With the onset of modern technology, there are now many different ways of sending money. With literally countless of available options, it is essential that you make the right choice to avoid paying steep fees for money transfer. As a matter of fact, there are three basic elements that have to be considered when transferring money and understanding each can help in giving you peace of mind in sending money.
Number 1. Mode of Transfer
As a matter of fact, there are a couple of things to know when choosing the mode of transfer and these are the location of receiver and sender, awareness level of technology and availability of it, affordability and time availability. Taking these things into consideration, you can choose which medium is most suitable to your needs.
Among the oldest ways of doing money transfer is cash transfer. The receiver either have the money delivered by the transferer or collect the money. There is also known as bank transfer. Here, the money transferers are tied up with various top international banks to empower customers make bank transfer. In this service, the client can transfer cash to the bank account of the recipient. Since we are driven by technology where most use the internet, sending money online becomes possible too. Now in online money transfer, you can send money even at comfort of your home. See Telegraphic Transfer and Transferwise Singapore for such services.
Number 2. Cost of Transfer
As for the cost of sending cash, this will largely depend on the mode of transfer you choose like bank, online or cash, the exchange rates and the commission charges that are levied by remittance center. At the same time, this varies on the network of your service provider and also the value added services they offer. In other words, at the end of your transaction, calculating how much the recipient will get gives idea to the cost of transaction.
Number 3. Comparison
It is a great idea if you are going to weigh in all options available before you start to transfer money. Doing comparison of the exchange rates at varying times can significantly help in understanding the pattern. While one service provider may have a broad network, another may be boasting cutting edge technology. Hence, it is critical to understand your needs and make choices accordingly.
Always take these things into consideration before you choose a remittance center to do money transfer. This is to protect you, your recipient and the money of course.