How To Compare Services For Online Money Transfers?

Sending money to Philippines from abroad was not easy a few decades ago, and when you are going to try for the first time, you feel stressed due to the process in the banks. It is normal to feel this way, but today we will learn how to pick the best online money transfer services.

Suppose you need to conduct a money transfer to Bangladesh or any other part of the world. In that case, you will benefit from the following tips and not fall into any trap. If not done correctly, you may face hidden fees or too many charges for sending money online. So let us see how you can send remittances without any additional charges.

Exchange rates

Exchange rates might be different from different providers. It is essential to pay attention to exchange rates. The difference of 5 Php/cents may make a difference in the recipient’s total amount if you transfer a considerable sum of money. For example, a difference of Php .10 when you send $10,000 will add 1,000 rupees to your recipients’ total amount.

 Transfer fees

Take a look at the changes needed to send money to Philippines online and cash. Also, keep in consideration that these fees might apply to both the recipient and sender. These fees may vary based on the total amount of money transferred.

 Total Cost

The total amount of cash you will have to pay to the companies of remittances transfer for your transaction includes the cost of fees, other charges, and the amount you sent. For example,

Case 1 – if you send $1000 where the total transfer fee is $4.99 with an exchange rate of Php 61, the entire transactional cost is $1004.99, and the receivable amount is Php 61,000.

Case 2 – Comparing the other transactions of sending $1000 with a transfer fee of $1.99 and the exchange rate of $60.80. even though the total receivable amount is Php 60,800, you save $3 on the exchange rate. Comparing these cases, case A can transfer Php 200 more, and case 2 can save you $3. Now evaluating these scenes, the total cost of the case 1 transfer is better.

 Taxes

Examine the service charges which may be deducted from the transfer of remittances. It also differs from state to state and also is based on who is getting the funds. Online money transfers to Philippines are considered cheaper as compared to bank transfers.

Transfer Duration

This is the total number of working days needed by remittance transfer service providers to complete any transaction for you. It is between the source bank and the destination bank. Typically, all of the banks take three working days.

 Customer Service

Ensure that the remittance transfer company has a reputed help desk service, mainly when there is a delay or a non-arrival of funds. The company must be reachable round the clock through phone, email, and all other communication channels.

Provider Reviews

Check for older reviews on many platforms that include social media and forums as well. These reviews can, most of the time, help you know what you may expect from the service providers. If you want to money transfer to Philippines, then you can check services operating in that area.

These are a few ways to assess the services you are acquiring and pick the right fit for you. Through these suggestions, you won’t fall into any trap of hidden fees or additional delivery charges.

ACE Money transfer is a service provider that offers the highest quality services to transfer money to Bangladesh and other parts of the world.