In this age, money transfer is a concept which is not new and is a known process. After the advancement of technology, in less time money transfer can help in quick access of money period from one location to another location. Most of the e commerce transactions and important business deals today operate on money transfer principles. There are many possible reasons for money transfer, it can be needed when one is short of money, during business deals, in emergency, holiday outing or other circumstances. When someone is moving internationally or doing international business then they will probably need an international money transfer at some point. As we move internationally, international money transfer can help us set up funds for an individual or family. It is a good way to help them in needs.

Today transferring money abroad is no more restricted only to the export-import businesses. Nowadays, people want to send money back home for various reasons. Right from buying real estate, to sending expense to children studying abroad, from paying loan and so on. With the increased number of reasons, the quantum of money transfers has increased too. Online money transfers are built to the highest industry standards in order to provide you with your peace of mind assuring you that your money is in safe hands. But, ignorance and lack of information can cost you a lot in overseas transactions. Here are few things to know before transferring money abroad.

Check the exchange rate - Today banks are not the only option and not the only way to send money. You are likely to get better exchange rates from sources other than banks, online money transfer is one such option. Also, the foreign currency exchange rates fluctuate constantly. A good exchange rate today may not be the same on the day you want to transfer. It is best to check the conversion rate on the day of transfer. With online money transfer, users can get the benefits of prevailing exchange rates of the country and also from the bank.

Compare multiple mediums - Make sure you compare all the mediums and options beforehand. The bank is the first option that comes to mind, but transacting through banks can be expensive. Online money transfer services offer good exchange rates and customized service as per your needs. There are online money transfer services offering you the convenience of time and place. Compare all these mediums based on service, risk factor, exchange rate and fees.

Choose only the safest method - Remember, you are dealing internationally and with multiple stakeholders, in this case. You have to ensure safety and security of your money. Though banks and online money transfer services are one of the safest mediums, online money transfer is still preferable. Before choosing a method, study the bodies regulating each of the options. Check if they have an emergency contact number or customer care service. Read reviews about the service online. Do not fall into the trap of transactions that are risky and unsafe. With online money transfers, immediate confirmation of money sent and received is maintained and privacy is maintained individually.

Look for reasonable fees - Apart from the fluctuating foreign exchange rate, you will also have to pay a transfer fee. Generally, the fee is dependent on the amount of transfer. Remember to ask for a breakup of the total transfer cost i.e. exchange rate and fee. Look for a service provider offering you an affordable transfer fee. Be careful while choosing the cheapest fee, as it may be due to poor service. On the other hand, online transfer services provide good service for a lesser fee because of lower overheads.

Know the time required for transfer - Before making the actual transfer, enquire about the actual time required for the funds to reach recipient's account. This will help you in monitoring and track the funds. In case, the funds do not reach the recipient account in the said time, you can follow-up for the same. Also, the fee is dependent on the time required for transfer. If you want an immediate transfer, the amount may be higher than the standard fee.

Keep these things in mind the next time you want to send money abroad. If you can time the market and you know the best source to transfer, you can save a good amount of money.