High currency exchange rates are always a nightmare for people who want to send money abroad. There are many situations when the exchange rates are half of the original amount, especially if you want to send money to countries like the USA and Australia.
But, there are a few tricks that you can follow to send money abroad while avoiding hefty charges. In this quick guide, we're going to share a few helpful tips that'll help you save on exchange rates while sending money overseas.
1. Don't Delay the Transactions
Instead of waiting till the last day, try to plan your international fund transfer ahead of time. This will help you explore different service providers and choose the one that provides the lowest exchange rate at the moment.
You can further avoid hefty exchange rates by opting for the "standard transfer" method. As compared to instant fund transfer, these methods have comparatively low exchange rates. The only downside is that the amount will take anywhere between 2-4 business days to reflect in the recipient's account.
2. Wire Transfer
As of now, wire transfer is the most reliable method to send money abroad. Many banks offer international fund transfer services at extremely low exchange rates. If it's not urgent, you can also use wire transfer to keep the overall expense low. All you have to do is provide the recipient's banking details and the bank will take care of the remaining process. Again, this method is slower than instant transfer and may take up to 5-7 business days to complete the transaction.
3. Look for Online Service Providers
Thanks to digital transformation, many online platforms offer international money exchange services that allow customers to send money abroad anytime they want. Moneyhop is one such platform where you can lock the best exchange rates in advance and save a decent amount while sending money abroad. The platform successfully bridges the gap between low exchange rates and transfer speed, which means you'll be able to transfer your money at low exchange rates while ensuring fast transfer simultaneously.
Conclusion
Regardless of what you may have heard, it is possible to send money abroad without paying hefty fees. All you have to do is dig deeper and find reliable service providers that allow you to transfer money at zero hidden charges.