The financial world is increasingly global in its scope. It’s no longer all about nations trading with nations (though this still continues). Many individuals are buying houses and starting businesses overseas. Others are sending their children to university in other nations. Still others pursue dual citizenship, and need to constantly be sending money back and forth to clients and vendors on opposite shores. Lest this seem like a problem only reserved for the very wealthy, millions of immigrants send hundreds of billions of dollars to family and friends back home, in the form of remittances.
With so many ways to have your personal finances bound up in the whims of global exchange rates, it’s important to make sure you’re getting the best rate possible, especially for frequent transactions. Companies exist in most countries on the globe, servicing hundreds of different currencies and serving every local timezone. You won’t have trouble finding a company that can do what you need, but you will have to do some homework to find a company with the best possible exchange rates and terms. Sending money abroad with exchange rate companies can be a confusing business. Here are 4 things to look for in a good company.
- They Publish Their Exchange Rates. This is surprisingly rare. Because exchange rates change all the time, some don’t publish their rates. But other companies keep them a secret because they aren’t very good. It may be unrealistic to expect even the best exchange rate companies to post their best rates right on their website, but only work with a company that will give you a very quick quote over the phone. If it takes more than 5 minutes for you to get real numbers, find a company that is more transparent and easier to work with.
- They Have Real Customer Reviews. Good Transfer Companies will have easy to find reviews from real customers. It is not uncommon for some businesses to write their own reviews, but you start to get a sense of what a “Real” review sounds like after you’ve read a dozen or so. Real review writers aren’t afraid to speak their mind. They don’t sound like they’re selling anything, and they often aren’t afraid of bad
punctuation or other “mistakes”. Only work with companies that seem real and satisfactory to real customers.
- They Have Reliable Customer Service. If you are in America trying to deal with an money transfer company based in London, there will probably be time zone problems to account for. It’s important that you be able to reach someone in an office, to solve your problem at a time that is convenient for you.
- They Let You Lock in Good Rates. Good money transfer companies aren’t afraid to give you a guarantee that a single exchange rate will be good for the entire length of a specific contract.