Money transfer has been part of economic life since people have been moving to different nations and businesses are being run globally and online. The remittance market has evolved and experienced diversification in recent years, and there are now a plethora of options for those who want to carry out global transactions. Thanks to technological advancements and fintech collaborations. The variety of options comes with the responsibility of looking for a credible money transfer organization. Some of the features you need to focus on include;
- Customer service
- Network and connectivity
So how do you make the best selection that suits your particular circumstance? Here are some tips to help you choose the best services for sending cash online.
Transparency and Cost
Cost is the first thing we should look at before using any money transfer organization. Just like any other service, fees play a significant role in your decision-making. You will need the cheapest way to transfer money, especially if you carry out transactions regularly. And if you can add low cost to other features, you have a superior combination and a winning service. The high cost of transferring money has been an unending issue in the remittance field, with the average cross-border transaction revolving around 7%. However, in response to this, the UN aims to reduce the average global transaction to 3% by 2030.
Another challenge in this industry has been a lack of transparency. Companies always avoid revealing their transactions costs while others give out the wrong figures, and clients end up paying hidden fees in the name of exchange rates. Most people are usually surprised at the transaction cost after sending money. As a reminder, you want to make sure that your hard-earned money reaches its intended destination without being tampered with.
Apart from the transfer fees, some money organizations require collection after the money gets to the recipient. Therefore you need to look for organizations with lower transfer rates and also ensure that these reasonable rates do not conceal high exchange rates or receiving fees.
The time taken to make a transfer is a critical factor that you should be looking at. If you send money, you expect it to be available to the recipient as soon as possible. Delays may inconvenience the recipient, especially in an emergency. Also if you are making a purchase you do not want to keep the seller waiting. Transfer speed varies from provider to provider; for some, it may take up to 5 working days. Therefore you need to read through the service provider’s terms and conditions. If there is no time indication, you can also make inquiries.
Carry out a little background check on their network and connectivity. The speed must always be matched by reach; hence you need to look for a reliable network that has robust connectivity to the location you want. Also, compare the speed of the service provider you intend to settle on with their competitors. Making such comparisons will help you get an average time that most companies take to get money to the recipient.
Convenient customer service
Convenient customer service means that you are sure you will be assisted immediately every time you have an urgent issue. To find out whether the company has good customer care service, you can make a random call and gauge how long they take to pick up, the tone used to address clients, and then judge the customer service experience.
Go through customer reviews.
Reading reviews from clients who have used the service will open your eyes to things you had not even thought of. Before committing yourself, you have to know what awaits you and where best to get such information from people who have experienced the services. Remember, you do not want to take any risks where your money is concerned; therefore, if you notice so many bad reviews, consider that as a red flag and opt for another service. To ensure the thoughts are genuine, use a review site that requires the clients to register first before posting a review. For example, if you are downloading the money transfer from Play-store, take some time and go through the reviews and the ratings left by their clients.
When on the hunt for a money transfer service, it is best to consider various options then make a list of the ones that have better benefits from security to speed. It can be a long and tedious process, but it’s your hard-earned money involved, so why not carry out thorough background checks. There are numerous cases of people getting robbed of large sums of money in the name of money transfers. Make sure you do not fall prey to such. Hopefully, these tips help you in your decision making process.