Six Smart ways to save while doing online money transfer

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online money transfer

If you are someone who often sends money online, especially internationally then here are some important things to keep in mind as they will help you to save more.

Locked-In rates:

Sometimes, the exchange rates you get from your bank or local forex vendor can change by the time you arrange documents and book your transaction. But through online forex portals you can avoid this and make sure that you’re getting the same exchange rate which you were shown while booking the transaction.

Narrow your Search:

When you search for broad terms like transferring money you will get a lot of options but not all will be useful to you. Try to specify your needs when you search by including where you’re sending money for example, transfer money to the USA, forex online, send money abroad. The more specific you are, the better would be your chance to find the best deals relevant to your search phrase.

Choose the Best time:

Now that’s a catch! Forex online services are one of the easiest and quickest ways for money transfer. These services offer round the clock discounts, special promotion during summer or winter holidays which will always keep you on the winning side. Services providers will compete with each other to provide best exchange rates around Christmas, Diwali, Mother’s Day, Ramadan, etc. Be sure you take advantage of this special pricing during these festive seasons.

Compare:Online forex services

It will be a wise strategy to check exchange rates on different websites, so that you can compare them and go for the best one. Rates typically change daily, so you’ll want to check right before you’re going to book your transaction. After all, you always deserve to get the best exchange rate.

Referring others:

See if you know anyone else who transfers money regularly. Check if the remittance service you use has a referral program such as refer-a-friend. If it does, then you can refer someone and you’ll get better deals such as fees waiver, discount on charges, free vouchers, etc. Remember to read terms and conditions carefully, because you often need to mention the details of the person you have referred and enter your email address to get reward.

Go through the Terms and Conditions:

It would be wise to read any fine print where service providers usually mention their hidden fees and other policy information which you would want to know before you use their online forex services.

Do bigger transactions:

When you make a smaller transaction you have to pay higher commission charges.  However, on for bigger transactions, commission fee is much lower.

These are some smart tips to keep in mind when you make an international money transfer. They will help you in saving money and ensure your transaction gets completed in a timely manner.

All the best and hope you have a smooth transaction process!