International money transfers can become quite expensive to deal with, especially if you’re not aware of the hidden charges and fees that can sometimes be incurred. From currency conversion fees to exchange rates, there are several costs to keep in mind if you are sending any amount of money to a different country. No matter what your reasons are for sending money internationally, here’s how you can avoid hidden fees and charges on international money transfer services.
Compare Providers
The first step when it comes to reducing the hidden fees and charges that you’ll pay is to spend some time comparing different providers. Each provider offers its own set of fees and charges, so it’s crucial that you have a clear understanding of what you’re paying for when starting out.
Some providers offer low fees upfront; however, you’ll end up paying a lot in exchange rates and other fees. On the other hand, other providers might have lower exchange margins, but charge high additional fees for account maintenance or making transactions.
Before choosing the right provider for you, consider exchange rates, processing times, and the security measures they offer. Online providers and international money transfer app options tend to offer lower fees and faster processing times.
Check the Exchange Rate
The exchange rate refers to the fee you will pay to convert one currency into another when making a transfer. It’s crucial to keep track of this and time your transfers right as it can fluctuate a lot over time. Many providers offer calculator tools on their website or app that you can use to see exactly what exchange rate you’ll pay if you make a transfer today.
It’s also worth being aware that the exchange rate can vary depending on the provider you use, so shopping around can be worth the effort.
Read the Fine Print
Before you make an international transfer, spend some time reading the fine print. Some providers may have hidden fees for certain services such as inactivity fees, wire transfer fees, or account maintenance. Therefore, before you start sending money, it’s crucial to understand all the fees and charges that are involved in a transfer.
Check any fees or charges for things like sending and receiving money, currency conversion, and other services.
Get a Breakdown of Fees
It might be worth asking the provider for a breakdown of fees if you are unsure about all the fees and charges that are involved in making a transfer. Some providers might not disclose all fees upfront, so getting a detailed breakdown can be an ideal way to get a clearer picture of what you’d pay.
Once you’ve done this, you will have information that allows you to make a more informed decision regarding hidden fees and the true cost of making a transfer.
Transferring money abroad can often come with a set of hidden fees and charges. If you need to send money overseas, spend some time shopping around for the best provider and getting more information on the different fees involved.
Disclaimer: This content does not necessarily represent the views of IWB.