There are many reasons you may need to send money overseas. You may want to buy or sell property on another continent or top up a foreign bank account. You might also have family members overseas who need a little extra money on a regular basis. Whatever the reason, if you’re getting ready to send a Ria Money Transfer abroad, here are five things you should consider before you get started.
- Plan Ahead
When it comes to transferring money, it’s easy to make last-minute decisions without thinking things through beforehand. However, failing to do your research in advance can potentially lead to higher transfer fees than necessary. If possible, plan ahead. The less time you have to send the money to loved ones, the higher the cost of remittance and transfer fees will typically be.
- Understand Fees and Rates
Different money transfer companies charge their own rates and fees for each international money transfer. Ria Money Transfer bases its fees and rates on these clear criteria:
- The speed with which you send money
- The amount you’re sending
- The country you’re sending money to
The faster you choose to send the money, the more you’ll typically pay in fees. Sending money via your bank account is the least expensive option, but it does take about four banking days on average to reach the recipient. If you opt to send the money from your debit or credit card, you’ll pay a little more but your money will arrive within minutes.
- Monitor Exchange Rates
When money is transferred from one country to another, it must be converted to the new country’s currency. The amount one country’s currency is worth when converted to another country’s currency is referred to as the exchange rate. Exchange rates are in constant fluctuation. If you aren’t in a big hurry to send your Ria Money Transfer, it’s wise to monitor exchange rates and send money when rates are the most beneficial to the recipient of your money.
- Balance Convenience With Reliability
Some transfer companies make it easy to send money online. However, it’s important to choose a company that also has a reliable reputation. Trustworthy money transfer companies should be licensed and charge fair fees. They should also have good online reviews from customers who have previously used their services. Watch out for companies that are unlicensed or have many negative reviews from previous customers. Ria Money Transfer is licensed as a Money Transmitter by the proper authorities and has great customer and editorial reviews.
- Emphasize Customer Service
You never know when something might go wrong with your money transfer. Unfortunately, some money transfer companies don’t have great customer service hours and may not be available to help you when you have concerns about your recent or pending transfer. If you don’t want to be stuck waiting hours or even days for someone to respond to your email about a pressing money transfer question, choose a company that offers good customer service hours.
Ria Money Transfer has a customer service team standing by to answer any questions you may have between 5 AM and 6 PM (MST) Monday-Friday. They’re also available between 6 AM and 6 PM (MST) Saturday and Sunday. You can call or email them, depending on your preferences and the urgency of your concerns.
When you work so hard for every penny you earn and send abroad, it’s important to make sure you choose a remittance company that charges fair fees and has a solid reputation. Keep the five factors above in mind when sending an international money transfer so you and the recipient of your funds will have the most positive experience possible.