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Choosing a Global Currency Transfer Provider: What to Look For

9 June 2017 No Comment

Currency transfer providers have gained considerable popularity over the years for the convenience, liquidity, and cost-effectiveness they provide. However, it is not necessary that every currency transfer provider suits your purpose or is right for you – to avoid the chances of being conned, look for the following considerations when picking the right service.

The Laws & the Regulations

First things first, you need to see whether the global currency transfer provider you choose is regulated by and adheres to the local laws that govern it. In Australia for example, the financial firms are regulated by the Australian Financial Services (AFS). Any firm that is compliant with the regulatory authority will mention so on their print communications and websites. It is extremely important that a money exchange company is regulated by a local authority before it initiates any financial dealings. This is a matter of protecting the people from the possibility of fraud. So make sure you look for the license!

The Fees & the Exchange Rates

Since all of their business operates on the basis of exchange rates, it is common for global currency transfer providers to offer competitive rates that instantly attract users. At times, in an attempt to conquer competition, these companies tend to offer rates that are too good to resist. The point to understand here is that no global currency transfer provider will make a loss on their operations and so the low rates they quite are usually made up for by additions to the margins and fees they charge. Therefore, you should always look for service providers that quote upfront rates and fees and offer clarity of proceedings in transactions.

Duration of Transfer

The whole point of giving preference to global currency transfer providers over other ways to transfer money overseas is to ensure quick and effortless processing of transactions. Hence, it is important to check the average time duration a provider takes to transfer money to where you want it to be. Most of these services partner with other money exchanges and international banks to deliver the services they promise. This may lead to different transfer durations that may vary between several minutes and 2 days. Sometimes, this time duration is also affected by the local regulations (if any) in the country where you wish to transfer your money. Make sure the average time duration of the service provider you select are ones that suit your purpose.

Other Credentials

Some global currency transfer providers are better than others. They are globally recognised and are duly accredited with credentials that set them apart from others in the industry. Let’s take a look at the TorFX credentials as example. In addition to being licensed by the Australian Financial Services, the company holds several international recognition awards for customer service, customer focus, and dynamic growth. With services like these, you know you’re dealing with the right people.

Whether you wish to remit money to your home country or simply wish to purchase a property overseas – you need a currency exchange company as long as your purpose requires an exchange of currency on an international level. The right global currency transfer provider will ensure smooth transactions that save you both time and money. So choose wisely!

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