Money transfer services present an easy, convenient way to move funds across borders. In the UAE, where a large expat population resides that frequently needs to send money back home, pay bills overseas, or make international purchases, such services are integral to daily life.
Similarly, for businesses operating in the UAE, an international money transfer service offers an efficient and cost-effective solution for corporate remittance and offshore payments that may be required for several reasons, such as paying suppliers or employees, repatriating profits, financing trade deals, or receiving funds from global customers.
When compared to banking institutions, which typically charge higher fees, take longer processing times and provide less favorable exchange rates, providers of international money transfer services certainly make a compelling case.
However, in a market as competitive as the UAE, where many providers operate, how can you tell if one company’s offerings are better than the others’? Here are five factors to help you zero in on the ideal partner for your remittance needs:
1. Transfer Speed
Compliance and regulatory checks, destination country policies, transfer amount and mode of payment can all affect the time it takes for a remittance transaction to reach its intended recipient. But that doesn’t mean you have to wait for days or weeks for your transaction to go through.
This is an area where a service provider’s expertise in quickly navigating through the legal and operational requirements of different countries’ financial systems, as well as their network of partner banks and agents, is critical.
Ask about their service level agreements (SLAs) for different types of transfers, average processing times and cash pay-out availability. If you usually do last-minute transfers or need to send emergency funds, opt for one that can guarantee same-day or next-day delivery.
2. Competitive Exchange Rates
Businesses that make regular or high-value transfers can lose a significant sum of money in exchange rate margins. It’s not uncommon for these to vary widely between service providers.
To get the best value for your transaction, compare foreign exchange rates across multiple vendors. Some international money transfer companies feature calculators on their websites where you can punch in the amount you want to send and the currency you wish to convert it into and instantly receive the latest market rate.
Also, inquire if the provider might offer a lock-in option that allows you to get a fixed exchange rate for a specific period to protect your funds from currency fluctuations.
3. Global and Local Coverage
Ideally, you should go for a service provider with a global and extensive network of partners, financial institutions or agents in countries where you’re most likely to send money.
Broad coverage means faster transfer times, better flexibility and potentially lower charges.
Especially if you’re a business with multiple international suppliers or customers, having access to different payment channels in various locations can help make your overseas operations smoother.
Remember also to assess the company’s physical presence in the UAE. A vendor with a sizable number of branches and collection points here means more convenience for you whenever you want to make an in-person transaction or visit to resolve an issue, discuss your requirements or seek support.
4. Mobile Accessibility
The ability to initiate and track the progress of your remittance requests, view exchange rates, find out about promotions and get notifications and alerts on your phone is particularly important for those who’re always on the go or conduct a large portion of their business online.
Some providers present both their corporate and consumer clients with easy-to-use, intuitive mobile apps that are compatible with iOS, Android and other operating systems through which they can complete all the tasks mentioned above and more. This is another angle that differentiates a customer-centric, technologically advanced vendor from another.
5. Customer Service
With international transfers, there’s always a possibility for something to go wrong. This could be a technical glitch, regulatory issue, errors in the recipient’s details, delays or some other problem.
In such scenarios, connecting with a knowledgeable and responsive customer support team that can provide timely assistance, address your concerns or help trace the status of your transfer is vital.
Before choosing a vendor, review their customer service channels and hours of availability. Are they reachable through phone, email and live chat? Are their representatives well-trained, multilingual and prompt in their responses? Do they offer 24/7 support in case you’re performing a transaction during non-business hours or emergencies?
Look for reviews or testimonials from existing customers that highlight the quality of the support they’ve received from the company.
Find a Reliable Partner for Your International Transfers
International transfers are an essential aspect of doing business and managing personal finances worldwide. Use these tips to identify the right service provider for your specific requirements and enjoy fast, secure, and cost-effective remittance transactions.
