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Global Currency Transfers and Factors to Consider

why use a currency broker than your bank

Global Currency Transfers and Factors to Consider

The need to transfer money locally or abroad may arise at any given moment. Transfer of funds to a relative or friend in need, for an investment, for a future home, relocation or even as a gift is very common. These needs will compel you to choose one of the readily available means of money transfer.

There are things you should know about international money transfer before you begin.

Type of transfers: There are many modes of transfer available at leading transfer giants, which are prominently established with a huge network, globally. Selecting the mode to send money, which is available in the country of transfer, is dependent on the sender's choice and convenience.

The FEE: Money transfer to any place in the world is possible, at a cost. This cost incurs as a fee to the sender and in some cases is deducted from the beneficiaries balance as well, if applicable. The fee is a small percentage of the total amount and is applied every time you send money.

Notification: SMS notifications are available to the sender and receiver regarding the progress of the transfer. Online tracking systems are also available to those who wish to use the same.

Security: To ensure the safety of the transferred money, a 16-digit code is sent as an SMS to the beneficiary, upon showing which, the money can be redeemed at payment centers.

Multiple Transfers: Transfers to multiple locations are also possible when transacting at a transfer agency. All you need to do is give the exact account details, amount to be sent and beneficiary details to the agent.

Anywhere money: For beneficiaries who do not have a bank account, or cannot access the same, money can be transferred to the person directly at their doorstep or collection centers, where the beneficiary would require to show proof of identity to collect the same, from a branch and location of their choice.

Multiple currencies: You can also choose to transfer money in the currency of your choice, through the current currency rate that the bank or agency has to offer.

Rollback and cancel: It is possible to cancel the currency transfer in a given period of time, as per the rules of the transfer center you choose. A full refund of the service fee would be reimbursed to the sender, in such cases.

Limit on the transfer of money: Though there is no lower limit on funds transfer, a single unit of any currency can be chosen to be transferred, there is an upper limit of $7500 or equivalent in any currency, in a given transaction.

Assistance: Most reputed transfer agents have 24x7 customer service centers and help lines that guide and attend to their customer's queries.

In global money transfer, there is a little or no chance of error, since every operation is updated to latest security and application protocols. The systems are monitored and regularly upgraded to maintain coherency and seamless operations.

Money remittance internationally has become as easy as a phone call and available in the remotest locations, to bring those in need closer to their loved ones; making it easy to care from even a distance.

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