If you have ever fallen into the trap of hidden fees, you’ll need to be aware that there is a way to send money abroad without spending a lot. You might have gone to the bank and tried to figure out the financial terminology, only to discover after you transact, the recipient has to pay incoming fees. Your outgoing fees are already hefty, then there might be additional charges for the bank-to-bank transfer. Sending money internationally using banking institutions can cost a pretty penny.
Send more to save on fees
To save on payment transaction fees, you can send more. The fees for a money transfer might be a fixed amount. Even if there is a rate table that makes the fees increase as the amount to be sent does, it will still be cheaper. However, even if you wish to send more, that isn’t possible all the time as it might not be necessary to do so. To save money when making international payments, what you need to do is to choose the right money services provider like www.fintechpay.co.uk.
Choose the right money services provider
When you discover this way to send funds, you surely have the advantage of mobile technology. You’ll have the speed based on worldwide connectivity. With this money transfer, you’ll have the add on services that’ll make you capable of your tapping financial accounts. The plus factor of using this money services company for international transfers is that you’ll get to pay with ease.
Choosing the method of payment
To send the funds internationally using the banking institutions, you’ll have to tap your resources. There are also associated fees based on the payment method. The methods of payment that you can choose include bank debit, wire transfer, debit card, or credit card. Among all of these payment methods, using a credit card typically has the highest cost of fees.
Choose the method of transfer
Directly transferring the funds to the bank account of the recipient is considered as one of the most cost-effective methods. There are companies like XE, TorFX, TransferWise, OFX, and WorldFirst that enable you to do so easily. If you use PayPal, you can’t directly send the money to a bank account. The PayPal account holder that receives the funds has to be the one to withdraw it to their bank and pay the incoming bank fee. If the person does not have a bank account, you may send it through a wire transfer agency. The money will be picked up by the person at an affiliated agency in their location.
Timing the exchange market
To wait for the right time to send a payment transaction internationally by checking the exchange rate can save you money. The currency exchange rates do fluctuate and those pennies do add up when sending a large amount. However, most of the time, you can’t wait for a favorable rate as you do have to make the payment.
If you want to save money, there is a money services company that enables you to send funds for free. All you have to do is download their app that has the functionalities for you to be able to get to pay with ease.