MAking money transfers is a common experience nowadays. You may be living away from your family and working to make a good living for them. However, there are some things you should know before sending money back home, in order to make the most of your transfer and not get trapped.
The currency market is the most liquid market in the world, and most currencies are traded on the foreign exchange market 24/7. The thing is- there are lots of hidden aspects in money transfers and if you know some simple things, it will be easy to avoid getting trapped.
1. Exchange rates vary
Exchange rates change multiple times during one single day which means they’re not exactly the rate you will get when you make an international money transfer. So, when you see an exchange rate and rush to make a transfer with this provider, make sure you ask the rate before you make the transfer. this way, you will make sure to avoid fraudsters who will offer very good rates initially but never make your transfer with it!
2. Ask about added fees
Very often you ca be offered very good exchange rates. You are happy thinking you have found a very good deal. However, at the end of the day your family receives much less than intended. Why? Because, turns out, the service provider added a service fee or another hidden fee. Therefore, before making a transfer ask what sum exactly the receiver is going to get.
3. Shop around for the best international money transfer
There's a lot of competition in the money transfer market. Some providers are more punctual and offer better service than others. Shop around and try several ones before you choose one that you will use at all times.
While you do so, make sure to visit one of our shops, because we are sure you will make it your service for as long as you work abroad!
The currency market is the most liquid market in the world, and most currencies are traded on the foreign exchange market 24/7. The thing is- there are lots of hidden aspects in money transfers and if you know some simple things, it will be easy to avoid getting trapped.
1. Exchange rates vary
Exchange rates change multiple times during one single day which means they’re not exactly the rate you will get when you make an international money transfer. So, when you see an exchange rate and rush to make a transfer with this provider, make sure you ask the rate before you make the transfer. this way, you will make sure to avoid fraudsters who will offer very good rates initially but never make your transfer with it!
2. Ask about added fees
Very often you ca be offered very good exchange rates. You are happy thinking you have found a very good deal. However, at the end of the day your family receives much less than intended. Why? Because, turns out, the service provider added a service fee or another hidden fee. Therefore, before making a transfer ask what sum exactly the receiver is going to get.
3. Shop around for the best international money transfer
There's a lot of competition in the money transfer market. Some providers are more punctual and offer better service than others. Shop around and try several ones before you choose one that you will use at all times.
While you do so, make sure to visit one of our shops, because we are sure you will make it your service for as long as you work abroad!
