How to choose best ‘Money Transfer Service

by | Jun 20, 2017 | Finance & Money

When it comes to sending money back home in India, the biggest issue that many people face is paying outrageous fees that end up costing you far more than you are willing to pay. Despite the ease of money transfers and instead of using a money transfer online, many people continue to exchange their paychecks, pensions, and money through their banks or financial brokers. However, below are tips to help you make the most of your money and help you find the cheapest money transfer services so that you can send your money faster and with less charges. The good news is, there are still other money transfer service companies that NRIs can choose. It is worthy to mention here that money transfer service should be extremely convenient and a less expensive option compared to bank transfers.

The following are other essential reminders when choosing a money transfer service.

  • Only choose a reputable money transfer service company which is trust worthy and consumer-friendly.
    Find out all the hidden charges and compare fees. Certain options are extremely expensive and they cover a lot of hidden costs.
  • Find a money transfer company with a friendly and customer-oriented service division. This is a very crucial element most especially when some urgent matters of customers need to be addressed. Make sure the toll free customer service is functioning.
  • Consider online money transactions. This is the best option for transfers that only involve small amounts of money. Online money transfer is the most convenient and easiest option in this case.
  • The first step to finding cheap transfer services is to understand what fees the particular company you are using charges. There are generally a wide range of fees that can fall anywhere from a few bucks to ten or more dollars depending on the company. Most companies charge a basic service fee that covers the cost of getting the money transferred and administrative fees associated with the transfer.
  • Another helpful way to find the cheapest method of sending money is to compare what services are being given. A company that has very basic services for instance is going to likely charge you less money for your transfer than one that has a big name that is well noted and that has a ton of other services added in.
  • The next thing that you can do is look to compare the actual sites and companies that you are dealing with. In most cases, the company that you choose needs to have a professional site, the option to talk with a representative, and the option to start considering your transaction fees before you actually go through with the transaction. By being able to see your fees before you buy you can compare prices and find the most affordable option.

While this might not be a major factor in your search for a money transfer company, it needs mentioning as some money transfer companies are more committed to consumer protection, compliance standards and customer service than others.

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