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4 factors you need to keep in mind when making an international money transfer

Millions of individuals from around the world make online money transfers for plenty of reasons. The reasons will include purchasing or selling an international property or even sending funds to family or friends overseas. If you are one of these individuals, you need to understand the different requirements for the international money transfer. They include the following:

1. Appropriate exchange rates: This is the first concern you will first need to consider when making any money transfer. The exchange rates of the financial market are not fixed and can fluctuate due to various contributing factors. Factors such as the country’s current economy, speculation of financial performance, inflation and recession can affect the exchange rates. This can lead you to compensate for the increase or decrease in the exchange rate, which would include transferring more funds. But by being aware of these factors, you can calculate the appropriate exchange rate and know how much you need to invest accordingly, and thus save up your funds instead of spending unnecessarily. If you are planning to make an online money transfer, you can check the rates online before you invest the appropriate amount.

2. Low transfer fees: Apart from the exchange rates, you will also need to keep track of the transfer fees. Depending on the institution you have opted for, the transfer fees can be pretty high, every time you move funds overseas. This can be calculated in percentage, or whether the amount surpasses the acceptable transfer limit. In either option, you will end up spending a lot more than what you would want to, or even on unnecessary funds. Therefore, you need to know how much of a money transfer you will end up making, based on the amount being transferred and the transfer fee.

3. Custom service: You should not compromise on the quality of your service, just because you will be paying a lot less than other competitors. In most financial institutes, an individual manager will be assigned to each account, and provide the relevant assistance. Furthermore, it allows you as a customer to speak to a dedicated expert whenever required, such as when making large transactions or a first-time online money transfer. The personal assigned to your account will provide you with security against subsequent foreign exchange movements along with helping you negotiate the often unpredictable foreign exchange markets. This will enable you to secure a money transfer that will satisfy your requirements and allow you to budget ahead with confidence.

4. Security: When making any international money transfer you will be risking your funds to the conditions of the market and scrupulous individuals who can take advantage of any flaws in the institute’s system. However, a credible organisation will help you safeguard your funds and offer you a peace of mind, anytime you make a money transfer.

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