Tips to Cut Costs When Sending Money

You should know that there is always a way to save more money whenever you send cash. Sticking to old transfer methods could cost you money in the long run. Luckily, you can try out these great tips to save money whenever you transfer funds.

Always Compare

Take some time to compare different money transfer companies; there are definitely more than you think there are. Check out all the factors while comparing the transfer services; how quickly the payment process gets completed, good exchange rates, how reliable it is, low transaction fees, etc. For instance, PayPublishing is a great payment method to fund cards and make wire transfers. PayPal can easily help you send money to friends and family for free. 

Close up of silver credit card and ballpen.

Send a Lot at Once

You are usually going to save more money when you send cash in lump sums over partial payments when you send cash to friends, family, and even payments. Normally, each transaction you make online comes with a fee. Therefore, every transaction will cost you money. For instance, the flat rate for a transaction is $2. If you made 10 payments to send $100 in total, you would wind up with $20 in fees total. However, sending it in a lump sum would have only cost you $2.

Be Wary with Paying Extra

Many online payment services offer faster transactions when you pay a bit extra. However, you may not always need to do that, especially if the other person is alright with waiting for the money. Sometimes, it may only take a single business day for cash to reach the recipient, so ignoring the extra offer may be fine. Try only using those offers when you need to create urgent transfers.

Random Fees

Try to find out if your online remittance service charges recipients before you send cash. Sometimes, recipients receive a receiving fee or miscellaneous fee. Therefore, they will not get the amount that you intended to send them. Try to find a company that will not charge recipients so it will not be unfair to either of you.

Fluctuating Rates

Watch out for any fluctuating rates, especially if you want to send cash in a different currency in a different country. It is normal for exchange rates to drastically change, and it can happen in minutes. Fluctuating rates can easily affect the money’s total value that you will send. Watch out for rates; try to watch out for when the best time to transfer cash would be. It will help the recipient get more from whatever you send.

Of course, you do not want to watch the exchange rate change all day. Some applications will give you a notification about when the best exchange rate of the day would be. Some services even let you “lock in” an exchange rate for a specific amount of time.

You should always try to find ways to save money whenever you send money; follow the tips listed above to start saving money when you send money!