Money Transfer Checklist: Before you Exchange Currencies, There are a Few Things to Consider

Last Updated: 08 Dec 2021

Depending on the platform you are using, sending money may be quick, easy, and hassle-free. We've put up a money transfer checklist to make your international or domestic currency exchange more efficient before that money transfer deadline arrives.

This list will not only help you understand what you need, but also help you get the best rates available and choose a safe, reliable, and fast service.

Check the Exchange Rate

Check the rates before making a currency exchange and a money transfer. You should check with different providers before proceeding to make an exchange and a money transfer. Banks aren’t the only option for checking these rates and transferring money abroad, and online money transfer platforms such as MTFX can offer you better rates and services than financial institutions.

Exchange rates are never constant for too long; they are constantly moving based on several market factors like demand and supply. What seems like a high or low rate now may not be the same in a few hours’ time or in the next day or two so you need to keep up with current rates which you can do with the MTFX tools, which is free and available online.

Compare Prices with your Bank

Shopping for the best prices before sending money is a smarter and easier way to get the most out of your money. Bottom line shop around, lower your currency exchange costs, and keep more of your money. Banks and wire transfer providers may be good options. However, their hidden fees, exchange fees, and transfer speeds can cost you more than you think.

MTFX offers competitive prices with no hidden fees and a variety of money transfer services tailored to your needs.

Decide when To Do the Transfer

There are several reasons why you may decide to do a money transfer. Check the exact time the recipient expects the money, regardless of the reason for the transfer. Some transfers are time-sensitive, but others can be made at any time. For example, remittances such as tuition, mortgage payments, and medical expenses are time-sensitive. It may not be time-sensitive in some situations, such as a gift to a friend. Transfers are typically completed within 24-48 hours. Most run within 24 hours, but some run in near real-time, taking only a few minutes. If you know that your payment is pending, try and secure a good rate to process your transfer now and set it to automatically transfer in the future.

Conclusion

Keeping everything handy before you start the transfer will make things much easier! Sending money overseas is not that complicated.

Open an account today with MTFX and save with competitive rates and low fees when transferring money overseas.

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