1. Research The Best Money Transfer Provider
However obvious it may sound, with so many business transfer providers out there it’s worth taking a look at different offers to choose the one which suits you best. Don’t limit yourself to a financial company or bank which you simply got used to using. There are thousands online transfer providers to choose from. From well-established platforms such as PayPal, which evolved into being an industry standard for digital payments, to oldschool remittance companies like Western Union or MoneyGram.
There are multiple tools, which can help you sort through all offers in a convenient and quick way. For example, you can compare money transfers at Wirly.com.2. Compare Different Business Accounts
Apart from services offering single transfers, some online business accounts include good pricing plans for sending and receiving international transactions. Choosing a good operational online account in addition to your regular business bank account might bring many usable features.
3. Check Markup On Exchange Rates
It’s one of the most important tips to keep in mind when handling any international payments. Apart from regular transfer fee you also most likely pay a small hidden charge in the form of markup on the exchange rates. That’s actually how most of the transaction platforms really make money. Usually it’s kept very low, even below 1% compared to the official market rates. However, some transfer platforms might overcharge you for converting currencies, therefore it’s essential to check the rates.
Why do you need to be careful?
Let’s say that your business needs to pay $100 to your partners in the UK. Suppose that 1USD=0.80GBP by the normal rates (the ones you can check for example at Google). This means that your recipient should get 80GBP. Now, if the company sets their own exchange rates at 1USD=0.70GBP, a $100 transfer will convert into only 70GBP. You haven’t paid any “official” transfer fees, yet your recipient got 10GBP less than he was supposed to.
4. Remember To Read Other Business Owners’ Feedback
Researching different offers won’t do any good if you don’t hear from the people who actually use these services on a daily basis. Moreover, you yourself might have overlooked some hidden fee or minor detail in the features, which another expert noted. Therefore, it’s good to read both customers’ feedback and some experts’ rankings and overviews to learn the details. Read now TransferGo review, MoneyGram Review, Remitly Review or WorldRemit Review.
Having in mind these 4 simple tricks might impact the budget of your business in a very positive way. Especially if you frequently handle international transfers. And nowadays, with online companies being able to reach customers from all over the world it’s very easy to extend your services in other countries.