So you're working remotely overseas and everything is going just fine. Suddenly a client does not pay up in time, your computer hard drive dies and your rent is due the next day. You need some money fast, and there's only one way to get it: a money transfer.
You may end up using money transfers regularly or only in emergencies. However you use them, they are there if you need them, and sometimes when you are working remotely they are the only option.
Here are a few things that I've learned about money transfer services in the years that I have been working remotely that will hopefully help you out when it comes to organising your own transfer.
Compare Exchange Rates
The first thing to look for is the exchange rate. Even a small difference in the exchange rate can mean large savings for you when you receive the money at your end, so it really does pay to look around.
However, some transfer services make it easier to find the exchange rates than others. A quick way to find out what they are offering is to head to a comparison site that will list numerous money transfer services in one place.
Another thing to consider is that some services may provide better exchange rates for larger amounts of money, so if you are planning a larger transfer this is worth looking out for.
One transfer service may have an excellent rate of exchange, only to go and spoil it all by adding on a hefty fee. Nearly all services come with fees. These typically include a transfer fee, but they may also include a bank receiving fee if you are transferring to your bank account.
The important thing to do is work out how much you will receive when you transfer your money. It may take a while to go through the various services and find out which will give you the best deal, but once you find a good service you will know where to go next time.
Ease of Receiving Cash
It's not just a case of how much you will receive – although that is the biggest concern – buy also the ease of receiving your money. Some services certainly make it easier than others.
For example, if you transfer money via Western U, you can pick it up in any branch all over the world, even in small towns in the middle of nowhere.
But what about other services? Some of the smaller companies will provide different pickup points with third-party services in your country of residence. How easy are these to get to? Can you find them? Are they in dodgy areas where you would not want to be walking around with large handfuls of cash? If you need to pick up the money quickly, you certainly do not want to be running around trying to find a place to pick it up.
Alternatively, you may be able to find a company that can deposit the money directly into your bank account abroad. Just be careful with any extra fees that this may involve.
Trust is one of the big considerations when you choose a transfer service and you want to make sure everything is legitimate. As well as reading some online reviews and checking how long the company has been operating, make sure it is also authorised by the Financial Conduct Authority (FCA).
Get More when You Transfer Your Money
By spending a bit of time researching a number of transfer services, you could help yourself to get a much better deal when the time comes to send over some money. I'd recommend doing some research in advance so that you have a good idea of which service you'd like to use to save time and stress when the moment comes to transfer some money.