How to choose the best money transfer service?

Sending money abroad is often not as easy as domestic money transferring. It is worth checking as many platforms as you can before actually choosing one. Here are a few tips how to send the money abroad.

1. Set your criteria

The first thing you need to do is to decide what is the feature that is most important to you. Are you in a rush and you need to send your money as quick as possible? Or maybe you do not care about the time at all and you just want the service to be cheap

2. Rankings

Check the most recent summaries that show the leaders in a business. Then start digging and looking up the specifics, starting from the number-one firm. Some of the rankings will also help you compare conditions of different firms because they show the most important features of the platform such as time of the transfer or general fees.

3. Reviews

It is very important to check if the platform that you want to entrust your money with is safe. In case to do that, always read the reviews. Experiences of the previous users will give you a picture of the firm. If the platform has a lot of reviews, most of which are positive, you can consider it reliable. For instance, you can read TransferWise review here.

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4. Always look at the minimum

Some of the platforms offering international money transfers have a stated ‘minimum’, which means that if the minimum is for example 200 $, then you need to be sending at least that sum if you want the platform to process your transfer. So if you intend to send a small sum it is important for you to check the minimum of the site.

5. Check the exchange rate

Remember, that even when you choose a feeless platform, this does not mean you are not paying anything. It is important to overlook the exchange rate, which is important when you are sending your money to a country with different currency. If it is very high, it may be more economic to find a platform that will charge you for the service but offers a lower exchange rate.