Banks usually tend to have a higher fee as compared to money transfer companies, so the transaction becomes much more expensive. The exchange rate offered by banks is also not competitive enough. Therefore, it is better to go for online money transfer platforms like North Loop that offer mid-market rates. Mid-market rates get regarded as the fairest and most transparent exchange rate and get used across the world. That is why you can save more money and transfer more at a lesser fee by opting for money transfer companies rather than banks. Online money transfer platforms are even better because they process the transfers very fast and charge zero to minimal fees.
Let us also understand the factors that you should consider when comparing different money transfer companies -
Transfer methods - It is best to consider all options available for making a transfer
, be it online, over the phone or at a branch. For example, North Loop provides a mobile app that allows you to make money transfers with just a few clicks and in the shortest time possible.
Exchange rates - Comparing the rates offered by the best money transfer companies in UAE is also important. It can give you an idea about the best exchange rate available in the market.
Fees - Many transfer
companies charge exorbitant fees on transfer of a large amount of money. However, if you conduct thorough research, you can find online money transfer platforms that allow you to send any amount of money at zero or minimal charges. One such example is North Loop itself.
Transfer options - Transfer options involve looking at factors like availability of forwarding contracts, limit orders, recurring payments etc.
Turnaround time - Turnaround time helps you to find out how long it will take for the money you sent
to reach your recipient’s bank account. Minimum amount - Several money-transfer companies have a minimum transfer limit. Therefore, you should keep a clear picture of the amount you want to send and look for companies accordingly.
Customer service - This is one of the key reasons that make or break the reputation of a money transfer company. It always gets recommended to go for companies that provide prompt customer support services. That is because if you face any issue and have a large amount of money involved, you sure wouldn’t want to wait several days to resolve it. At North Loop, we
do keep this fact in mind and therefore, offer 24*7 customer support services and also a live chat facility on our website.