You might feel that choosing a money transfer service is straightforward and simple but there are actually lots of factors that should be considered before doing so. The foremost job is to keep a close watch on the foreign exchange rates which keep fluctuating and then you have to remain well-informed on the transfer fees that you will be charged once you make the decision of transferring money to some international destination.
With the gaining momentum of the money transfer services, it is tough to choose the one that will be most lucrative for your financial situation. We have accumulated few tips that you can follow in order to save money on exchange rates and fees while transferring money abroad. Use the hacks while completing your money transfers and save a truckload of money through the process.
Hack #1: Open a credit card account in a different country
If you didn’t get this good news, you’re lagging behind as you don’t always require a physical address to open a credit card. There are some credit cards where you can just apply with a PO Box which clearly implies that it is not necessary that you live in that country in order to open a credit card account there. Suppose you have a business in South Africa but you make frequent purchases in the United States of America, you will reap benefits by having an American credit card. When you own that American card, you would go without transferring South African currency to America and hence there would be no question of incurring fees. You could just use the card to buy directly in dollars.
Hack #2: 0-fee ATM cards should be used
What would you do if you wanted to send money to someone who doesn’t wish to see those digital numbers in their account but rather wanted hard cash? The best option for transferring cash without having to pay any fees and grabbing the best foreign exchange rates is Homesgofast. On the other hand, if you could get a checking account with a Charles Schwab, you wouldn’t have to pay a dime on monthly service fees. Moreover, you could grab free ATM withdrawals from the account.
Hack #3: Use Circle for dollars, British pounds and euros
In case you’re transferring dollars or British pounds or Euros, you can leverage the app for social payments which is called Circle. You won’t be charged any fee to send, deposit or receive and withdraw money. The sole fee that you may be subject to is 0.25% markup on the rate of exchange and there can’t be a better margin in the world of money transfer. You can utilize this procedure if you’re transferring euros, dollars and British pounds, if you require transferring an amount which is $3000 in a week or less than that and if you don’t have problem in waiting for few days for the moey to be transferred.
Hack #4: Use a forex platform to convert currency
If you’re all set to convert bigger amount of currency and you are eager to save money, this is probably the best method. Setting up will take a bit of time and you’ve got to tackle the transactions on your own. You can therefore use a forex trading platform for converting the currency. The minimum fee that you have to pay will also be nominal.
Hence, now that you’re well acquainted with the ways in which you can transfer money by saving money, use them accordingly while making overseas transfers.