Thanks to globalization and technological advancement, the world is getting smaller and smaller every day. New opportunities are up for grabs and increased competition has made the provision of improved services in reduced prices possible. The changed landscape has made investment in Australia an easier way to save up before retiring, especially for those who have families outside of Australia and the UK.
When investing in a property overseas, there are many things to consider. One of them being, choosing the right currency exchange for money transfers. A little carelessness might cost you hundreds if not thousands.
When economic recession is one thing that irks every individual, every penny spent without ROI is a loss. This is why, it is important that you choose the best currency exchange institution for money transfers so that you don’t end up paying more, thanks to adverse exchange rates.
When it comes to money transfer, two of the most prominent modes include banks and foreign exchange firms. Most people especially those in their 60s and 70s trust their banks for currency exchange transfers. They have been doing so for years so why change now.
We think not!
In fact, banks aren’t even specialised in currency exchange. They charge their customers more for the same services provided by any other foreign currency exchange firm. Why do we think it is time to change your perspective about banks when it comes to online money transfer, read on to find out!
Why Choose A Foreign Exchange Firm Over Banks?
As more and more investments are being made, many people are finding foreign exchange firms more reliable and trustworthy. But there are other reasons of their popularity in the Australian money transfer market. Some of them have been viewed below.
- Cost Effectiveness: Competitive rates are offered as exchange rates. This is not the case with banks. Banks have fixed rates in their policies.
- Speedy Transfers: If a fast and reliable money wiring is the need, exchange rate firms are the best option to go for. The transfers reach the recipient in fewer days as opposed to banks which may even take up to a week or more, depending upon the type and amount of deposit.
- Satisfactory Customer Service: Banks rarely offer satisfactory assistance or advice. The ease with foreign exchange firms is that they have experts who are fully aware of how the process works. Since they aren’t the only firms in the market, they have to maintain a benchmark of their services and make the transaction as smooth as possible for every customer. This means that they will go to all lengths to ensure you are fully aware and satisfied with what you are paying for and what services will you be getting. These experts also monitor the currency fluctuations and will ensure that you get the best deal possible.
- Dedicated Portals: Unlike banks, foreign exchange firms have dedicated portals that take note of customer’s every need. The portals also keep a track of the online reviews made by their customers and are eager to live up the expectations of each customer.
- Optimization of Payments: Lastly, payments are optimized. Meaning the recipient upon receiving of the amount will only have to pay a minimum fee. The fee is significantly lower than that one has to pay when the money has been transferred via a bank.
Taking all these into consideration, there are many firms such as the HiFX in Australia that provide all these and much more. For reviews of companies like Hifx and others click here. Once you have identified which firms offer the most advantages and which of these are you most interested in, you can easily decide which one to go for.
When choosing between companies, ensure that they have been authorized with FCA. It will confirm that the online funds transfer website aren’t spam or fraud. Next, see what different offerings they have and at what pricing. If you want the money to be wired urgently, check if the firm provides that too. Lastly, don’t underestimate the customer’s reviews. It is a full-proof way of judging any firm’s competency. Once you have evaluated all these aspects, only then will you be able to decide whether you should wire money via a bank or foreign exchange firm.