The world is now being regarded as a global village for obvious reasons: the speed with which goods, humans and money can move around the world is astounding. Perhaps the only thing that can move around the world faster than money is voice calls where you can hear the person’s voice instantly, instant messages and emails. However, when it comes to other physical items, money can move from one continent to the other in 10 minutes, which would take a human or goods hours or a day. There are many ways that money could be sent abroad. However, some of these ways are more expenses than others as some companies charge more than others to transfer money abroad. Here are some of the ways to send money abroad without spending too much on fees.
Using the right platforms
If you want to send money abroad without spending too much on fees, it is important to use the right platforms. The features you will get from using the right platform include the fact that the money would be sent on time to the right account and the right amount without issues. You are also likely to get the added benefit of affordable fees when you use the right platforms to send money abroad. One of the platforms that you might want to try is Transferwise. You can read reviews about Transferwise to know how other people who have used their services feel about their fees and other aspects of their services.
Sending money in bulk
Another way you can cut on charges is by sending money in bulk. Most money transfer services often come with a fixed charge even though it can also include a little percentage of the money you are sending. However, the more money you are sending, the cheaper the fixed amount on the transfer. Based on this, you should negotiate to pay once a month or after a significant amount of work has been done if you are paying for services as opposed to paying daily or weekly. If you also have many employees in a particular country, you might want to appoint a manager. The rest will subsequently report to the manager and the manager would be responsible for paying them. This way, you would have to be incurring the fixed charge on paying each of the staff.
Being careful not to make mistakes when sending money
Making mistakes when you are transferring money is another way that you can incur charges. Imagine that you were supposed to send 1,000 USD and you sent 100 USD instead. You will subsequently have to resend the remaining 900 USD and incur more expenses. You could also lose money by sending money to the wrong account. If the wrong account exists and you didn’t get to know about it on time, the person could have withdrawn the money and used it. The implication is that you would have to resend the payment to the recipient. Thus, do not send money when you are not settled or when you are in a hurry. Cross checks the details to be sure they are right before clicking the right button. Fortunately, some payment platforms will allow you to verify the details including the account details and amount. Do not be in a hurry not to verify before finally submitting. You might just be saving yourself from losing some money.