How to Compare Money Transfer International Companies

When dealing with a money transfer international company, there are a number of factors that you need to think about. These companies charge fees for sending or receiving money and for currency exchanges. It is essential to compare all your options and here are some steps to take before finding the best one.

How Fees Are Charged

The first important step in comparing money transfer international companies is to look into how fees are charged. Some companies will charge the sender and others will charge the receiver. There are also different rates of fees depending on the type of payment that is sent. Some companies also charge for withdrawals to bank accounts. All of these details should be clear on the terms and conditions.

The Rate of the Fees

Compare the different rates that companies offer. Some will charge different rates for the different types of money transfers, for example a bill payment will incur no charges while payments for products will incur large charges. The most common rate is around 3%.

It is also important to look into the amount of fees for various withdrawal methods and for currency conversions. This is how many companies make their money when dealing with a money transfer international.

The Dispute Service

Money transfer international companies usually have a dispute service and it is essential that you look into the details. Check reviews from previous users to find out if there is a good ratio between buyers and sellers winning a dispute and the type of information needed to help to win a dispute – this will help to avoid problems at a later date.

A service that constantly favours the buyer over the seller may not be the best option for a seller to use and vice versa. However, one that is detailed in the type of information required and has proven to serve both types of users will help with building trust in using the service.

Take some time looking into all your options and compare the different money transfer international companies. There are some that will suit your needs better than others. The type of fees charged and the amount are substantial factors as they will affect the amount that you lose through your international transfers, especially if you end up with various fees at the same time, such as fees for receiving the money, transferring to a different currency and withdrawing the money to a bank account.