There are a lot of emerging cross-border fintech startups that allow you to send and receive money transfers online. These new services leverage technology to provide fast, efficient, and secure money transfers in different countries and currencies across the globe.
However, choosing the best money remittance platform can be a daunting task, as there are numerous money remittance companies with similar or slightly different offerings.
Nonetheless, the following tips can serve as a guide to help you in making the best choice of a cross-border money transfer company. Read on to find out
6 Tips to Consider Before Choosing A Crossborder Payment Company
Here are some of the factors you should consider before choosing a cross-border payment provider, to ensure that your transfer is as cost-effective and stress-free as possible.
Look Out for Regulated and Licensed Companies
The money transfer company must be regulated and licensed. This will give you an assurance that they are authorized to carry out such transactions
Compare Exchange Rates and Fees
Most money transfer companies charge low transaction fees while others don’t. So it’s important to read the fine prints to lear their transaction charges and exchange rates between currencies before choosing a service provider.
Choose a Company With a Good Reputation
Just because a company is popular doesn't mean it is the best. Be sure to compare different companies, check their offers, and select the one that meets your needs and interests.
To avoid getting scammed, it’s important to work with a company that has been around for a while and has a solid reputation. You may also want to read reviews online before committing to a service provider as this will give you an idea of what others have experienced when using their services.
Consider The Payment Options.
Not all money transfer companies offer the same payment options so check which ones suit your needs (e.g., bank deposits, cash pickups, mobile wallets). Most of the Fintech solutions we listed above provide multiple payment options to aid ease of access for both senders and receivers.
There are tons of money transfer options available online, but they may have varying transaction speed. It’s best to choose a platform that provides instant transfers or withdrawals, depending on the urgency of your payment services.
Security. Security. Security
Notice how much we emphasized this point? It is because the safety and security of your money and details should be your top priority. So, to be on the safer side, always look out for platforms that offer highly secure data encryption and multi-level authentication. This will help to minimize risks of fraud, theft, or impersonation.
Making the right choice of a money transfer company is as important as the money you want to transfer. It is best to do your due diligence to make sure you don't fall victim to online scams and theft.
Transfy offers a safe and secure means for individuals and businesses to move their monies without doubts or hassles, across Africa. You can use Transfy to send, receive and exchange African currencies at your convenience.