It doesn’t matter what amount of money you want transfer to which global destination – one of the crucial points is that it arrives with the recipient securely and without being subject to financial crime. It may come as a surprise to a few readers that financial crime is very common and even legitimate money transfer companies can be used by criminals at any given time.

Large numbers of people across the globe depend on money transfer firms to transfer funds on a daily basis. There are dozens of means of transferring cash – from internet transfer to traditional bank transfers. You can even opt for the old fashioned method of picking up funds from a high street branch. Yet while this could seem outdated to some, there are numerous nations where getting online or finding a functional bank is not as straightforward a task as in other places.

To get a good service – and one which can offer a secure transfer of funds to pretty much anywhere in the world, no matter how far afield – it is crucial to seek out a few core aspects. Firstly, it is vital to check which locations a company can submit funds to and what process they offer. Think about your own circumstances, and that of your recipient. Can they access the internet? Do they hold a bank account?

How about you – do you hold a bank account? Assuming you do and your recipient does too, the next thing you need to do is work out how much cash you need to transfer and how frequently you will need to make a transfer. Ask yourself if this is a sole transfer or if you will need to transfer funds frequently. If the amount you would like to send is less than approximately $3,000 then you can just search for the lowest foreign currency exchange rate between your currency pair.

Don’t forget to look for the company’s regulatory standards! Even a well-known company such as Moneybookers can easily be infiltrated by criminals. There are a few companies that specialise in money transfers to specific locations, for example Ethiopia. These merchants have the advantage of using teams who are familiar with local procedures yet the level of exploitation in some developing economies means that it could be safer to utilize a larger merchant.

If you would like to send a large amount of money and on a frequent basis then it could be better, more secure and more cost-effective to employ a specialist foreign exchange broker. A few people wrongly believe that foreign exchange brokers are only for financial services professionals, however this is not the case. Anybody can set up an account (subject to security checks). On the other hand it is only truly cost effective to use their services for big transfers because they generally charge around $15 for smaller currency transfers, which might make the transaction more costly than if you use a normal money transfer company.

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