We are in a period when every penny counts. Since one of the major effects of a pandemic is certainly global inflation, prices of commodities in the market have skyrocketed. With that, every price cut on basically anything can be considered big savings.
But now that the global market is more accessible than ever – thanks to the internet – purchases and transactions can be done even from miles and miles away. Well, you might think that this will cost a fortune. But regardless of the inflation, sending money abroad for various reasons can be as cost-efficient as you hope it would be. Here’s how:
- Bulk is Always Better
Plan your transfers ahead of time. Sending out small amounts of money means extra cost. So, maximise money transfer services and fees. Whether it is for ecommerce, purchase payments or personal remittances for the family, keep in mind that sending it in bulk is always more economical, as you will only pay for a single transaction.
- Study the Terms & Conditions Thoroughly
Although it’s pretty much exhausting to read and comprehend the terms and conditions of these money transfer services (or any transaction, as a matter of fact), it really pays to do so – both literally and figuratively. It will only take a minute or two to study the whole thing that might help you save some cash or avoid any charges that you might incur.
Before you sign the service contract, read it. Remember, you can’t take it back if it is actually stated in the contract, but you failed to notice it.
- Calculate and Consider Fees and Hidden Charges
After reading the terms & conditions, be sure to calculate the foreign exchange rate and the fees along with it, so you will be prepared before signing into the agreement. Aside from the forex rate, find out about service charges that might be stated in the T&C.
You can also ask for their computation before proceeding with the transaction and ask for any other fees and charges that may be included.
- Maximise Online Money Transfer Services and Apps
Aside from real-time convenience, online money transfer services can offer more affordable rates and fees than banks and foreign exchange traders. This is due to their mid-market rates and lesser overhead expenses since they only operate online. So, find a trusted money transfer service provider that can give you the same top-notch assistance for less.
- Explore Offers and Discounts
Money transfer services often offer discounts for first-time customers. They also frequently give rewards and privileges for regular clients. Keep an eye out for these deals – or better yet, inquire straight from your trusted money transfer service provider to get rebates from your transactions.
The global market is opening again after shutting down during the pandemic. So, don’t worry about transacting internationally through banks and money transfer services. Sending cash overseas for payments and remittances today can be hassle-free and affordable – just follow our cost-efficient tips above – because every penny counts.