Enhancing Digital Transfers
What can be done to send money overseas more efficiently?
Thanks to the miracle of electronic cash transactions, people may use resources from across the world or even create their own companies with the only requirement being an internet access and at least some basic laptop. However, whatever we do some costs, in particular for international transfers, are still involved and heavily impactful. Although banks charge up to $30, you can easily order an online transfer on a dedicated online-based transfer platform for maybe just $5.
In our lifetime, digital payments have become so natural that we've got used to being able to purchase virtually anything that can come to your mind. In particular nowadays, when the era of globalization is at stake, businesses have noticed that they are literally able to market to anyone in the world. Within 5 days you can receive a good delivery, even if it is shipped from another country thousands of miles away from you and that is unbelievable if you think about it for a while. And because of these opportunities, the global economy thrives.
But, as digital payments have become an irrepleceable part of our lives, what can be done to do it better and perhaps lower the overall transfer costs while increasing the efficiency
Compare Features
Try using some free tools for comparison when it comes to online money transfer. How do they work? It's simple. While the particular functionalities ranges from place to place, but punching through - just type in what sum you need to submit and which country. The algorithm then can easily evaluate prices for all the companies available and give you a cost-efficient chart. If you like more from certain companies, you can either select the cheapest option available or look up a few of the top positions and read into them.
Reviews: How to find them and which are helpful?
For example, a good way to further your research and get to know a potential choice better is to read some reviews and experts' overviews. Here is an example TransferWise review, which is a popular international money transfer, but it's less important, as the choice is really wide so you should investigate few of the available options. But let's take a look at the author's approach towards this article - he covers advantages and disadvantages of the service, quotes negative comments and explains limits and potential drawbacks. It's a good practice when it comes to writing reviews, as the reader learns everything that is needed to evaluate the quality of the reviewed product, platform or service.
What's a good review feature? The author can not be prejudicial. It should be good and bad and above all informative and transparent. It should mention things like how to sign up - is the process easy or not?, the costs - maybe compared to other platforms, the exchange rates - what is the mark up? etc. This way you get an whole image of how to give money to this specific organization after reading such an post. Look now for just a few of the top positions and decide which features to suit your needs.
Exchange Rates - it's where the costs are often hidden
In most cases , international transfers require currencies to convert. However, it must be noted that when there is a currency change, certain costs are not noticed but still affect your transfer. Mainly, the platforms offer that kind of services automatically. And a changed markup does not necessarily add up to the displayed "transfer fees", but it leads to less funds that you want to send to your recipient, if the rates are not satisfactory. A quick example if 1USD = 3.9PLN, but the company uses rate like 1USD=3.4PLN, on $1000 transfer you unknowingly pay additional 500PLN, as your recipient gets 3400 instead of 3900 that you wanted to send him...
