Corporate bank account holders need to make overseas payments on a daily basis, so to keep the cash flow running smoothly, it is crucial to find an efficient method. Digital transfer services are available, which help clients receive or send money instantly. However, the terms and conditions of each funds transfer service provider differ with respect to exchange rates, transaction charges, and time required to complete each transfer.
Remittance tips to consider prior choosing payment method to send funds overseas
Exchange rate
Choose the best exchange rate margin. Many banks charge enormously and coupled with transfer fees the total amount piles significantly, particularly on high transfer amounts. A fair exchange rate is the mid-market rate of a given currency.
Fees
Transfer fees are charged by many service providers for transferring funds overseas. Before settling on a provider make sure there are no hidden charges or get familiar with what you will be charged for. Everyone has their personal fee structure, therefore compare your options and partner with the best one for your business.
Security
Every financial institution requires to follow specific rules and regulations for operating. Make sure that the provider you opt for is in full compliance with local and global principles. They must have strict protocols, so as to avert fraudulent activities or money laundering.
Reliability
Ensure that the transfer company is reliable. Remember agents or agency involved may be unlicensed but financial institutions and banks are trusted sources, even if they charge high fees. Never allow high exchange rate or less transfer fees to determine your selection of a remittance provider. Inspect the path of transfer right from sender to recipient.
Convenience
Consider the convenience of the sender and recipient, while sending money. Select the best option based on elements like medium [check, online or in-person], transaction cost [exchange rate, transfer fee, service charges], speed [emergency, non-emergency], and recipient’s convenience [cash pick-up, home delivery or direct transfer].
Plan transaction in advance
Last minute decision to transfer money overseas may force the sender to choose the first money transfer provider [may not be the best choice]. If it is not an emergency, plan remittance in advance. Check for best available exchange rates and lock them. Less time to transfer means high remittance charges and fees.
Customer service
Handy support is always appreciated because consumers may experience and issue or have doubts. A remittance provider with loyal customer service will help you in times of glitches like funds not arrived or delays.
Payment methods
International money transfers online can be made in several ways, especially when the amount is large. Banks are the traditional way to transfer funds overseas. With high exchange rates and transact
Online payment providers can be a good choice when both senders and recipients hold an account in the same payment system. You can withdraw cash from your physical bank account and transfer them overseas quickly. Wire transfers are also a good option but rates are high and can be good for sending funds during an emergency and not regular transfers.
Finding best way takes a little research, shopping and comparing. Each method has their own pros and cons but you can find a good overseas fund transfer option according to your business needs.
Author bio: Michael Dewan is a self PR expert working for GBO International Financial Services LTD . GBO is becoming a world leader in providing corporate services for international companies. These services include assistance with: incorporation of companies, opening business bank accounts, licensing, payment solutions, nominee services and more. GBO offers the most innovative A to Z financial solutions for high-tech companies, eCommerce, and more.