MONEY TRANSFER INFORMATION

Need to make smaller international transfers? Find out how to make cheap transfers in the information sheet below.

        

Alongside the foreign exchange specialists listed on Which Way To Pay India, you can also find Money Transfer services. They can offer international money transfers on a smaller scale, in a cost-effective and fast method for all customers.

What is a Money Transfer Service?

Money transfer services (also known as remittance services) are really useful if you need to send a one-off smaller payment overseas.

Common reasons for using money transfer services:

  • Sending money to family or friends in another country
  • Spending time abroad for work
  • Any personal reasons for needing to send money abroad

So, whether you want to send money instantly or get the best exchange rate available for a smaller transfer, head to the Money Transfer section on our site!

Are Money Transfer Services Regulated?

They should be! If you are planning to send money on a global scale, it is essential to make sure that the service you use is fully regulated and compliant with financial security and anti-money laundering rules.

Most money transfer companies will clearly display their regulatory accreditation or details of which financial regulator they are registered with. If you are in any doubt, you can either request this information or, if you are not sure that your money will be treated securely, move on to a service where you do feel comfortable.

Foreign Exchange Services

You can also find foreign exchange services on Which Way To Pay. What exactly is the difference between these and money transfer services?

The main difference on our site is the amount of money you want to send overseas. The foreign exchange services you find listed on our site are generally better for large transfers, because they may charge a flat fee for smaller transfers. The money transfer services you find listed here are aimed for smaller transfers.

Browse around both sections to compare the different types of services that each one can offer, and to check what the transfer minimum may be.

Which Service Should I Use?

When choosing a service to send money around the world, you should base your choice on a number of factors. Firstly, it is important that the method of transfer suits you and your recipient (the person / bank that is receiving the funds).

For example, you may have access to the internet, but what if your intended recipient cannot use a computer? You may therefore prefer to use a bank-to-bank transfer, so that they can pick up their funds from their local bank.

Another factor to consider is the exchange rate. Before you go ahead with your transfer, compare the exchange rates that are offered. The lower the rate, the cheaper the overall transfer costs for you. Most specialist services can quote a live rate to you before you go ahead with the transfer. If you are not happy with their rate, perhaps consider using another company instead, or ask them if they can improve the rate.

Finally, it is of course important to check that the company you use is fully regulated and licensed to handle your money.

        


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