Why Compare Remittance Services before you Transfer Money?

When sending money online, one should look for a fast and secure remittance agency. Besides being safe and quick, the agency should also be cost-effective so that you not only send money but also save money. If you have settled abroad and you have to start sending money back home, finding a reliable agency is a must. For instance, if you wish to transfer money from UK to Sri Lanka, you need to compare a range of international money transfer agencies to finalize one that is fast, secure and cost-effective. From transfer speed and transfer fee to currency exchange rates and customer service, every aspect needs to be taken into consideration. Millions of people transfer money from one country to another on a daily basis. In order to ensure that you don’t lose money or put your personal information at risk, you need to know how to compare services.Here are few factors that you can use for comparing service providers:Exchange rates: this rate varies from one provider to another. For instance, currency exchange rates offered by banks are always expensive compared to the rates offered by money transfer agencies. To make sure that your family or business associate receives maximum of what you send, it is important to compare exchange rates because even a small difference can increase or decrease the amount being received.Transfer Fee: this is the second factor on the basis of which you need to compare money transfer services. Transfer fee can also make a huge difference to your remittance experience. If the agency charges low transfer fee, you will not only send money but also save money. Many remittance agencies waive off transfer fee if you send a certain amount through them. During festive season like Christmas or Diwali, some agencies reduce their transfer fees. When you select an agency for money transfer, make sure you ask them about the transfer charges they will apply. You also need to know if this fee will be applicable for the sender as well as the receiver. Remember, transfer fee can vary depending on the amount you are sending. Whether it is a onetime remittance or you need to send money from United Kingdom on a monthly basis, it is important to compare.Total Remittance Cost: apart from transfer fee and currency exchange rate, you also need to consider the total cost for sending money internationally. You should find out if there are any hidden charges or fee that will be applicable on each transaction. Not just total cost but also examine the taxes or service charges that will be deducted from the remittance transfer. These charges vary from country to country. Customer Service: this is a very important factor because in case there is a delay in receiving money, the agency should be accessible for assistance. Customer care representatives from the agency should be reachable via email, telephone or other communication channels so that you can contact them when required.