As the above example shows, you should always look at the money exchange rate on offer in conjunction with the fees being charged. However, there are also other factors to compare when looking at transfer providers with Savvy, such as:
Services offered – there are different types of companies you can use to send money overseas. Some providers simply offer a way to send money overseas faster than others, with instant transfers available. Others offer an international account which allows you to store funds in multiple currencies and send them internationally when required. Some international exchange companies offer a full foreign exchange trading platform, while there are companies that specialise in offering global payment solutions for business. It’s worth comparing to find a provider which suits your specific needs as a customer.
Speed of transfer – how long do international money transfers take? How quickly will your funds arrive at their destination? Most transfer companies will get your money there within two to three days, sometimes as soon as the same day. However, if you complete a transfer using your bank, you may have to wait at least three to five business days for your money to arrive.
Payment method – some transfer companies accept cash, while others require the funds to come directly from your bank account. A few providers will let you pay for your transfer using a credit card, but be aware that your card company may also charge you a fee if you use your credit card to send money overseas. The cheapest method is usually EFTPOS or direct debit from your bank account.
Transfer limits – there are minimum and maximum transfer limits specified by international money transfer companies, so you need to be aware of these and make sure the one you choose allows you to transfer the amount of money you require. For example, some providers require a minimum of $200 to $250, while others have a maximum limit of $5,000 per day. How much you can send will also depend on which provider you choose, with some having a maximum total limit ranging from $50,000 to $500,000 or more.
Currencies and countries serviced – not all providers send money to all nations in the world, so you’ll need to check with your provider as to whether they service the country and currency you need.
