What Is the Best Way to Move Money around the World?

International money transfers can be expensive, depending on the provider you choose. Banks are notorious for their high fees and commissions, paperwork, and regulatory requirements on all money transfers. Over the years, customers have been switching their focus away from high street banking institutions to international money transfer services. One of the world’s leading providers of up-to-date information on the subject is a comparative money transfer platform known as InternationalMoneyTransfers.

Here, customers have access to a full spread of resources on money transfers, including the best international currency providers in the business. Banks don’t factor in the equation by dint of the fact that they are simply too expensive. Old-school practices are rapidly being phased out with FinTech enterprises such as WorldFirst, FCExchange, TransferWise, CurrenciesDirect, Moneycorp, CurrencyFair, and others.

How Are Different International Money Transfer Companies Evaluated?

Money transfer companies vary from one provider to the next. The most obvious comparative static comes in the form of an independent customer rating. Review ratings at IMT are based on objective analysis through actual experience with each of the international money transfer companies.

Several other factors come into play, notably the minimum transfer amounts that are accepted, and the currencies that are available to clients. Naturally, the lower the threshold minimum (if at all), the better. Other factors to bear in mind include wire fees. Certain currency providers such as FC Exchange, WorldFirst, CurrenciesDirect, and MoneyCorp do not have any wire fees.

The international money transfer companies that have wire fees typically charge a small flat fee and a percentage of the total transaction value. This transaction fee is usually negligible in the broader scheme of things. Even at 0.5% of the total transfer amount, a $100,000 transfer will only cost you $50.

The most glaring fee is the exchange rate being charged. The greater the deviation from the official exchange rate, the worse for the client. It is especially important to minimize forex risks by locking in favorable exchange rates ahead of time. This is something that you can do with international money transfer companies.

Registering with Reputable International Money Transfer Companies

Let’s assume you are expecting the USD to weaken because of trade policy, geopolitical factors, a strengthening of GBP or EUR, etc. You will want to get as much bang for your buck in the present so that when the money transfer goes through in the future you’re covered. By fixing the current rate for up to 12 months, you can smooth out any debits and credits for personal or business reasons.

This also makes it easy for you to manage your company’s finances. The only way to understand all eventualities that can crop up in this scenario is by working side-by-side with a reputable money transfer provider such as IMT. A quick and easy registration with this company can provide clients with extensive analysis of multiple money transfer companies, through online reviews, safety and security features, quoted rates, honeymoon rates, and any additional charges that may be in effect.

Comparative analysis of multiple money transfer services is the only way to gauge whether you are getting value for money. It is too easy to settle with one company simply because it looks good on paper. The best option is always going to be the well-researched option.