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Overseas money transfers have increasingly become simpler and easier with the advancements in technologies. Now, one can easily send money home via online money transfers even without going down to different in-store agents or the banks
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Common fees in international money transfers: How to conveniently avoid them?
Overseas money transfers have increasingly become simpler and easier with the advancements in technologies. Now, one can easily send money home via online money transfers even without going down to different in-store agents or the banks. But what about the fees concerning international money transfers? Let us first look at the various fees and hidden costs that the customers are charged for in overseas remittances. These costs need to be noted if you make transactions regularly.
Unfavourable Foreign Exchange Rates Since international money transfers involve the exchange of one currency to another, foreign exchange rates (forex) has a major role in it. Let’s imagine that you are in an emergency, but the exchange rates are unfavourably too low, it means your receiver will not get the amount worth for the money you send. One must also keep in mind that the remittance providers and banks offer flexible exchange rates varying from the market value, thus look out for the best time to send money overseas.
Hidden Fees of International Money Transfer Apart from the most obvious foreign exchange rates, there are certain hidden fees involved in this transaction that are often not advertised like the others, they are:
Currency Conversion Fees: People hardly notice these currency conversion fees as it is taken for granted as transaction fees charged by the banks. These conversion fees are comparatively lower at the best remittance providers.
SWIFT Tracing Fee: If you are expecting to receive money from another country or need to send it, you get a SWIFT Code to trace the progress of the transaction such as its current location, where has it reached etc. This feature comes with a hidden charge.
Same-day Remittance Premium: If you are in a hurry and needs the money to be sent immediately, you can’t wait for the usual time duration of 3-5 business days. Instead, you can go for same-day remittance but needs to pay a bit more.
Knowing these many hidden fees on money transfer in Australia and the effective ways to avoid these extra charges, you have the golden opportunity to make the best international money transfer deals. Always choose the cheapest, fastest and the best-rated remittance provider in Australia.
