People need to transfer money internationally for many business or personal reasons. Often, in the rush to close the deal or handle an emergency, consumers choose the most convenient provider instead of the one offering the best rates.
Annual worldwide remittances totaled 574 billion USD over the past few years, according to the World Bank. These remittances are sent by migrants and expats who need have family and responsibilities in their home countries. If this describes you, looking at the most common reasons people transfer money abroad provides an understanding of when a reputable, efficient money transfer firm is required.
Top Reasons People Transfer Money Abroad
- Buying property abroad or a vacation home abroad
- Paying tuition for a child attending school abroad
- International investment or divestiture
- Sending money to family and friends overseas
- Paying to reserve accommodations for a holiday
- Supporting family members living overseas
- Paying for a destination wedding
- Overseas mortgage payments
- Covering the cost of overseas services
- Paying utilities and other bills while traveling
The truth is, life is full of surprises. Knowing the top reasons that could spring up makes it possible to plan ahead. Even more importantly, selecting a reputable, trusted wire transfer provide save you money and keeps your transaction private and secure.
Tips to Compare Money Transfer Options
There are dozens of money transfer companies to choose from. In order to narrow down the playing field, consider the following guidelines.
- The firm has been in the money transfer business at least five years.
- They trade large volumes of currency every year.
- Customer satisfaction ratings exceed 85 percent positive reviews.
- The service should be available for multiple payment methods, including their webpage via email or by phone.
- Larger brokers can give you the best deals. These with 20 or more currencies can transfer money to the most popular destinations.
- Look for offices in more than one country to avoid fraud.
- Dedicated account managers help users understand currency rates and best times to trade.
- Cheap exchange rates on international wire transfers and no fees, resulting in a 50percent in cost when compared to banks.
Following these tips helps customers narrow down the playing field. It’s also good to have these guidelines ready long before you have to send money abroad. Whether the final analysis reveals that Transfer, Xoom or another provider is the best option in the market, doing this analysis ahead of time will help ensure a home sale, wedding arrangements and other essential events aren’t placed in jeopardy.