Money transfer and foreign exchange market are by nature highly fluctuating markets. The need for these services are extremely and equally important globally. At a business level, huge quantities of money are exchanged all around the world. The rise and fall in currencies are serves as a profit incentive for currency brokers. At a personal level, the need for money transfer is an utmost necessity to ensure bill payments, financial support, donations, and funding NGOS. Currency exchange rate is an important factor that determines customer satisfaction. In addition to this, one generally seeks a convenient easy to acquire services. Any unnecessary bureaucracy just lowers the chances of that company retaining customers. A low cost, yet competitive currency exchange rate is deal for customer preference.
Banks usually have a higher exchange rate, which makes this feature inefficient. Customers looking to send money, desire a rate that gives you an exchanged sum of money closer to the value of the original currency used to send money with. One should also consider the authenticity of a company offering services. There are several scam companies operating as legitimate companies only to rob one of his money.
Money transfer to Dominican Republic
Prior to transferring money, it is a good technique to compare international money transfer features and facilities. Let's explore through the most convenient yet cost effective ways to transfer and receive money to and from Dominican Republic, which are FCA regulated:
US Forex is an exchange broker based in California. It offers a safe and secure transfer of money to one's beneficiaries. US Forex offers a better and reduced exchange rate as compared to other banks. It offers a facility called the Forward Contract, which allows customers to be able to lock in an exchange rate at the given time, as opposed to complying with changing rates all the time, prior to transferring funds. It has no per day limit.
Moneycorp is a foreign exchange services company based in the UK. Moneycorp has managed a history of 36 years in this market. It caters to all transfers personal, business or travel transfers. MoneyCorp offers some low-cost services. It provides a limit order and stop loss order facility to best accommodate its customer's profit incentives.
Currency UK is known as one of the leading foreign currency exchange broker services. It seeks to provide both private and corporate customers good rates on their foreign exchange transactions. Currency UK offers expert brokers in obtaining the best value for its customers money transfers. They reply to queries instantly, taking the lead in customer satisfaction.
Casco Financial is a group of financial and advisory firms dedicated to proving every service its clients in relation to their finance management, transferring of funds overseas, handling payments, and guiding customers to achieve their financial goals. CascoFX claims to provide an excellent quote and exchange rates to their customers, comparatively cheaper.
Western Union is a global company that covers all 200 countries world. The company has offered 135 years of service.
It has a minimum limit of $1. A fee starting from $4.99, depending on the location the of the beneficiary. The process is easy and self-service is minimally required of customers.
Conclusively, each of the aforementioned services offer services to Dominican Republic. There are restrictions with some of these companies in terms of transfer limit and overall annual transaction limits.
Forget about fees Dominican Republic? One of the first things you should think about when looking into a currency transfer to Dominican Republic recipients is the fees that you could be charged. Some methods of sending money abroad incur charges and fees for doing so which means that you need to choose the service that has no fees. By eliminating fees you will not only save money you will be able to use the money you have saved and send this to your recipient. A simple direct money transfer to Dominican Republic recipients can be done online and without incurring any fees at all.
Are Travellers cheques the best option?
Travellers cheques are not accepted in every single bank and your recipient will need to know this. Not only could travellers cheques could be difficult to exchange, they can also attract extra charges due to the exchange rate. In order to avoid this many people who want to transfer money to Dominican Republic recipients tend to look towards a different method of sending money.
Loading up a pre paid credit card
To give your recipient a flexible way to obtain their money you could send them a credit card that can be loaded with Dominican pesos. The Dominican peso is not available outside of the Dominican Republic so before you load the card take a look at the currency rate Dominican Republic money is being exchanged for. When the rate is good, load the card and your recipient will benefit from additional money.