Thursday, 7 June 2012

Five Major Concerns When You Transfer Money

Nowadays, a large sum of money is transferred near shore and offshore day in and day out. Some make regular overseas transfer while the rest do it once in a blue moon. However, whether you are a frequent money sender or do it occasionally, there are five major aspects to consider – speed, security, cost, transfer amount, destinations. Everyone wants to optimize speed and security at the least cost. Let us now underline each of these factors one by one.

Speed of transfer: This is a highly important factor, especially when you have urgency to send money. Several times you need to Transfer Money with extreme immediacy. So before committing to money transfer service just make sure that the company you are sending it through really does it very fast. Some transfer companies do overseas money transactions within 20 minutes while others take weeks or months to do the same.

Security in transaction: Money transfer always involves risk and higher the volume of transaction, greater is the risk to be borne. For this reason, it is must to look into ‘security factor’. Inquire whether the organization will take extra care while making bulk transaction. If you are going to transfer money for the first time, you can take advice from your friends or other acquaintances to get an idea which company offers good service with greater security in this business.

Cost: Admit it or not, cost factor is a priority for the majority of people sending money more than often. What we want is to get the best value for money. Three types of cost are involved in money transaction. The first one being exchange rate is the most important. The second type refers to the commission of the transfer agents. This factor greatly depends on the volume of money to be transferred. One thing you must remember that some claim to offer commission-free service but it adversely affects exchange rate. And the last one is actual transfer fees charged by the banks.

Amount to transfer: Every agency does not support large money transfer. Some impose restrictions as to how much you can transfer. If you need bulk transfer to any countries throughout the globe, it makes sense to consider this ‘limit’ factor. So, if you want to send Money2India, you must find out if the agency offers service for that particular country.

An excellent money transfer service is what delivers the best in every aspect.

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