Salient features of international money transfers

  • ERemit
  • 07 December, 2020
  • 2 minutes read
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If you are new to Australia and wishes to send money to your home country, you may be in search of the best money transfer in Australia.

Before you select the remittance provider, you should know the salient features involved in the process of international money transfers.

If you have a comprehensive idea of the main features, you can easily pick the right agency that offers the best deals ever.

Here are the features:

  • Exchange Rates: Exchange rates, at the time of the transaction, determine the amount of money received at the other end. Never turn a blind eye towards exchange rates, especially if you are transferring a huge amount of money, because the slightest of change can reflect in the final amount received. Thus, always make sure to choose a remittance provider who offers the highest exchange rates.
  • Fees: International money transfers sometimes come with hidden fees that might add up to a large amount, reducing the amount from the final sum received. So, do your research and select the money transfer agency that is likely to charge you less compared to the other mediums.
  • Speed of Transfer: Speed of money transfer is an important factor to consider, especially when you are in a hurry. Transfer speed might vary due to many reasons such as the payment method chosen, the currency used, time zones between countries etc. Due to these factors, a general transfer speed can be said to be 1-3 business days.
  • Transfer Limit: Most of the remittances work within a transfer limit, that is, the minimum or maximum amount that can be transferred in a single transaction or within a period of time, per se, in a day or a month. The transfer limit of money transfer agencies is higher than what the banks offer, thus choose wisely.
  • Electronic Transactions: Our current era is digitalized for the larger bit, and the financial sector has undoubtedly rolled with time. Most of the money transfer agencies and banks offer online money transfer through website portals and mobile apps, facilitating money transactions in a few clicks or swipes.

With the salient features known by heart, you can easily select the best international money transfer agency in Australia who provides higher exchange rates, lowest fees, rapid transactions, higher transfer limit and electronic transaction platforms, ensuring you better deals and best offers ever.