banks in the US can be quite expensive to transfer money with, especially when looking to send money overseas. The fees associated can range anywhere from $40 to $65 and up, making this type of transfer inefficient for small, quick transfers to associates, family or friends overseas. Many banks will advertise extremely low, but beware; these banks usually are able to make their money back with extremely high exchange rates.
Consider the alternatives
Although large financial institutions would have you believe that they are the only way to safely send money online, the reality of the matter is that there are several other options for money transfer services on the internet. Companies like Ria Money Transfer allow you to send money conveniently, quickly, and securely, with lower rates than traditional banks and institutions will offer.
When transferring money online, it is important to know all of the options available to you today. If you take the time to understand the benefits of each, you can learn how to maximize your transfers online, both domestically and abroad.