Looking to save money while making transfers overseas? You’ve hit the right space! Here’s the guide to help you save money on international transfers.
It is a web of deceptive financial terminology and hidden fees, only to make money from you! International money transfers can not only be cumbersome but can also cost your pockets more than you expected. To save your money and carefully making international payments, choosing the right provider is what you need.
The best way to make international payments is to use a dedicated money transfer service like TransferWise, which has lower fees, better exchange rates and more options than regular financial services. Nevertheless, there are other things as well to keep in mind when trying to save money on overseas money transfers. Here’s the complete guide that will help you find the best way to make cheapest international payments while saving time and likely a lot of money.
Tips & Tricks to save money on International Transfers
A complete guide to share expert tips and tricks to save money on your overseas transfers – let’s go through it!
#1. Be wise & choose the best
Similar to choosing financial services or other products, it is better to understand the various options that you have on the table when making international transfers. Instead of directly going to convenient high-street banks or other shops, take a look at what other money transfer provides can offer you. Specialist money transfer providers like TransferWise provides you with cheaper and better deals. Compare the various transfer service providers and make the best choice on the basis of lowest transfer fees, reliable services and best exchange rates.
#2. Check for the latent fees
When making international payments, you should never miss out on knowing the details of the total cost. A typical total cost of overseas payments entails transfer fees, conversion fee and other fees. Transfer fee is the one charged by the payment service provider for giving you the services of transferring the money. It is important to know whether this fee is fixed or a percentage of money transferred. TransferWise boasts itself of lowest transfer fee and shares it transparently with the clients.
Overseas payments made between countries having different currencies give a way to the service providers to make some extra money through exchange rates. Be careful in choosing a service provider that does not sell you anything more expensive than what they are paying. Compare the exchange rates on TransferWise and make a careful decision. When making international payments, you might give little extra for the service with your credit card when compared to using debit cards or bank transfers.
For international payments, service providers might charge you for intermediary bank fees. Besides, your bank receiving the international payment might also charge an incoming fee. These are the hidden costs that you need to be careful about and select the provider that is transparent about sharing all the details with you.
#3. Monitor the market
International payments can be daunting as the currency markets are challenging to predict. But you don’t need to be an expert on foreign exchange; hire money transfer specialists like TransferWise and get a dedicated account manager who guides you through the changes in the currency market. They have the necessary instruments to help you track the market trends and fluctuations and sends you text alerts to keep you well informed of the changes taking place. Hire the account manager and save money on international transfers by monitoring the foreign exchange market.
#4. Save time – Pre-set you overseas payments
Making same overseas transfers at fixed intervals – choose a regular low cost payment plan from TransferWise and efficiently manage your finances. It helps you pre-set your payment process by using the exchange rate on that day or the rate at which you have locked in.
#5. Choose 24/7 worldwide payment services
Manage you overseas payments anytime, anywhere with the help of TransferWise’s protected online platform and mobile application. It is as easy as logging in, choosing the currency you want to make transfer, inputting the amount to be transferred and finalising the payment. You can use the currency converter bar to check the rates and the payment you will be making to avoid errors.
#6. Look for special offers
Money transfer firms frequently distribute special promotions or coupons valid for limited time. Be wise and take advantage of these deals to save money on your transfers.
TransferWise International Money Transfers
Now save money on your international transfers by choosing the best service provider, click on the link TransferWise and enjoy low cost and honest services. With a mission to bring transparency to financial services, they charge low cost and have no hidden fees or bad exchange rates.
Use its services to compare the exchange rates, convert currencies, sends you rate alerts and help you save money on overseas payments through its professional team of experts. With transparency in their services and low cost, you’ll get more for your money.