International money transfer facilitates easy transaction of funds between bank accounts. These accounts may be in the same country or in different countries. Bank record reveals that most of the account holders do not need money transfer service too often. And when they need to send money near and far, they generally seek for intervention of the bank which they have account with. It is a rarity they are taking help of the international money transfer services.
Some feel that sending money through banks is quite costly. The banks make higher profit by charging significantly excessive fees for transaction and offer poor rate of exchange. Most of the customers do not take any hard look at these factors as sending money with immediacy is what becomes their only preference. However, if they dare to explore other opportunities, it is possible to get the same quality of service but at a better rate.
It is easier to sign up for money transfer service. It offers more than what you may get from your banks. There is high level of transparency in professional money transferring service and everything will be done at a cheaper rate. Several companies are working in this sphere and so task of taking the right pick is quite tough. Here are some tips that will be quite handy while selecting the best money transfer service provider.
Seek for security: The first thing you should be concerned with is security of your funds. To ensure your safety, you must enquire how long the company has been working in this field and if it is under direct regulation of Australian Securities and Investments Commission (ASIC) and has got an AFMA.
Exchange Rate: You will have to pay less than 1% difference on the major currencies such as pound, dollar etc. In forex or foreign exchange industry, it is called mid market rate. If you want a larger sum of currency conversion. It is possible to request for money transfer at the margin of 50 basis points. The banks usually charge 200 basis points which is quite high as compared to 100 basis points as charged by the money transfer service providers.
Additional services: The company you intend to choose for money transfer purpose must have round-the-clock service and dedicated phone support. Inquire if they offer additional services like limit orders, graphs and market analysis, historical rates etc.
Fees: Make sure that fees are quite reasonable. Generally, most online companies offer fee waiver for transaction of $5,000. If you Transfer Money over $20,000 on regular basis, ask the dealer if it can favor you with preferential fees waiver.