We all have relatives and friends in another part of the country or in another country that might need financial assistance. Fortunately sending them money is really easy; however, the cost of sending money is still high if you are not familiar with the industry. Because of the use of technology and connections with other financial institutions money transfer has become costlier.

If you constantly send money to other countries, consider the following techniques to save money transfer fees. Your financial assistance will not only arrive on time but with lesser fee.

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1. Check the Exchange Rate – The exchange rate is usually lower than the current value so that money transfer companies will have a cut to every dollar that you send. For example, a dollar will be 106.7JPY (Japanese Yen) in the current market. Instead of following that rate, the money transfer company will send your dollar with only 103.00 JPY or lower. Never be fooled by the low transfer fee because the recipient will receive lower than expected. Be sure to ask the exchange rate before you complete your transaction with the money transfer company.

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2. Use Bank to Bank Transfer – Major banks in the country often has connections with other banks in major cities in almost any country. Bank to Bank transfers are often the cheapest especially if you have an account with the bank and the recipient has an account with the bank that will receive the money transfer. There is practically no set up fee since you are just opening a savings account. The recipients bank may be ask to set up a special account but they are usually dollar saving accounts which could be converted once they are withdrawn.

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3. The Slower, the Cheaper – Money transfer companies who pride themselves as the fastest money transfer company will usually charge exorbitant fees for quick transaction. Instead of being forced to go with the quickest money transfer company, plan ahead and send the money in a company that provides slower money transfer. Companies who still take 48 hours before the money is available to the recipient will usually charge lower.

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4. Never Use your Credit Card – Your credit card bill will exponentially rise if you use your credit card for money transfer. If you use your credit card, you are using it with the rate of cash advance. Your interest rate will be at least 23% and if you are in poor credit status, your interest rate would even be at 29%. You will be paying not only for the money being transferred but also for the transfer fee. Use the credit card as a last resort only.

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5. Check the Hidden Costs – There are money transfer companies which have hidden costs and they will never reveal them to you unless you ask them for it. The usual fee they will charge during money transfer is the exchange rate fee, processing fee, government fees. These charges should never be there in most countries. These charges are scams and if you think you are dealing with one, stay away and tell others about your discovery.

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6. Check the Fine Print – There are also companies who hide their fees and get themselves out of responsibilities by using the fine print. You may not see the fine print but by agreeing to proceed with the transaction that binds you to their terms and conditions. Always ask for the terms and conditions and read them diligently. There are companies which do not want to take responsibility in case something bad happens to the transaction.

By ensuring that you are transacting with the right money transfer company you are not only sending the full amount of money according to currency while avoiding exorbitant money transfer fees.