Sending money abroad is often a necessity for families, investors, and individuals who are traveling for a vacation overseas. Traditionally people will go to a bank to do this and will simply deal with the fees and other expenses that they think they can’t avoid. However, there is a cheaper way to do things, and that’s by ditching the traditional banks altogether. This can result in dodging those huge fees and being able to still send money in an efficient and convenient way.
Foreign exchange companies, otherwise known by the shortened name FX companies, are much more affordable than banks. Because of this, they have become much more popular in recent years and are gaining traction with everyone from investors to everyday travelers who just want to save some money on the money they need to send. So what’s so great about these companies when it comes to sending money abroad? By becoming familiar with their benefits, you’ll easily see why they are chosen by so many people on a daily basis.
– Low Transaction Fees
Most banks will charge a large percentage when it comes to transaction fees. Fortunately this isn’t the case with FX companies, as their transaction fees can be as low as .5%. This can make a huge difference with the amount you pay in total when you transfer funds, especially if you’re sending large amounts.
In addition to this, most of these companies do not charge commission fees, and if they do, they are normally very low. If you transfer regularly, then this is going to help save a considerable amount of money throughout the year.
– Convenient Online Transfers
Are you tired of having to leave work early or spend money on cabs just to get to a bank to transfer funds abroad? With a foreign exchange company, you can actually transfer the money from the comfort of your home or office. All you have to do is go to the website, type in the appropriate information and then wait for the confirmation. Overall this is going to save you a lot of money because you won’t have to take off work early and won’t have to pay extra transportation costs to go to the bank.
– Better Exchange Rates
FX companies buy large quantities of currency at good prices so their clients get better exchange rates than they would at a bank. If you spend a lot of money simply exchanging your money, then this is going to help considerably with the amount of money that you spend.
– Quicker Transfer Time
Time is money, especially when you’re sending it abroad. Fortunately, you can save a lot of time by choosing FX companies as an alternative, as they have strategic methods for transferring funds that generally takes much less time to complete than banks. If you don’t want to sit around for several days waiting for money to get to where you need it to go, then speak with an FX broker about how long your transfer would take to complete with them. Chances are it will be a fraction of the time it would take with the bank you were using before.
– Lock in Exchange Rate
Another smart way FX companies save their clients money on exchange rates is by offering them the opportunity to transfer funds in the future with a locked in exchange rate.
– No Hidden Fees
Have you ever noticed that a lot of banks or other financial institutions charge hidden fees that you only notice when the transfer has been completed? FX companies do not do this, so there’s no risk of spending more than anticipated and being out cash that you thought you would have.
Using FX Companies
Sending money abroad was once thought of as expensive and time-consuming, but thanks to FX companies, that is no longer the case. They offer incredible convenience and money savings for anyone who needs to transfer funds around the world. Best of all, once you learn how to do the transfer online, you’ll be able to do it as quickly as possible from then on! Anyone who is looking for a better solution should try this at least once, because after they do, they’ll see how great it is. Traditional banks are no longer the sole option for getting money where it’s needed.