Finance

How to compare hidden transaction fees while sending money to abroad

There are a number of ways in which you can send money to the overseas. Trying to figure out the cheapest method of transaction depends on the amount that you are sending, the destination, and also how fast do you need to send the money there. So here are some quick methods to transfer your money online without any charges of the hidden cost.

Money Transfer Companies

There arevarious money transfer companies that are operating online like MoneyGram, Instarem and Western Union. You need to make sure that you’re planningit ahead and using the delayed transactions. In other words, you can also say that if you need to transfer the money in urgency then you can schedule your transfer so that you can take two or four days. The general fee for this slower service is mainly at least 20% cheaper than the actual amount. PayPal also allows the individuals to help in transferring the funds electronically from one PayPal account to the other one. It is generally free to send your money over PayPal, but the recipient who is in the overseas is mainly charged a fee to take the payments in cash.

Bank-to-bank transfers

Currently, the major banks that offer the services of wire transfer are in at least 25 foreign countries. There are some banks which will directly transfer the money into the account of the recipient mainly depending on the country. This transfer can also take up to five business days and you may also need to provide the details of you and your recipient’sdetails of banking. This can save the recipient from facing lots of hassles as well.

Bank Drafts

The bank drafts are commonly known by a lot of names. They can be called as ‘cashier’s cheque in the United States’ or ‘money orders in Canada’. You can similarly draw a bank draft with the name of the recipient and mail it to them. In this case, it takes a lot of time in receiving the money up to 15 days, but surely it is the best method to save your fees in a case of non-emergency situation.

Money Transfer Via Email

There are some financial organizations who offer the money transfer service by an email. The funds are not really directly transferred by email, but the transaction that is initiated by the email and it is also notified when the money is available. You do not need the bank account number of the recipient, but usually a security question is mainly required to identify the recipient before they actually transfer the fund.

Exchange brokers currency

When you need to transfer the money in a much larger amount, in case to purchase a property, or sending regular payments to the abroad or may be starting up a business, then it’s cheaper to use a currency broker that is reputable. In the major cases, it is seen thatyou have to open an account with the company and you also need to fund the account by using a credit card or a bank account.

The benefits of these companies mean that you can make some specific arrangements for the need of your own individual use such as the fixed exchange of the rates for a specific period.

There is always a scope for you to shop around for a fairer price when you are trying to send money abroad. Finding an innovative way or different way to send your money is always difficult if you know. So you always try to do some pre planning so that you can avoid the hidden fees of the transaction while you are remit money to Bangladesh, Sri Lanka, India etc.