When making an international transfer, it is important to compare transfer fee, exchange rates, duration, taxes and other factors to get the best option. You also need to take the credibility of the online remittance agency before considering it for sending money.
If you are not comparing remittance service providers, you will end up spending more on each transaction. You will not only lose money but also put your personal information at risk. Whether you send money online to China or Philippines, you need to consider the following factors to compare service providers:
• Exchange rates should be compared because these rates vary among various providers. Even a minor difference in exchange rate can make a huge difference to the amount received. FX rate comparison is importance especially if you are sending a large sum of money
Once you have compared the exchange rate, you need to compare the transfer fee. You need to consider that this fee may apply to the sender as well as the recipient.
Since transfer fee varies on the basis of amount being transferred, comparing the rates can help you save money. Many reputed agencies reduce their transfer fee during festive season. For instance, you can transfer money to China for free or send money to Philippines free because at times, some agencies even waive off the transfer fee if you are sending a large amount through them
• You need to compare the taxes being charged by different agencies. Take services charges into consideration that may be deducted from the money transfer. These charges differ from one country to another. They also depend on who is receiving the funds
• Consider the duration of money transfer. Online agencies can send money within minutes or same working day