A lot of people have loved ones and friends who lived abroad. If you do and you have sent money to them, then you know it can be expensive and stressful. This is especially true if you send large amounts of money, as the fees for bigger transactions can be quite high. If you’re looking for a better solution, then you’ll be glad to learn that there is an alternative out there. FX companies are ideal for anyone who wants a new way of transferring money abroad. They can not only save you money, but are incredibly convenient as well.
FX companies are different from banks, although they offer a service that is very similar. The main difference lies within the way that they transfer money, which helps them offer more competitive exchange rates to their customers. In addition to this, it helps lower fees for customers so they save in more than one way. FX companies also offer a lot of convenience for clients so they don’t have to worry about the same issues as they do when they go through banks to transfer funds.
Some important benefits you should know about using this type of service includes:
1. Lower Transfer Fees
FX companies do not charge the same hidden fees, commissions and huge transaction fees as regular banks do. This means their services are far more affordable than traditional banks, saving you money every time you make a transfer. Over time this can add up to quite a bit of money saved.
2. Lower Exchange Rates
When it comes to transferring money abroad, exchange rates are extremely important to consider. Fortunately if you take a moment to search around, you’ll find that FX companies are far more competitive. They can be as low as .4% while banks can go as high as 5%. This is big savings in your wallet every time you transfer, and less money for the banks to take.
3. Time Savings
FX companies are known for their quick service when transferring money. For example, with a bank this service could cost you 5 days of your time, but with an FX company, it could take 48 hours or less. If you don’t have a lot of time to get the money over, then this is going to be incredibly helpful for both you and the recipient.
When you go to a bank to transfer money, you’re restricted to the times that they are open. This could mean having to wait a full day to transfer the money, or having to change your schedule just to make it to the bank. FX companies are different, because they are open 24/7. They allow you to transfer funds at your convenience, and have online services so you don’t even have to leave the comfort of your own home to get this task done!
5. Locked Exchange Rates
Currency rates are constantly fluctuating, and this can mean spending more money than expected when a money transfer finally goes through. Fortunately with FX companies this won’t be a risk. That’s because they lock in the exchange rate when you transfer so you don’t have to worry. Your broker works with you to ensure you save money and don’t spend more than necessary.
What to Expect
The process of transferring money through an FX company is quite simple. This service is regularly used by individuals who make international money transfers due to the fact it saves them both time and money. If you’re going to use an FX (Foreign Exchange) company to do this, then you’ll first need to open an account. This doesn’t take much time; the longest part is waiting up to a couple of days to be approved. Once everything is set up, you can deposit money into the account using your bank, credit cards, debit cards, eWallet or any other accepted method.
When the money is loaded, you will be able to type in the details of your recipient and set up the location for them to pick it up. You’ll also be able to lock in the exchange rate at this time. To make this easier, keep these tips in mind:
1. Keep your transaction receipts just in case something goes wrong.
2. ONLY use registered FX companies, or else you’ll be putting yourself and your money at risk.
The next time you need to transfer money abroad, try using FX companies over banks. Chances are you’ll like it so much that it will be your go-to transfer method in the future.