Six Common Mistakes to Avoid When Sending Money Abroad
International payments are usually complicated. A person who engages in this type of activity can easily loose money unnecessarily due to poor exchange rates and hidden fees.
Below are six common mistakes that compound an already precarious situation.
PAYING HIGH TRANSFER FEES WITHOUT REALISING
It pays to compare charges from various service providers before selecting the one to use. Although bank charges may remain exorbitant, other currency transfer organizations may charge lower for transfers.
NOT KNOWING THE ACTUAL EXCHANGE RATE YOU ARE GETTING
The difference between the actual exchange rate (Interbank Rate) and the sell rate is key to analysing the price of transaction.
NOT FIXING EXCHANGE RATES AHEAD
Some money transfer organizations offer “Forward Contracts” which enable exchange rates to be set ahead notwithstanding market fluctuations in exchange rates. The benefits of this can be explored with money transfer specialists.
SETTLING FOR THE FIRST DEAL.
This is a common mistake as prices have not been compared to determine the best deal. The advantage that comparison sites provide can be explored to compare foreign transfers exchange rates and the services offered by online money transfer specialists.
FALLING FOR MARKETING HYPE
A competitive exchange rate is always better than what can be received from a marketing hype. Deals from marketing hypes are always more exorbitant.
NOT PLANNING AHEAD
Emergency transfers will often incur higher fees. Very often lower fees can be utilized if the purchase is planned ahead of time.