Sending money is one of the most common things that millions of people do in the world each day. From international companies to families who are willing to buy a house in another country and finally to the people who send money overseas to their family; it is like a regular task for them.
But this task can be very frightening and may cost you a lot if you don’t perform it with smartness. Most of the people are still unaware of the fact that these international money transferring companies have hidden costs. With banks, money transfer companies, and foreign exchange brokers, there are only two major costs involved. First is the service charge for transferring your funds, and the other is to convert your money from one currency to another.
Most of the profit of the money transfer companies are extracted from their money conversion ways. These service providers don’t work at the actual interbank exchange rates, but with their own exchanging rates. The profit made by these service providers is commonly known as the ‘Spread.’ Although it is a common practice, you must always be careful about it, as not every company is so upfront about it.
Here is the list of the smartest way to send money :
- First and foremost way to transfer money are banks
Banks are the largest financial institutions that are quite effective for transferring a large number of funds. Most business organizations, including small, medium, or large businesses and even individuals use banking services to transfer money overseas. Banks are the most common ways to transfer money; however, now they are being scrutinized because of their high hidden fees. Ask the customer advisors before choosing the bank as your platform for transferring money because otherwise, you may end up losing a lot of money in their hidden charges.
- Ask foreign exchange brokers
The broker’s main task is to act as a middle man between the bank and the customer. They usually have great relations with most of the banks, and they work to provide the most competitive rates for trading one currency to another. Again, they may charge you a ton of money for transferring the money from one country to another. The advantage of foreign exchange services are:
- They help you buy properties in a foreign country.
- They allow small businesses to make international payments.
- Online money transfer providers
The internet has made our lives easy in every possible way. Transfers through the internet is a very easy method for money transfer for both the national and international levels. It is the most cost-efficient and smartest way to send money to foreign countries for business or individual purposes.
Online transferring channels are regulated by the authorities and agencies, so they are the safest way of sending and receiving money. Some of these service operators take two to three days for completion of the transaction, but providers like EziPay offer instant online money transfer service. Online services have proven to be a revolution in the banking sector at both national and international levels.
How to transfer funds online?
Online banking services being the easiest and hassle-free way of transferring foreign currency from one country to another, have built a scope for new and more advanced service providers to evolve. EziPay is one such online currency transfer provider that allows you to send money to Ghana from anywhere across the world. Check out the EziPay’s website to learn about the best way possible and to know how to transfer funds online. Please note that not every provider is the same, so you must study a little before you choose your service provider.