Business and Technology

How to choose the best international money transfer services

When transferring money from any location in South Africa to an international destination, it is critical to double-check that you are dealing with a trustworthy money transfer provider.

How to Make a Comparison Between Money Transfer Services

If you wish to transfer money internationally, it is highly advised that you first compare the different available online money transfer firms in order to select the most competitive provider for your international money transfer.

It is recommended that you look for the following characteristics before you make a choice:

Safety

Make sure that your preferred money transfer company is regulated by an established and reputable government agency to ensure that your money is safe and protected during the transfer process. Ideally, the firm would be governed by one of the major regulators listed below:

  • Financial Conduct Authority (FCA) of the United Kingdom
  • ASIC is the Australian Securities and Investments Commission. 
  • FinCEN is the United States Financial Crimes Enforcement Network.
  • South Africa’s Financial Sector Conduct Authority (FSCA)

Fees and rates 

A fixed transaction rate is charged by certain money transfer companies, while a percentage of the transfer value is taken by others, and still others charge nothing at all. The conversion rate is another income generator for many services, and as a result, it is another significant price aspect to consider when setting prices.

Is Customer Service readily available

Check to determine if the customer service methods that are offered by the company are convenient for you before proceeding. Email, online chat, phone, and a ticketing system are all examples of communication methods. A personal account manager is also available from some money transfer services, who may assist with crucial transactions and tasks when needed.

The availability of Different Options for Sending and Receiving 

It is critical to double-check that the sending choices offered by your selected money transfer company are appropriate for your needs. It is also a good idea to be certain that your recipient will be able to easily collect the monies you’ve deposited. Depositing money by bank transfer and credit card are two of the most popular options. Receiving payments through bank transfers and cash collecting are two of the most prevalent techniques.

Amounts allowed to be Transferred

Another thing to think about is the amount of money you are permitted to send. There are certain services that are better for large quantities of money or business transfers, and there are others that are better for smaller sums of money or individual cash transactions. Make sure that you choose the best for the amount you want to send.

Speed

Check whether you will be able to send and receive money within twenty-four hours after your registration has been confirmed, or if it would take longer, in which case it would not be a good option.

Privacy

Ensure that the transfer company makes it a top priority to safeguard your personal information in every way that they possibly can. The organisation should not disclose any of your personal information with anybody else without your permission.

International reach

Check in how many countries the transfer company’s services are available. Sikhona Money Transfer works in over 122 countries and can handle rapid remittances to cash pick-ups, mobile wallets, and even bank deposits. Sikhona Money Transfer is a global money transfer service that operates in over 122 countries.