Getting Special Rates On Forex Transfers: How Are People Doing This?

Posted: Nov 14 2018, 12:14pm CST | by , in News | Latest Business News

 

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Getting Special Rates on Forex Transfers: How Are People Doing This?

Individuals and businesses looking to transfer money from point A to point B typically do themselves a disservice when going the traditional rout. Banks are notorious for offering money transfer services at unaffordable rates, by dint of high spreads (the difference between the rate at which a bank buys foreign currency and the rate at which a bank sells foreign currency), high fees and commissions, hidden charges, incoming and outgoing wire fees et cetera.

Banks are in the business of maximizing profits, not customer satisfaction. They do this by intentional opaqueness when it comes to forex transactions. This only becomes apparent when customers approach banks with FX transfer request. Banks do not attempt to get clients the best deal by ‘shopping around’ for better forex rates. As such, a significant chunk of every transaction goes towards bank fees and the spread, rather than its intended purpose.

International money transfers are a burgeoning global enterprise. The failure of the traditional banking system is perceived to be a catalyst in the global financial crisis of 2008. Many individuals and businesses lost faith in entrenched financial systems and enterprises and this resulted in FinTech operations starting up. A slew of low-cost money transfer services companies began to enter the scene, and today they are fiercely competitive and quickly cutting into what was once a virtual monopoly for banks.

Online money transfer services are cost effective, efficient, and customer-centric operations. For starters, these businesses do not have insanely high fixed costs of operations, nor do they employ hundreds, perhaps even thousands of people across the board. They operate largely online, with global networks facilitating easy money transfers for customers. Banks are notorious for their fee structure. They do not espouse transparency when it comes to forex rates, and tack on as many charges as possible. Incoming wire transfer fees, outgoing wire transfer fees, the spread, commissions and other elements must be factored in.

Banks Now Mulling Service Offerings Owing to Stiff Competition

The rapid rise of online money transfer service companies has given banks pause. We now know that it is possible to use reputable services provided by these companies and to save money in the process. Not only that, money transfer service companies also allow online transfers via mobile phone, or PC/Mac. It is not necessary to complete reams of paperwork for a simple money transfer to India, China, Nigeria, Peru, or anywhere else in the world.

There are many charlatans in the mix, and that's why it's especially important to work with credible aggregator services to evaluate the efficacy of one money transfer service company over another. One such leading entity is International Money Transfers. This company has been involved in evaluating the services provided by the best international currency providers for many years. Top-tier service providers such as Global Reach, TransferWise, and World First routinely rank among the best.

Now, business and individual users can qualify for a money transfer rate discount by using the services provided by International Money Transfers. These exclusive offers provide preferential rates for readers, allowing for greater cost savings on a wide range of currency transfers. For example, the wire fees at TransferWise range between 0.5% and 0.7% for each transfer across multiple currency types. The minimum fee starts at £2/€2 for small transfer amounts, and services are available from multiple countries including the US, Canada, the European Union, the United Kingdom, Australia and beyond.

Specialized rates can generate significant cost savings, particularly when large amounts are transferred abroad. Money transfers are conducted for any number of reasons, including expats moving abroad, purchasing property abroad, paying for a foreign education, remittances, gifts etcetera. In any event, it is certainly worthwhile evaluating the best international currency providers list and saving on standard rates with time-specific discount offers. Each money transfer service company listed on site has been extensively reviewed. They meet with the highest codes of conduct standards in the industry, and are all credible operators.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
Luigi can be contacted directly at ml[@]i4u.com.

 

 

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