The facts to be known while making an international money transfer

  • ERemit
  • 22 February, 2021
  • 2 minutes read
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As overseas settlers or migrants always in need of sending money to your family in the home country, there are certain facts to be known before making an international money transfer. Instead of going straight to the banks, understand and analyse other options of sending money home. Who knows? Most likely you will end up with better savings and numerous offers. Here are the facts to know:

  • Exchange rates: Foreign exchange markets never rest at a place, they often face wavering fluctuation even in a very short span of time. Thus, never keep your eyes off exchange rates, because getting the best exchange rate possible is paramount to secure the best value for the money sent overseas.
  • Money transfer charges & fees: International money transfers do not come free of costs. Both banks and money transfer services charge a small amount of fees on money transfers. Thus, look out for the remittance providers that charge less and also if your money transfer is not urgent go for much slower options, which is cheaper than same day remittances.
  • Check reliability of service providers: The safety and security of your money and personal information is rather crucial when it comes to international transactions. Depending on a non-reliable service provider for cheaper rates can cause a threat to your money and data. Thus, carefully examine the reliability before choosing the right service provider.
  • Awareness of online options: If you are still in a long queue in a bank counter or at the receiver end of a telephone line waiting for an information, know that you can do international money transfers online via web portal and mobile apps. Why waste your time, if you can get it done online?

Thus, get well-versed with the facts and factors involved in international money transfers before sending money overseas. Online money transfer in Australia enables each and every individual to conduct money transfers at their own convenience with minimal efforts.