Tips to Save Money When You Send Cash

If you want to send cash, you should realize that there are ways you can save money. You might be using old methods to send cash that cost you a lot in the long run. Thankfully, here are some helpful tips that can help you save cash whenever you send money.

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Compare

Take a few minutes to compare various money transfer services because there are a lot more than you think. You should look at all the factors when you compare the transfer services – lowest transaction fees, most reliable service, best exchange rate, quickest arrival to recipient, etc. One of the best money transfer services out there is Paxum.com because they offer the best overall benefits for anyone who uses it. Additionally, many countries can use them and offer loads of different currencies, which is great for those who send money abroad often.

Send Big Amounts

If you are sending money to a friend or family member, you are better off sending your payment in one big slump rather than partial payments. This can apply to buying products as well. Typically every transaction that you make will have a fee, so every transaction you make will cost you. For example, let us say that the flat rate for each transaction is $2.00 and you want to make 10 payments for $100. That will cost you an extra $20 rather than paying the entire $100 in one go and only paying an extra $2 for the transaction fee.

Pay Extra Only When Needed

A lot of online payment methods will offer you faster transactions if you pay a bit extra. However, that is not always necessary, especially if the recipient is willing to wait for the cash. If it will only take a few hours or one business day for the money to get into the bank, you might as well ignore the extra offer. Only use those offers if you have to make an urgent payment.

Fluctuating Rates

If you are sending money over to another country that uses a different currency, you better watch out for the fluctuating rates. The exchange rates can change drastically, sometimes even in a matter of minutes, which can affect the total value of the amount of money that you will send. Keep an eye out for the rates and see when it would be a good time to send money. That way, the receiver can get the most value from what you sent.

Random Fees

Before you send cash, check if the online remittance service will charge the recipient. Sometimes they will receive a miscellaneous fee or receiving fee, so they will get less than what they expected. Of course, this is a bit unfair to the receiver, so try to find a service that does not charge the recipient.

You should be aware that you can save so much money when you send cash. Follow the information above and you can start saving whenever you transfer funds!