Online Money Transfers – 6 Smart Ways to Save

Transferring money whether internationally or domestically can be costly, both in time and money and banks often require you to visit a branch and fill out forms to send a wire transfer, plus the cost can be high. But the bank is not only the option to transfer money; many money transfer providers let you send funds online more quickly. But before you choose online money transfer services in Chandigarh, here are some important things to keep in mind which can help to save you money.

  • Narrow your Search

When you search for broad and generic terms for e.g. transfer money, you might not get the best results. When you search, include where you are sending money, and you can even be more specific by including a method e.g. transfer money to India with a debit card or send money online to an Australian bank account. The more specific you are the better chances you have of finding the best deals relevant to your search phrase.

  • Locked-in Rates

Sometimes, the exchange rates change so often that what you see when you first hit the transfer button can change by the time your order is processed. It is a kind of bait-and-switch. But you can avoid this and be sure you’re getting the original exchange amount by looking for locked-in rates.

  • Choosing the Best Time

There are some special promotions that happen around holidays. It’s a smart time to transfer money during these periods because the savings are best. Foreign currency exchange in Chandigarh service providers compete with each other for the best rates around Christmas, Mother’s Day, and other major holidays, including those that are country specific holidays like Diwali in India or Ramadan in countries where it is celebrated. Be sure you’re taking advantage of the special pricing during these times.

Foreign currency exchange in Chandigarh
  • The Way you Pay

There are multiple payment methods for transferring money. The main three are a credit card, debit card, and Automated Clearing House (ACH) which means straight from your bank account. The rates for these money transfer modes vary, so it is always recommended to compare them. Typically, credit card transfer will be the most expensive and transferring straight from your bank account will be the least expensive.

  • Comparison Shopping

Compare the exchange rates from multiple service providers before you transfer money. There are free, third party tools to find the best rates. The exchange rates typically change daily, so check right before you’re going to send money. After all, you always deserve to get the best exchange rate per dollar.

  • Referring Others

If you know anyone else who transfers money regularly and your remittance service provider has a referral program, then you can refer them and save money on your online transfer. But always read the details, because you often need to mention the person you referred and enter your email address to collect the savings.

With these important points in mind, you’re sure to save a significant amount of money on your money transfers. Remember, it’s always clever to read any fine print, where certain services will mention their hidden fees and other policy information you’ll want to understand before you use the service.

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