Other factors to compare when looking at international money transfers include:
Transfer speed – how long it takes to complete an international money transfer depends on your provider. Most specialist transfer companies will take under two days to get your money to its destination. Many will get it there the same day, or the very next day, while some can offer completed transfers in seconds. However, there may be situations where it could take up to five days to have your transfer completed.
Countries serviced – make sure the provider you choose operates in the country you require money to be sent to. The number of countries serviced can range from 21 up to more than 100 countries depending on who you choose.
Currencies – again, make sure your transfer company does deal in the currency you require. It’s worth comparing different providers to make sure the currencies they offer include the one you need.
Exchange rate guarantees – make sure the exchange rate you are initially quoted is the rate you’ll receive when your transfer goes through. Check if the rate you’re quoted is a fixed rate and how many hours it’s guaranteed for, as this can range from 12 to 36 or more.
Transfer limits – some companies have minimum transfer limits (such as $200, for example) so if you want to transfer a small amount check the limits which apply to the company of your choice. Others companies also have maximum limits which can range from $50,000 to $500,000 or more.
Customer support – if you think you may need assistance to make your international transfer, look for a company with a strong reputation for customer support. Some advertise offering customer support 24/7, others offer customer support in different languages and some reply on mobile app chatbots to help customers out.
