All about the best International Money Transfer Companies.
Writing from experience the best international money transfer and trying to understand how they work can be so heart welcoming because it relieves you from thinking of the risks behind it all.
Your bank isn’t only the main route to transfer money from, you can as well do that through other reliable means.
This article gives you the ideas how most online money transfer works and the best approach to achieve that.
One might be wondering what an international money transfer means when we have lots of bank in the United States, but I will definitely give you answers to your money transfer questions.
Related: Money transfer to other countries
What is an International Money Transfer?
This is the means of transferring money from the United States to another country by not necessarily using a bank.
You might be asking yourself if this can be achieved. Yes, with the further response to questions that you have to come across while going through this article, you will find out.
How to achieve a safe money transfer
In order to achieve this, one has two different options in the process of achieving the best international money transfer. They are as follows:
- Forward Contract
- Spot contract
When it comes to a forward contract, you are expected to fix a rate but you agree to a later date. It will interest you to know that when it comes to forward contract, the rates offered are always unsatisfactory but you will be presented with other types of money transfer options.
In spot contract, as soon as you want to make a transfer, you are been given the rate immediately. The rates offered are good and requires no further options.
Look: Under the forward contract, you are presented with three different options which are the stop loss order, limit order, and regular payment
In a stop loss order, one has to go for a lower limit that he/she feels that the future exchange rate will just come to before making any feasible transfer.
One has to make a choice on the rate to be transferred in cases of a limit order. At the point the rate is reached, the online money transfer will be made.
The forward contract still present a choice of arranging series of transfers over time in terms of a regular payment.
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List of the Best International Money Transfer Companies and their Exchange Rate
|S/N||Company||Our Rating||Recommended for||Description||Visit|
|1||FC Exchange||90.6%||Medium to Large Transfers||High average transaction £ by clients (private clients only). Best exchange rate guarantee. Free rate alerts and charts for registered clients. Owned by Global Reach Partners.||Click Here|
||86.8%||Remittances and low-value Transfers||Fixed, low, rates. Easy sign-up process. Good reach. High credibility. No dedicated dealers, regular payments, or derivatives.||Click Here|
|3||Halo Financial||82.1%||Large Transfers, Corporate Payments||No fixed fees. Rated 99% by clients. Great online platform. Professional service.||Click Here|
|4||Moneycorp||92.8%||Medium to Large Transfers||High average transaction £ by clients (private clients only). Best exchange rate guarantee. Free rate alerts and charts for registered clients. Owned by Global Reach Partners.||Click Here|
|5||OFX||90.4%||Corporate Payments, Large Payments, Remittances||Headquartered in Australia and publicly traded on the ASX. The largest annual trading volume of 20bn. Recently re-branded and re-designed. Great online system and professional service.||Click Here|
Money Transfer Rates
Lots of transfer companies pose as the best international money transfer companies but still charges a very high rate for each online transfer. Don’t forget that there are other attributes that make them the best even if they charge high rates.
What you should know is that charges are not the same in most transfer companies. It varies and as such depending on the type of plan you choose to make your transfer. Here is the basic consideration while making an online transfer:
- The exchange rate which is the amount in another currency of the money you are about to transfer
- The transfer fee which is practically the amount set aside by the transfer company for each transfer.
Before you make any money transfer, try and access different transfer companies and compare in order to choose a favorable company that offers the best service with many affordable charges.
Transfer Limit for the Best International Money Transfer Companies
Depending on the transfer company, the minimum amount of the money to be transferred varies. Some companies do have about $2,000 as their minimum transfer limit.
Companies don’t really consider the maximum limit but you will always be directed to the company’s consultant for identification and clarification.
Steps to achieve the best International Money Transfer
- The amount to be transferred must be readily available in your bank account
- You must present the accurate account details of the person you are about to make the transfer for.
- Make sure you make a very thorough comparison of the particular transfer plan and the charge rate.
- Your priority should be to make a transfer on a platform with the best exchange rate and a low transfer fee.
- Most companies might turn not to charge you for an online transfer, but instead, those companies exchange rate will appear to be very low.
Furthermore, one will ask how long it would take for the transfer to be feasible. The length of time depends on the online transfer company and as such, most transfers can come through the same day. The next day or within 1-3 days depending on the bank itself. There is always a value added charges before you can be able to transfer your money the same day or the next day rather.
Most company’s demands for a debit card, credit card, or even bank transfer account so it will enable them to make the transfer swiftly.
Most companies will also allow you transfer money to their branches in other countries but it is usually more expensive than the international money transfer. So try and access other companies transfer rate before making the move.
Related: How to carry out Wire Transfer