Afraid of the high costs of transferring money abroad? Worry not, as this article will help you be smarter in comparing transfer rates!
Due to COVID-19, many people face difficulties in their financial situation. Some people might have been furlough for a long period while some have been forced to resign from their job without any compensation benefits.
They probably don’t have a stable income to support their family for the next few months until they are able to secure a new job. Even more so when they have a heavy responsibility to transfer money from Malaysia to feed their families back home (overseas). Recalculating expenses to transfer more for the needs of their families becomes burdensome at the same time maintaining self-expense.
1. Identify which company you desire to use their services and list them
Browse in search engines such as Google, Baidu, Naver, and Yahoo to find out which agency or company offered to transfer money overseas. Typically, the leading brands will always appear in advertisements but keep in mind to search for more options and make sure it is a legit website to avoid scammers.
2. Comparing the transfer fees and foreign rates in Microsoft Excel
Once you have listed which companies you are interested in, you can list any criteria that you wanted to compare as in the table below. For example, the fees, exchange rate, and period to transfer. Let’s try comparing MoneyMatch, for instance.
Example of comparing in Microsoft Excel:
|Stated Fees||Hidden Fees|
|Bank C||RM 35||RM 125|
|Bank P||RM 32||RM 125|
|Bank R||RM 27||RM 125|
|Bank M||RM 30||RM 125|
3. Contact support to further check if they have additional fees and other conditions
Also, if you have any inquiries which are not available on the company’s website, they would be happy to answer you! For example, if there are any vouchers available at that moment. In fact, they have a wealth of information if you ask them nicely.
4. Feel smarter in comparing transfer fees? Be prepared for new changes.
Once you feel smarter in comparing transfer rates, do sign up and transfer the money. Generally, most people do not want to change their current medium to transfer the money as they get comfortable and nobody likes changes. However, you have to remind yourself that you are needed to spend only on what you need.
Making a smart decision is necessary during this moment. Besides that, it helps you to manage your finances better and keep your family members happy as well. Therefore, be smart and stay safe during this pandemic situation.
All the best!