What to pay attention to while choosing money transfer service?

Fortunately, sending money abroad is a lot easier now than ever before. There are a lot of platforms that offer these kind of services and all you need to do is choose the right one. Here are some tips that will make your choice easier.

Most important things

While choosing the right service, there are a few things one needs to check and then compare the firms on those bases. For example, here you can find and read a TransferWise review.

Fees

If you want to transfer the money as cheap as possible, this is the most important subpoint for you. Some of the platforms will charge you for the service and the others will not take any additional fees besides those connected with the exchange rate. Also, be careful, because you may be charged by the intermediary bank or your bank while receiving the money.

Rates

Always check the exchange rate and look if it is similar to the day’s rates given in foreign exchange markets. Sometimes the rates are so high that it may be worth searching for a different firm, even if it will charge you with the general fees.

Transfer times

General transfer times balance around 1-2 business days. However, if you care about the quick transfer, it is possible to find the firms that will realise your remittance the same day, in 1-2 hours or even almost instantly.

Limits

If you want to send a small amount you need to overlook if the platform does not have any limits. Some of the services realise only bigger transfers that overrun a specific minimum set by the firm.

Safety

When you checked the platforms in terms of the features mentioned above there is one more important thing - reliability of the firm. In order to check if the service is safe you can for example try asking your friends if they have any experiences with the firm. Also, it is worth reading reviews and expert opinions. When you are well-versed with both positive and negative reviews and all the basic information then you have everything you need to choose the best platform.