The international money transfer process is very complex, but if you adopt diligence before transferring any amount, it can be made more beneficial. Most people know that banks rarely offer the best exchange rates, especially for large amounts. Overall, a money transfer service provider is probably your best bet. Start by comparing the exchange rate of the different foreign exchange providers.
When searching, include the country you are sending money to as some providers have special deals or promotions going for that country. Before you do anything else you should check if the service provider is regulated. Safety and security are paramount, so make sure they are fully regulated, insured and licensed to carry out foreign exchange.
Frogatlas shares some tips on what to research before you do an international money transfer. Click through now.
Online transfers are becoming more popular as they are cheaper and faster, this allows you to make transfers 24/7. As the international markets are closed on Saturday, Sunday and public holidays, the best day to transfer is on weekdays when the live exchange rates are open. When closed, the exchange rate quotes are a close estimate, which are usually higher than the live rate.
The exchange market can plummet or soar in a matter of weeks. If trading USD or AUD, you should look at the overall trend of the USD exchange rate and Australian dollar exchange rate by using a currency converter website - if the market if heading upwards, you may want to wait a couple of weeks, but if the market is on a downward spiral, send the money straight away.
