Tips on how to select the best cash transfer services

Saturday, November 11, 2017, 6:00 PM | Leave Comment

Let’s face it – one of the most convenient ways to receive a particular international money transfer is by cash.

There could be a wide range of reasons for you to send an international money transfer. You could be sending a sum of money to family members overseas, buying goods or just helping out a traveller pal. Even aspects like banking collection and cash security are of the utmost importance in this regard.

In the digital age of today, it goes without saying that there are a wide range of options all across the board when it comes to sending money overseas. Most of the options are quick as well as efficient in every sense of the word.

Once you have sent the cash to whoever, you simply have to inform the people you have sent the cash to visit an agent and pick it up.

However, when it comes to selecting the best and most trusted cash service for yourself, it is really not as easy as it seems.

Here are a few tips for you to keep in mind at all times:-

  • Lookout for the exchange rates

    Here’s the one thing you need to know – nearly all of providers out there end up skewing exchange rates in order to get some sort of a profit. In that case, what you need to do is basically compare the offered rate to the mid-market rate while looking for the smallest possible margin between them.

  • The aspect of fees

    First question that you need to ask yourself in this particular regard is this – does the provider end up charging a percentage of your transfer or a flat fee? And a number of questions after that, such as “Do the fees happen to vary by method of payment? If so, then by how much?” and “Do you end up qualifying for a fee-free transfer if you’re sending over a large amount?”

  • Watch out for pickup locations

    First of all, find out the number of agent locations in your area as well as the locations and operating hours. Both the aspects need to be convenient for your particular recipient.

  • The transfer speed

    Make sure that you know exactly how long it is going to take for the money that you sent to be available to your recipient. If it happens to be an emergency transfer, try and make sure that the cash can be collected within minutes.

  • The aspect of customer support

    A wide plethora of companies all across the board happen to offer the aspect of customer service by means of phone, email, Internet chat or in person. Make sure that you figure out which type of customer service suits you the best.

At the end of the day, when all is said and done, there are still quite a few things that you need to keep in mind at all times. First of all, some of the main risks are untrustworthy providers and picking up cash directly. The former option requires you to do whatever it takes for you to get your hands on some reliable and trustworthy providers.

However, in the case of the latter option, there is also the element of trust as far as the transfer agent is concerned. The risk of theft is always there.

Additionally, there is also the case of high transfer fees and weak exchange rates making things rather hard for you if you don’t end up doing your homework.

So do make sure of the fact that you keep all of the aforementioned factors in mind at all times. After all, this is your hard-earned money that is at stake and you simply cannot afford to take a risk on any front.

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