Understanding How an International Money Transfer Service Works

Understanding How an International Money Transfer Service Works

Sending money abroad is not new to everyone. There have been international money transfer service providers, such as AquireFX money service, that help people transfer their money to their loved ones. It is imperative for those working abroad that their funds will reach their loved ones efficiently and on time. Even for businesses that have partners overseas, transferring of funds is imperative for their operation. With the help of technology, there are always several ways to send funds to other countries successfully.

Checking the Forex. Transferring money abroad will involve checking foreign currency exchange rates on the international money service provider’s website. The sender, either an individual or the firm, will have to compare these exchange rates so they can avail of the best conversion rate, particularly if you’re wiring a huge amount. Even if it’s just a few cents of the dollar, it can make a big difference to the total amount.

Service Fees. When wiring the funds, there will be relevant service fees charged by the money transfer service provider. This will be incorporated into the amount of money sent to the recipient. The fees vary, as it can depend on the wired amount or fixed rate. Either way, the receiver of funds will not have any issues when claiming the funds since the sender will handle the costs.

How Long Will the Funds Be Received? Generally, the transaction will take about five days to complete. Recipients will have to take note of the specific schedule in their country since it varies because of the processing involved in both parties. A money transfer service provider, such as AquireFX, will need to perform security checks and verify both parties involved. There may be cases when money can be transferred faster, but there are additional costs incurred.

Maximum Amount of Transfer. For security purposes, the firm may stipulate the minimum and maximum amount you can wire in a single day. Depending on the international money transfer provider, there will be a limit to the amount of money sent overseas. Fund transfer can also be made through phone, which also has certain limits. The money transfer company will inform the sender of the allowable amount you can wire in a day or a month.

Fixed Exchange Rate. The sender can take advantage of a fixed exchange rate. This means they can have a fixed rate for their future transfers. They will be able to use the same rate when they have urgent transfers in the future. This term is also known as a forward contract.

Prearranged Payment Schedule. When the firm has regular payables overseas, you can opt for a prearranged payment plan, either twice a week, monthly, or quarterly. This arrangement will avoid missing the cutoff and pay late fees. Major firms typically apply for this arrangement since they have big business transactions with another overseas supplier or contractor. Missing deadlines in this type of dealings involve a considerable amount of late charges. Moreover, the transfer fees for these transactions are usually waived by the international money transfer company, such as AquireFX.

Every business deal will involve money, and if it is to a firm overseas, it is a normal practice to ask someone to handle the money transfer transaction for you. This will prevent you from being in a messy situation or potentially lose your money along the way. Whether you only need to wire once or regularly, implementing proper security by letting the experts do the transaction for you is a wise decision.