How To Compare Money Transfer Services
Top10moneytransfer uses the following checklist of important things to take into consideration when comparing the different services before making an international money transfer.
- Safety. The money transfer industry is a highly regulated field, with multiple regulatory agencies and authorities issuing licenses to money transfer companies, including FCA (Financial Conduct Authority), UK, ASIC (Australian Securities and Investments Commission), FinCEN (Financial Crimes Enforcement Network), USA.
There are many more regulatory agencies besides these three examples, and all of them serve the same purpose: to prevent companies from taking advantage of trusting consumers. Make sure to examine the regulation of the chosen service.
- Fees & rates. Some services charge customers a fixed transaction fee, others take a percentage of the transfer sum, and there are also services that waive the transaction fee completely. Explore the breakdown of fees thoroughly to choose the most cost-effective solution. The conversion rate is another money-maker for many services and as such poses yet another crucial pricing component to examine carefully.
- Customer support. Before clicking on “Send Money”, ask yourself if the customer support is available by phone 24/7 in the event you’re in need of urgent assistance. In addition, some services provide a personal account manager to assist with special transactions and important tasks. Try checking this beforehand, to avoid stress when you need help.
- Sending & receiving options. Your goal is to ensure that your recipient is able to easily collect the money sent. Depending on the available sending and receiving locations and the provided services, options will vary. Sometimes a cash pickup is available, sometimes you need to transfer the funds to the recipient’s bank account. Other money transfer services use their own virtual accounts for money transfers. Check the options before sending your money.
- Transfer amounts. Some services are specifically designed and offer serious benefits for large transfer amounts or business transactions, while others better handle small cash transfers. In this case, use our comparison table to determine what suits you best.