People travel to the far corners of the world for the sake of business and leisure. Travel has become so much easier than before and people think nothing of hopping on to an aeroplane and setting off for a place half a world away. All the same, there is a fair bit of planning to be carried out with regard to preparing an itinerary, buying airline tickets, booking hotels and of course ensuring that one is sufficiently funded for the trip.
The latter part is especially important, for any goof ups concerning sending your money abroad can prove to be disastrous when one is travelling, especially in a foreign land. You, therefore, need to ensure that all the proper arrangements regarding international money transfers have been made before leaving. For you to do that, it is extremely important that do some research about which international money transfer service best suits your purpose. Subsequently, checking the best money transfer rates is also important. That is why online sites like the RemitFinder were introduced to review, compare, and get the best exchange rate for your money transfers. Let us take a look at the factors that one might consider in making that choice.
1. Make Sure To Understand the Fee Structure
When deciding to go with an international money transfer service while travelling, it makes eminent sense to fully understand the fee being charged by them for rendering their services. Such fees are either fixed or charged as a percentage of the amount being transferred and one should work out which arrangement works best in one’s case.
You should, in particular, watch out for any hidden fee that you might end up paying, as is often the case. For instance, some international money transfer service providers capitalize on the difference between mid-market exchange rates they pay and what they charge you. Other ways that you may be overcharged include the international money transfer service provider charging a different rate for enabling a transfer via credit card in comparison with a debit card. It is better to know about these things beforehand to avoid a nasty surprise later.
2. Choose What Works Best for You
Your choice of an international money transfer service provider, while travelling should be decided by what works best for you. The primary factor deciding your choice would be what you will end up paying for using the service. It makes very little sense to pay extra for features that you most likely won’t be using.
You also need to find out if the service provider you have chosen is available at the places where you are travelling. As regards the speed of transfer offered by the service provider, it would make little sense in paying for a faster transfer, if you don’t need it. Also, try and determine how user-friendly the service is so that you can use it quite convenient when travelling.
3. Understand the Difference between Funding and Distributing a Transfer
This is important to know beforehand to avoid hassles later when you are travelling. A transfer can easily be funded before you proceed on your travels by way of a bank transfer, using a debit or credit card, through e-wallets or even with cash. As far as distribution goes, your money transfer service provider could do it by way of mobile wallets linked to a phone number or mobile app, a bank transfer in the appropriate currency or by way of cash pick up by the beneficiary. They can also arrange to fund a prepaid card that can be used to carry out monetary transactions.
4. Make Smart Choices
Since it is your time and money that are at stake, it makes sense for you to try and make the optimal choices when it comes to making international money transfers while you are travelling. One of the best ways of doing that is by referring to an international money transfer comparison site like https://moneytransfers.com/. They can help you find all the relevant information about the various international money transfer service providers quite conveniently. You can then go on to decide which one to go with quite easily.
This will help you focus on other important aspects concerning your travel plans. Besides, comparison sites like these will likely do a more thorough and professional analysis than you are likely to do on your own. All the same, you too could ensure that whoever you zero in on doesn’t make you pay any more than you need to. For instance, it may make no sense to avail of expensive services like PayPal or even your regular commercial banks. At the same time, you should be on the look-out for any special offers or deals announced from time to time by the different international money transfer service providers. Then there are other steps like transferring money online instead of using the services of an agency, opening a bank account in the country that you are travelling to or transferring money to a mobile phone could help you save money.