Depending on the platform you are using, sending money may be quick, easy and hassle-free. We’ve put up a money transfer checklist to make your international or domestic currency exchange more efficient before that money transfer deadline arrives.
This list will not only help you understand what you need but also help you get the best rates available and choose a safe, reliable, and fast service.
Check the exchange rate
Check the rates before making a currency exchange and a money transfer. You should check with different providers before proceeding to make an exchange and a money transfer. Banks aren’t the only option for checking these rates and transferring money abroad, and online money transfer platforms such as MTFX can offer you better rates and services than financial institutions.
Exchange rates are never constant for too long; they are constantly moving based on several market factors like demand and supply. What seems like a high or low rate now may not be the same in a few hours’ time or in the next day or two so you need to keep up with current rates which you can do with the MTFX tools, which is free and available online.
Compare prices with your Bank
Shopping for the best prices before sending money is a smarter and easier way to get the most out of your money. Bottom line shop around, lower your currency exchange costs and keep more of your money. Banks and wire transfer providers may be good options. However, their hidden fees, exchange fees, and transfer speeds can cost you more than you think.
MTFX offers competitive prices with no hidden fees and a variety of money transfer services tailored to your needs.
Decide when to do the transfer
There are several reasons why you may decide to do a money transfer. Check the exact time the recipient expects the money, regardless of the reason for the transfer. Some transfers are time-sensitive, but others can be made at any time. For example, remittances such as tuition, mortgage payments, and medical expenses are time-sensitive. It may not be time-sensitive in some situations, such as a gift to a friend. Transfers are typically completed within 24-48 hours. Most run within 24 hours, but some run in near real-time, taking only a few minutes. If you know that your payment is pending, try and secure a good rate to process your transfer now and set it to automatically transfer in the future.
Keeping everything handy before you start the transfer will make things much easier! Sending money overseas is not that complicated. Sign up now to get started.
1. Do you know the current exchange rate?
2. What are the fees associated with the transfer?
3. How long will the transfer take?
4. What is the receiving limit on the recipient’s end?
5. Are there any restrictions on how the funds can be used?
6. What is the purpose of the transfer?
7. Have all required documents been collected?
8. Is everything in order on your end before initiating the transfer?
To make sure your currency exchange is as seamless as possible, here’s a checklist of things to consider before you hit send:
– Check the deadline: Make sure you know when the recipient needs the money. Depending on the country, bank and type of transfer, funds can arrive within minutes or could take a few days.
– Consider the fees: Money transfer services usually charge a fee for their service. When getting quotes, ask about any flat fees or percentage charges so you can factor that into your decision.
– Compare exchange rates: Different providers will offer different exchange rates. To get the most for your money, compare rates from a few providers before making your decision.