Money transfer service is no longer a new concept here in Europe.
In fact, I’ve been told most Brits (just an example) prefer using reliable money transfer agencies to send money abroad to using banks.
The good news is that this method of money transfer is not restricted to personal dealings among scholars, students, tourists and well-wishers. They are also ideal for dealings among organizations, institutions and even multinational companies.
Nowadays it’s very easy to make money transfers can be made from the UK (best services are in the UK, actually) to Singapore, France, Canada, Australia and India among other popular destinations and vice versa. And with the great networking currently available around the world, money transfer is being used to and from all the continents around the world.
Common scenarios when many transfer services may come into your rescue include during company offers, during emergencies, when one is cash trapped and during a holiday trip among other circumstances.
While researching for this piece of content, we reached out to the guys over at MoneyTransferComparison.com; a startup that has a role of helping Brits to come to make informed decisions before making any money transfers, whether with banks or transfer agencies.
We asked them for help and wanted to know what are the best tips Brits or anyone else have to consider before transferring any funds abroad.
Here’s what we learned:
1. Competent Rates and Transaction Costs
Do your due diligence and look into the currency exchange rates and a breakdown of transaction costs of various companies or banks.
Find what you think is good for you.
It is actually advisable to avoid exorbitant transaction fees and unfair exchange rates.
Does the bank or online transfer service offer convenient and easy services? Usually, most money transfer agencies offer a variety of transfer options. These may include bank transfers, online transfers and instant money transfers among others. Again, choose a remittance agency that has a wide network and presence in various countries, particularly to the destination country.
3. Customer Service Support
A number of things can sometimes go wrong with money transfers. You need to know the channels you would use to prevent any problems or solve them in case any arise. The basic things to inquire about include tracking mechanism, push alerts for both the sender and recipient, loyalty programs for regular customers as well as an efficient contact center for queries and concerns.
A good money transfer company will always put the customers’ interests first. They will attend to you any time and will always be available to serve you when you need help or have a query. The way a company maintains its customer relationships will determine whether it will attract many of them or not.
4. Accreditation, Reputation and Awards
Is the company certified by legal bodies to carry out many transfer activities?
It is also ideal that you consider reviews from previous users and industry experts.
History of a company says a lot about their credibility.
With matters to do with money, everybody would love to have some assurance security. Choosing a money transfer company will highly depend on its security too. You are advised to choose a company with good security history records.
What Are The Benefits Of Brits Using Money Transfer Companies To France and around the World.
As already mentioned, most Brits and Europeans prefer to use money transfer companies.
However, a few others still use the traditional bank transfers.
This may be because they do not know the benefits of using professional money transfer companies or they do not know how the two compare.
Which brings us to our question, how do money transfer companies compare to transferring money using banks?
There are many advantages that come with the services offered by these money transfer companies and in this article, we will be looking at them.
In fact, when compared to banks, these transfer companies offer an unrivaled experience to customers in Britain and around the globe.
● Safety and Security
Using money transfer companies is secure and safe.
All the companies offering this services are registered and licensed so you do not have to worry about losing your money.
Also, the technology used by this companies are the latest, advanced and the most secure.
Cases of fraud are therefore limited giving you another reason to trust them.
In addition to that, when you send money, an immediate confirmation message is received and your privacy is also maintained.
These messages are always private and can be used to track the transaction if there is need.
● Fast, Convenient and Flexible
Nobody likes slow services nor delays.
The faster a transaction is done the better.
When choosing a money transfer company, its level of convenience will also play a huge role.
The faster your transactions are done, the better.
Depending on the plan you opt for, transfer of your money can be made instantly or within one to two days.
Processing these transactions are easy and you do not have to wait for weeks for the completion of the transaction.
This works to your advantage as it helps you manage your finances well.
With the fast transfer of money from one account to another or from one individual to another, it allows convenience and flexibility.
Money can be transferred from different accounts within minutes and roam from one location to another.
This also helps boost the economy.
● Friendly Exchange Rates
Money transfer companies usually offer more friendly exchange rates than most banks. If you are making UK to France transfers for example, chances are you will not be exposed to exorbitant rates commonly applied in bank transfers.
Well, banks have both selling and buying rates.
This makes you lose some money in between during the transactions.
In addition to this, sometimes the banks’ exchange rates might be outdated or they can choose to set their own buy and sell offers that affects the people around them alone.
This is in contrast to using money transfer companies’ services as they always seek to find the best exchange rates and are always up to date.
This explains why more people prefer using money transfer companies.
● Flat Rates
While using money transfer companies, the rates are flat regardless of the kind of transaction you are making.
This is in contrast to how banks operates.
Banks charges their customers by charging them a percentage total of what they have transacted.
Though the percentage may be as little as 3 to 5 percent, there are very many of the small charges that comes with using the bank for your money transfer.
When they accumulate, you will realize that the money may not be as little as you thought.
Due to this, the transfer companies that offer flat rates are always preferred.
● Customer Service and Support
With money transfer companies, their main aim is to help you transfer your money conveniently.
This means that they usually have your best interests in mind.
This may not be the case however when it comes to using the back.
Banks offer very many services and international money transfer may not be top of their list.
In the end, you end up not getting the desired good services that you anticipated.
Like in any other business, the level of trust will be a determining factor on which company to use.
While it is difficult to tell if you can trust someone or something at first sight, there are qualities that when you notice, you can choose to trust.
You can go online and look at the previews of a company that you would like to acquire its services.
A company with a good reputation can always be trusted.
How the company treats you during your first visit will also tell whether it can be trusted or not.
How Do Money Transfer Companies Work?
Using money transfer companies is easy and won’t take you a lot of time.
To begin, you can browse through the list of transfer companies from here to choose the one that is most appropriate for your needs. If you want to transfer large amounts of cash, you can choose one or more companies.
You will then need to register by providing your identification documents.
If you will be transferring smaller amounts, you can do so online.
These are usually amounts of up to £5,000.
For larger amounts, you it is necessary that you visit the company offices.
You can then choose to transfer funds domestically or internationally.
International transfers will need to be exchanged to the prospective currency and this is where the exchange rates come in.
Where Do You Get Good Money Transfer Companies?
The best way to find a good money transfer company is by going online.
Money Transfer Comparison is one of the best sites.
Here, you’ll find companies that offer some of the best money transfer services whether internationally or local. Some of the companies include Worldfirst, Moneycorp, TorFX and Currencies Direct amongst many others.
With this site, it looks like it’s difficult to go wrong.
All the questions that you have will also be answered regarding money transfer.
It also looks to be way cheaper, convenient and fast as compared to using bank services as we have seen above.
Transferring money internationally or locally can sometimes prove a headache. May Paris based expats (especially Americans and Brits) have been telling us this.
However, money transfer companies are seeking to make it easier for people by providing them with better services as compared to those that you receive from banks.
Thanks again to our friends over at Money Transfer Comparison for helping us make this guide possible by providing us the insider details and access to their amazing tool.
Image sources: Pixabay
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