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Top Tips to Save More on Your International Money Transfers – A Guide

Top Tips to Save More on Your International Money Transfers – A Guide

05 Aug 2022


Selecting a money transfer service to make international remittance transactions may appear simple, but many vital factors must be considered before doing so. Before initiating an online money transfer, it is critical to monitor fluctuating foreign exchange rates closely and be well-informed of all transfer fees. Doing so can help you save money on your transactions, making a valuable difference in managing your day-to-day expenses.

Whatever the reason for your international money transfer, whether to finance your global mortgage or purchase that dream classic car, you'll always need some tips to help you save when sending money overseas. You can find some of these practical tips below here.

How Do International Money Transfers Function?

Every day, thousands of people make safe and secure international money transfers. Assume you want to send euros from Germany to India. When you transfer money to any financial transfer provider's local accounts in Germany, they transfer Pounds from their Indian account to your Indian beneficiary.

Typically, you can pay with a bank transfer or a debit or credit card. You can make a transfer using a website or a mobile app. In most cases, the funds will arrive in your recipient's account within 1–2 days. 

Transactions with some providers are completed in a matter of hours. You can send money in a matter of seconds using the ACE international money transfer app.

Tips for Saving On International Money Transfers 

Compare Various Money Transfer Services

Bank draft, money order, wire transfer, or online remittance – you may not be picky about how you make occasional transfers. There are numerous options available, but you should prioritise what is most important to you. 

Some methods are simpler, but they take longer. Some are more expensive but arrive faster. Always use a reputable and trusted provider to avoid any trouble.

The first and most crucial step in making an international money transfer is to compile a list of various money transfer services and compare them. It will not take long and inform you about the best exchange rates, lowest transfer fees, and safe, dependable services. 

Various online platforms provide detailed information about the best global money transfer services. 

ACE Money Transfer offers the best way to make a global money transfer across 100+ countries with no additional or hidden fees. They always provide their clients with the most affordable transfer options.

Consider alternatives to your bank.

While it may appear to be the simplest option to transfer money with your bank, it could cost you a lot of time. Many banks charge high fees (often around 23.94£) to send or receive funds globally, and many believe that's the end of the story. But it isn't. 

Banks typically add a 5% margin to the market exchange rate for the day. Although 5% may not seem like much, on a 7959.13 GBP transfer, that's 398.90£ on top of the 15.95-23.94£ fee you've already paid. It quickly adds up.

Use a specialised money transfer provider to keep more of your money. Companies such as ACE assist customers in saving a large percentage on hefty margins, typically charging low to no fees.

Step Away From Checks

Paper checks are often expensive to work with, and with many physical locations still closed due to the pandemic, they can also be challenging to access. Mailing one implies that the sender is unaware of the date of receipt/cashing and may be required to keep a larger amount of money in their account to cover all outgoing payments. There may be a time lag for recipients of international funds and unspecified fees imposed by intermediary banks.

Stay Updated With Changing or Indicative Rates

The foreign exchange market never sleeps, and exchange rates fluctuate by every second, dramatically falling or rising in a short period of time. On the other hand, keeping a close eye on the rates will save you a lot more money in the long run. When it comes to your personal finances, be careful.

Go With International Payment Options

The option for global traders to make an international money transfer by writing a check exists, but this payment method is time-consuming and can take weeks to process. Furthermore, the payee must go through complex steps to receive their payment. 

Fortunately, many online global payment methods, such as prepaid debit cards or wire transfers, eliminate these issues.

Analyse the Exchange Rate and Additional Fees

The foreign exchange rate is used when converting money from one currency to another. Exchange rates fluctuate over time and can differ depending on which bank or company you use to make the transaction. Natural disasters or leadership changes can have an impact on global currency markets. 

Interest rates and inflation can both have an impact on exchange rates. Even minor differences can quickly add up, especially when transferring large sums. If the transfer cost is your top priority, compare the exchange rates of several providers: charges may vary because providers set their fees uniquely.

Keep an eye on the total cost and be mindful of it. The fees may be low, but the exchange rate may be high. If the exchange rate is favourable, a higher fee may be justified. Make a fair comparison by calculating the total amount that the recipient will receive. If you want to send money abroad with the best exchange rates and the lowest transfer fees, choose ACE Money Transfer. 

Decide On The Best Time For Your International Money Transfer 

Many expats send money back home every month to financially support their loved ones. It would help to consider exchange rate fluctuations to spend less on international money transfers.

If you don't need to send money right away, plan your transactions ahead of time. Most international money transfers occur during the last five days of the month and the first ten days of the following month. This is the busiest time for bank branches and money transfer services.

Some financial firms have a tradition of raising their fees during peak times. Schedule your transfer during off-peak hours to avoid these spikes, long lines, and delays. Send money in the middle of the month, on a weekday or a weekend.

Furthermore, if you're sending money to loved ones abroad to help them with their bills or to pay your international bills, sending it in the middle of the month will ensure that your payment arrives on time.

Select the Best Pay-in and Pay-out Methods

To make an international money transfer, you must first determine how the money will flow in and out, referred to as the pay-in and pay-out method. There are numerous methods for sending money to a beneficiary, including cash pick-up, bank transfer, mobile wallets, card payment, etc.

Check the Limits on Money Transfers

When making an international money transfer, you should ensure that you are not exceeding the money transfer limits imposed by specific service providers. The transfer fee is usually calculated based on the amount transferred.

Don't Send Cash through the Mail.

Unlike a bank transfer, this money cannot be traced once it has gone missing. It is not illegal in many countries to send money through the Mail, but it is strongly discouraged. 

Most countries will also refuse to deliver the Cash to you. Instead of slipping something into a birthday card, write a check or make money order. At the very least, it can be traced that way. 

It's challenging to know when the best time is to send money abroad or make the cheapest international transactions. However, if you use ACE, you can save even more money on international money transfers. Most expatriates worldwide trust its services when they have to send money online to help support their families.

Final Thoughts 

When deciding how to transfer money abroad, a little research and planning can go a long way. Each method of money transfer has advantages and disadvantages. You'll need to weigh them based on what you require, such as speed or a low fee, how much money you need to transfer, and where it needs to go.

These are some of the international time and money-saving tips. Use them right away to enjoy all the benefits, i.e. best exchange rates, fast transfer, and security matters in the end while making international money transfers. You can enjoy all of these perks through ACE Money Transfer.


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