The world is becoming a smaller place. Nowadays, it’s simpler than ever to travel abroad and send money to foreign countries. This has led to huge number of options available if you need to make a foreign money transfer. While a currency broker will always aim to offer the best exchange rates and the most efficient service, there are some questions you should ask before you commit.
- How Much Will it Cost?
When it comes to sending money abroad, there is usually a fee. The size of the fee is usually determined by the amount of money being transferred, the country that it is being sent to and the speed of the transfer. Always make sure you ask for the fees to be explained clearly before you commit to making your transfer.
- How Do You Calculate the Exchange Rate?
Currency brokers always aim to offer the best exchange rates, but sometimes the rates move quicker than anyone to keep up with. Asking your broker how they calculate exchange rates can help you determine when will be the best time to make your money transfer. It can also be useful to know whether the currency will be converted at the time it is sent or the time it’s received.
- Are There Any Additional Charges?
Always make sure that your broker is clear and upfront about any charges that you money transfer may incur. Sometimes, fees can be charged when you use a credit card, so make sure you are aware of this before you make your transfer.