Do you need to make international payments? Before, the only choice that you had was to do a bank transfer. However, this option sometimes takes time since the transaction has to go through many clearances. Additionally, bank conversion is often lower than the market rate. As such, you will be losing a significant amount of money through this channel. The good news is that third-party companies like AquireFX can do money conversion at a wholesale price for you. This article will give you a brief overview of how it works and what service fees are involved. It will also give you tips on how to be safe when transacting online.
Getting started
Most companies that provide foreign exchange transfer service require their clients to register on their website. Upon registration, clients will be asked to verify their personal information by uploading a valid identification card. Once clients complete the sign-up process, they can access the company’s portal, where they will be able to post orders and track payments. They will also be able to see real-time conversion rates and all the other taxes and service fees that might be involved when you transact with them.
Sending money
Most money transfer companies in Australia, like AquireFX, require a minimum of AUD 2,000 per transaction. As per governmental regulation, the maximum amount that you can transfer is AUD 2,500,000.
When transacting with a company that will transfer your money abroad, you will often be charged with around AUD 20 for doing business with them. On top of this, a fixed rate will also be deducted on your account for the conversion fee. If you are sending AUD 2,000-100,000, the fixed-rate charged to you is 0.60% of your money. This fixed rate will lessen as the amount of your money you will be sending increases.
What to look for
One of the crucial things you must check to ensure that you are transacting with a legitimate business is if it is regulated by the Australian Securities and Investments Commission or ASIC. A credible service provider would also have its Australian Business Number, Financial Ombudsman Service number, and registration ID for Australian Transaction Reports and Analysis Centre in its site that you can refer to. Checking these out would assure you that the company is not running a scam.
Besides the legitimacy of your service provider, you should consider the security of the online site. The last thing that you would want is to experience phishing wherein your personally identifiable information, password, and banking details will be stolen. As such, it would greatly help if a third party data security program protects the site of your service provider. It should also have encryption tools that will keep your confidential information private.
Lastly, your service provider should have a responsive customer service. This feature will be a big help if its service does not meet expectations. A responsive service provider should be able to give you an acknowledgment of your complaint, and its reference number for future follow up.
Transferring money abroad has never been this easy. With regulated third-party service providers, you can now send international payments using wholesale FX rates. You can have the assurance that your hard-earned money will get where it needs to be safely and with less charges.
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