Money Transfer Advice For Security And Savings

With over 175 million people living outside of their country of origin, the growing usage of migrant workers and the continuation of globalisation the money transfer market looks set to continue its current growth levels of 10-12% per year. Currently the market is already worth over $250 billion with more and more companies organising new and innovative services for transferring money alongside some more traditional money transfer companies.

Some of the more well known money transfer companies are: iKobo, Western Union, icici, MoneyGram and E-gold. For newcomers to the money transfer market it can be a little overwhelming at first. There are a variety of methods that these companies use to transfer the money not to mention bank transfers and paper transfers. For this reason it is important to make an informed choice about who you are going to transfer your money with, it is far better to make an informed and safe judgment than to just use the first money transfer company that you come across.

Whilst we all want to get the best value for money transfer it is a good idea to remember that the cheapest option is not always the best option. With that in mind here are a few points worth bearing in mind whilst arranging your money transfer:

What exactly is the money transfer fee and how is it calculated?
What is the exact exchange rate that they are using?
How will the money actually get into the hands of my intended recipient?
How soon will the funds be made available?
Is it possible for the recipient to be able to collect the funds from different locations?
Are there any extra fees for using credit cards? Exactly how much will they come to?

If they are able to answer the above questions quickly and easily then the chances are the company are well organised and capable of transferring your money. However save your receipts - all signed documents are proof of the money transfer and would be useful if there was to be a dispute.
Furthermore here are a few more questions you may wish to ask the company:

If the money is not received by the specified time/date will I receive any compensation?
What rights do I have if this situation were to occur?
Does the recipient have to pay a fee aswell?
What rights do I have if the money is not received at the promised time?
If the recipient is unable to pick up the money transfer for some reason, what is the refund policy?
What ID is acceptable for the recipient to provide in order to collect the money transfer?

Now of course having dealt with the safety concerns how about saving a bit of money aswell. Here are a few top tips to consider:

Consider a delayed transaction. These are often significantly cheaper the only difference is the money transfer can take 2-3 days. This should not be a problem if there is no emergency.

Think about performing a direct bank to bank transfer although generally these are slower this can often save a considerable amount, consult your local bank for details of any particular bank codes that you may need.

Don't forget to watch out for hidden exchange rate costs. This is often where the money transfer companies will make their money on you. They don't always make it clear exactly how much they are charging and for what.

Be aware that different companies charge more money for sending to different locations so depending on your situation this could increase the fee dramatically.

Try not to use a credit card if possible as this may also add an extra charge for you as you will have to pay the cash advance fee. Furthermore try and find a company that offers a flat rate fee as opposed to a money transfer company that charges a percentage as this tends to be a better deal.

Finally, Check the newspaper or online for the latest rates and cross check them with what the company are offering you. You may find you are losing money compared to what you should be getting so don't be afraid to find a new company if this is the case.

There are a lot of new companies starting all the time and a great variety of ways for you to transfer your money so make sure you check out all the competition to find the one that suits you most, your needs and your budget. So having considered all the above safety factors and money saving tips there is no reason for you not to be able to transfer your money in timely and cost-effective manner.