Top 5 Easy Ways to Save Commission Fees When You Send Money Overseas
There are a lot of options when it comes to sending money overseas today. Whether you want to send money to Australia or any other country, you can choose among several transfer companies available.
There are several factors that you should always look out for before deciding which service provider to use. One of the major factors is the reputation of the company. You should choose a company that’s licensed and has experience in the industry.
The other factor that you should probably look out for is the transfer charges. Not all service providers charge the same fees. As a sender, you should try to find a company that charges less while offering standard services.
Here are some of the ways you can save money when sending money overseas:
1. Compare Different Service Providers
Do not assume that all online transfer companies charge the same amount of sending fees. It is important to shop around for those that offer the best rates in the market. This however doesn’t mean that you look for inexperienced unlicensed companies whose services are questionable.
Get a list of several reputable service providers and compare their prices. Note that some providers might show lower prices on face value but have hidden charges. Ensure that you ask them if there are other charges other than the ones being displayed.
2. Monitor The Exchange Rates
When sending money overseas, one of the factors that you should look out for is the exchange rate. This is because the money you are sending will either increase or decrease in value depending on the exchange rate at the time of sending.
The best thing to do in order to avoid higher fees is to send money when the exchange rate is in favor of your local currency. But in case you want the money to arrive as soon as possible, you will just have to use the exchange rate you get when transferring your money.
3. Email Money Transfer
This is another way of saving fees when sending money overseas. There are various financial institutions that provide email money transfers. The money is not moved physically through the email but it is used to initiate the transaction and later the recipient is informed of the availability of funds. You don’t even need the bank account of the person you are sending the money to.
4. Depositing Directly to a Credit or Debit Card
You can also save on transfer fees by simply depositing money directly to the recipient’s credit or debit card and informing them about the same. The bank will not charge you any transfer fees for this type of transaction.
5. Bank Drafts
Also known as money orders, bank drafts can help save money in terms of transfer fees. All you need to do is draw a bank draft using the name of the recipient. This method may take longer but the recipient will eventually get the money.
In a nutshell, there are many ways you can save on fees when sending funds overseas. All you need to do is choose one that saves you the most amount of money.
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