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Money transfer checklist: Before you exchange currencies, there are a few things to consider.

money-transfer-checklistDepending on the platform you are using, sending money may be quick, easy and hassle-free. We've put up a money transfer checklist to make your international or domestic currency exchange more efficient before that money transfer deadline arrives.

This list will not only help you understand what you need but also help you get the best rates available and choose a safe, reliable, and fast service.

Check the exchange rate

Check the rates before making a currency exchange and a money transfer. You should check with different providers before proceeding to make an exchange and a money transfer. Banks aren’t the only option for checking these rates and transferring money abroad, and online money transfer platforms such as MTFX can offer you better rates and services than financial institutions.

Exchange rates are never constant for too long; they are constantly moving based on several market factors like demand and supply. What seems like a high or low rate now may not be the same in a few hours’ time or in the next day or two so you need to keep up with current rates which you can do with the MTFX tools, which is free and available online.

Compare prices with your Bank

Shopping for the best prices before sending money is a smarter and easier way to get the most out of your money. Bottom line shop around, lower your currency exchange costs and keep more of your money. Banks and wire transfer providers may be good options. However, their hidden fees, exchange fees, and transfer speeds can cost you more than you think.

MTFX offers competitive prices with no hidden fees and a variety of money transfer services tailored to your needs.

Decide when to do the transfer

There are several reasons why you may decide to do a money transfer. Check the exact time the recipient expects the money, regardless of the reason for the transfer. Some transfers are time-sensitive, but others can be made at any time. For example, remittances such as tuition, mortgage payments, and medical expenses are time-sensitive. It may not be time-sensitive in some situations, such as a gift to a friend. Transfers are typically completed within 24-48 hours. Most run within 24 hours, but some run in near real-time, taking only a few minutes. If you know that your payment is pending, try and secure a good rate to process your transfer now and set it to automatically transfer in the future.

Conclusion

Keeping everything handy before you start the transfer will make things much easier! Sending money overseas is not that complicated. Sign up now to get started.

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FAQs

Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.