Want to have a cheap and fast international money transfer method? Know the most important factors in remittances first
An international money transfer is a process of sending money overseas. Before you involve in any international money transfer, you may consider lots of factors, such as the fee, exchange rate, and the speed. Yes, those are the important factors you should consider.
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 an 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 a bank, Western Union and Ria money, there are several money transfer providers for you to choose, like Epay, Transferwise, OFX and so on.
Usually, if you want to find a cheap way to send money, you must first compare the costs, especially the exchange rate. The amount to be received largely depends on the exchange rate. About the speed, online money transfer providers usually faster than traditional remittance methods. Usually it makes funds arrive within 1–2 days.
So, is there a remittance agency provides low fees, high exchange rates, and fast speed? The answer is yes.
Epay offers lower remittance fees and competitive exchange rates than any platforms. For example, from Hong Kong to the Philippines, Epay costs only 12 HKD, no matter how much to send. Moreover, the exchange rate offered is almost the same or even higher than lots of other money transfer providers. In terms of remittance speed, Because Epay has cooperative banks or remittance agency in both countries. funds can be received within 1 day.
So, if you are still looking for the cheapest and fastest way to send money, why not try Epay now!