Transferring money by check, cash, bank draft or money order in modern day technology may seem old-fashioned. These methods are less popular when there are faster electronic methods to transfer money between accounts, states and even countries. If cost is the primary concern then there are inexpensive options to transfer money.
Some points to consider:
1.What is the total fee?
Ask about the entire fee, so that you do not end up paying more than expected because the fee can make money transfer expensive. Some banks have set amount to transfer any amount of money. The fees vary from one bank or money transfer organization to another, and even by the country where you want to send money.
2.How much money will be received by the other person?
If the money is transferred to a prepaid card, then the cardholder may have to pay a fee to use it. In addition to the fee charged to you, the person receiving the money may have to pay a fee or a tax to collect the money.
3.Ask for the exchange rate
Some businesses are looking to make a profit on money transfer by charging a high exchange rate and keeping the difference. Make sure you ask about it and confirm whether it is reasonable.
4.Can you avail a discount?
Some businesses offer a reduced rate if you are sending a large amount of money. Find out whether you can get a discount.
5.Does the money transfer business have a good status?
Make sure that the business is reliable before you hand over the money to them. If you don’t know about it then ask your family, friends and members of the community about their experiences.
6.What is the guarantee that the money is received by the other person?
Check to see whether there is any kind of protection to make sure that recipient gets the money, and how to confirm that the person has received it. Always get a receipt and transaction number for the money you transfer so that it is easy to trace.
7.Do you need to show identification?
Ask the company what type of identification or other documents you may need to provide while transferring money. Ask if there is a definite type of I.D. the recipient will need to show to collect the money.
8.What happens if things go wrong?
Problems can occur during money transfers. For example, it may take a long time for money to arrive. Ask about what steps to take and whom to contact if there is a problem.
If you are looking to transfer money to someone then doing a little research can help you find the best companies offering money transfer services in Tricity.