Factors to Consider when you Transfer Money to China

With the advancement in technology, it has become easy to send money overseas. However, there are several factors that you need to consider when transferring money from country to another. For instance, it is necessary to monitor the fluctuations in currency exchange rates so that your loved ones get maximum of what you send. You also need to consider the transfer fee being charged by the bank or online money transfer agency. If the transfer fee is high, it will be expensive for you to send money on a monthly basis. It is necessary to make an informed decision so that you save time as well as money with international money transfer. •    First factor to consider is the reliability of the remittance mode you have chosen. For instance, if you have chosen an online remittance agency to transfer money from Australia to China, you need to make sure that you have chosen a reputed agency. It should be licensed to carry out international money transfers or else you will be putting your money and bank details at risk. Don’t fall for too-good-to-believe claims made by agencies in the market. If it is not reliable and reputed, don’t choose them for money transfer•    Second factor to consider is the rate and total expense of sending money abroad. You need to gather information on latest currency exchange rates and service charges. There are financial institutions that charge a flat rate for certain services; however, there are hidden costs associated with the currency conversion or the country you want to send the funds to. To get a good rate, you can take advantage of discounts available during certain festivals such as Christmas. During festival time, many agencies offer discounts and reduce their transfer fee. Some agencies offer a low transfer fee if you send large funds in a single transaction through them•    Customer service quality is the third factor to be considered. Since you will be sending hard earned money back home for personal or business purposes, you should have help at hand in case there are delays or issues in receiving money. A reputed firm will have 24/7 customer support so that the customers can reach the agency or bank easily in case of any glitches like non-arrival of funds and delays•    Another factor is convenience of the sender as well as the receiver. You need to choose the best option after taking different factors into account such as exchange rate, transfer fee, speed of remittance, medium of sending money (cheque or online) and convenience of receiving money (transfer to account directly, home delivery of money, cash pick-up)•    It is recommended to plan your transactions ahead of time because last minutes decisions can cost you money. If you have to transfer money to China, you need to invest time in looking for a reputed mode of remittance, favorable transfer fee and competitive exchange rates for a hassle-free money transfer