Transferring money electronically is one of the most efficient ways to send money around the world. Unfortunately, these types of transactions can be costly to businesses. Wire transfer fees can add up if you are regularly sending them. For a financial professional, avoiding wire transfer fees could save a lot of money for themselves. Here are smart ways for financial professional to avoid high wire transfer fees.
Using A Foreign Currency
Before transferring money abroad, you can lower your wire transfer fees by exchanging currency. Due to various conversion rates, you may be able to save on that wire transfer fee. In addition to securing high yield bonds, bank can exchange currency for you. Since you only pay for the conversion fee, the total cost can be lower without a transfer fee. Of course, you would see the savings depending on how much currency you convert. Using a foreign currency when transferring fees to a different country could help you avoid a high wire transfer fee.
Sending Money To A Student Account
Many banks reduce wire transfer fees for student bank accounts. You can easily find out if your bank or credit union waives their fees for students by searching their website. This will be beneficial for financial professionals who send/receive payments from students who are paying back their student loans. Calling your bank to ask about their policy on student account transfers could greatly decrease your wire transfer fee.
Sign Up For Repetitive Wire Transfers
If you plan on sending money of a certain amount consistently, signing up for repetitive wire transfers could reduce your transfer fee. Setting up a system with your bank will facilitate the entire process of transferring your money. This process will decrease the probability of errors occurring because the account will already be in the system. Additionally, you won’t have to spend so much money on the high wire transfer fee when frequently sending money. Then, you can export all the transfers to an excel sheet. Imagine how much money you will save overtime. You’ll be avoiding certain and multiple bank fees for the future. Setting up a repetitive wire transfer with your bank will allow you to avoid high transfer fees.
Double Checking Your Information
Take the time to ensure your information is accurate when transferring money. This could help you avoid even higher transfer fees because of additional charges for incorrect information. Asking for a confirmation number after your transfer will allow you to become more proactive in avoiding higher fees. Moreover, you’ll know the money has been wired correctly. As a financial professional, avoiding these mistakes will help you save money on higher transfer fees.
Use Email Money Transfers
An affordable and easy way to transfer money can be done through an email money service. Using a technological service can make your transfer experience a lot faster and affordable. It would be a great substitute for regular checks. If you’re interested in venturing to an efficient way of transferring money without the high wire transfer fees, searching for an email service could satisfy your needs.
There are a lot of ways for financial professionals to avoid high wire transfer fees. Especially if you are a business traveler, using a foreign currency or a repetitive wire transfer with the help of your bank could help lower those fees. Checking your information will prevent excessive charges. Sending to a student account could make your transfer completely free. Finding an affordable way to transfer money will enhance your role as financial professional.