Many businesses today have clients based in other countries and traditional money transfer for services and products are just not feasible. Online money transfer has become the standard money transfer protocol for many businesses because it offers speed and security that all businesses and consumers seek.

But not all money transfer companies are the same. Some companies may charge an exorbitant fee compared to other services and some might even scam consumers.

The following are ideas on how to save on online money transfer. These are not only for saving money for business transactions but also for personal money transfers.

1. Sacrifice a bit on time – there are companies who allow money transfers that will take more than a business day but with impressive saving. If there is no immediate need for money, the transfer could be delayed a little bit in order to save on transaction fees.

2. Opt for direct bank transfer – aside from saving money on transaction fees, transferring the funds directly to the bank increases security. This form of transaction will require the receiver to create an account on the bank which will require paper works but the savings and security should cover the initial spending.

3. Exchange rate costs – there are companies that charge on transfer fees and exchange rate fees. Choose a money transfer company that offers the standard rate on the date of money transfer. The additional fee could be a burden especially if you’re transferring a relatively high amount.

4. Transfer fees in local currency – transferring fees in local currency are a lot easier and more affordable since the recipient can easily remit the amount. The standard fee is also more affordable since there are no additional charges to convert the amount with a different currency.

5. Take note of the location of remittance – it’s highly recommended to send the payment in major cities. Although there are companies that allow door-to-door money transfer, the fees are just too large for the convenience. A pick-up location should be chosen to prevent additional fees from the money transfer companies.

6. Comparing rates – the good old trick of comparing rates is still applicable for online money transfer. The advantage of the internet should be used. Research the companies’ rate and know how fast (or how slow) they will transfer the money. It’s very important to compare as many companies as possible to get the best rate possible.

7. Knowing the reputation – the fact that the company offers the best rate possible doesn’t mean they provide the best service. Research on customer’s feedback as this will give you an idea on how they will handle your complaints in case something wrong has happened to your account.

8. Know more about safety – a very important factor for online money transfer is safety. Never work with the company that does not offer security features for their customers. Encrypted websites and strict username and password are only some of the security protocols that should be observed in online money transfer websites.

9. Fine print is important – before agreeing to the services offered by online money transfers, read their fine print. Aside from hidden fees that should be indicated on the fine print, there are additional conditions that you should be aware of. Most companies will enumerate their limitation of responsibilities in case something goes wrong during the money transfer process.

10. Avoid unknown email transactions – any email that did not come from the official website informing you that you have a pending amount to receive is a scam. They will most likely ask for personal information and use for illegal transactions without your knowledge.