An international money transfer is the process of sending money overseas. Before you involve in any international money transfer, there are 6 keywords you should very familiar with. It may help you to solve lots of fees if you understand them well enough.
Exchange rates
Exchange rates are the rate at which you can exchange one currency for another. It seems obvious that this figure should be the main thing you look at when making an international bank transfer, right? Some transfer providers offer lower fees but weaker exchange rates, while others charge no fees but profit from the margin between its rate and the mid-market rate. so compare as many as possible to find the best deal. Epay always offer competitive exchange rates.
Fee
No matter which way you transfer money, you will be charged. The money charged by the transfer provider or bank is called a fee. it is the second factor that influences how much will be received. Generally, fees can be divided into 2 types. One is a flat fee, such as $5 for transfers up to $5,000, another is a percentage of your transaction, such as 1% of your transfer amount.
Speed
It is the third factor that you should take into consideration. Send money by banks sometimes spend more than a week. Thankfully, there are global money transfer providers with tons of agent locations that allow your recipient to pick up the funds in cash, often within minutes. Just like Epay Global Remittance Network. By using the advanced blockchain technology, low-speed problem in cross-border payment can be easily solved.
Transfer option
Nowadays, people would rather make international money transfer by independent payment providers than banks. Bank-to-bank transfers are safe but typically not your cheapest or fastest option. Payment providers offer more convenient, faster speed, better exchange rate, and lower fee. Except for the traditional ways like bank, Western Union and Ria money, there are several money transfer providers for you to choose, like Epay, Transferwise, OFX and so on.
Amount
The amount sent is a key when selecting transfer methods. If you’re making a large amount, you have to make sure you’re getting the best exchange rate — especially since providers encourage large transfers by offering low fees. If you’re sending a small amount to friends or family, it’s wise to also consider any fees you’ll pay on top of the exchange rate.
Frequency&Purpose
Frequency is about how often you make money transfer in a fixed time period. Such as a time in a week or 4 times in a month. International money transfer is frequently being used by millions of oversea workers and students.