Choosing the best money transfer and exchange company
Remittances or money transfers have been the lifeline of many economies for a very long time. Families and individuals consider money transfers that they receive from loved ones as their main source of income to help them meet their basic needs. This is why we have seen the remittance industry significantly grow and expand over the past decade, giving remitters an endless array of providers to choose from. So, how do you choose the best money transfer and exchange provider for your circumstances?
Here are some of the main things to consider:
- Security and reliability. The first consideration should be security, where a company is authorised by a governing authority. This link provides the list of companies supervised by the Central Bank of the UAE (CBUAE). The CBUAE has developed regulations for its licenced financial institutions to safeguard the adequate organisation, supervision and development of all financial services companies in the UAE. This will give you the confidence that your provider is reliable and that your transaction will arrive as intended. Whatever the destination or means of delivery, safe money transfers should be your priority. Our advice is to also look closely at the reputation of the money transfer company you choose and research honest feedback of current customers. Never let cheap transfer fees be the only criteria for decision making.
- Cost and transparency: When choosing a money transfer company take into account the exchange rate between currencies and factor in the transfer fee that may be a fixed amount, a percentage tied to the value of your transfer or a fee based on the method used. It is advisable to always ask if there are any other fees that are not mentioned upfront or are hidden.
- Customer service. A proven track record of excellent customer service will go a long way, especially if you’re planning to regularly remit money. This will guarantee assistance when needed. The company must also have a help desk that you can reach through email, phone or other channels.
- Speed. In this day and age and with all the technological advancement, when you are transferring money, you expect the funds to arrive as soon as possible, if not instantly, especially when you need to make emergency transfers. It is worth asking when you should expect the money to reach its destination.
- Network Strength and reach. To be able to receive money swiftly, efficiently, and securely anywhere around the world, you should look for a company with a dependable large network in your desired location. Again, choose money transfer organisations that have built a robust network connecting more parts of the world.
- Valued-added services. Several money transfer companies have incorporated a wide and diverse range of financial services to complement their business model. Look at other service offerings that your provider might have to help make your experience more efficient and useful.
- Accessibility. Some individuals embrace digital transformation to the fullest, while others still prefer to perform financial transactions through traditional brick-and-mortar branches. A large network of branches spread across a country and the availability of digital services indicate that the institution has a large customer base. This reinforces the first consideration of security and reliability.
These factors will guide you in choosing the best money transfer and exchange company that will guarantee a safe, secure and efficient transaction.