These days sending money online is virtually easier than it ever has been before. There are also far more options for sending that money then there ever have been before as well.

And yet at the same time, that doesn’t at all mean that you should just choose the very first online money transfer option that you find, because some are going to be either faster or slower or more expensive or cheaper than other options that are out there.

Here are four things you need to know when transferring money online to someone internationally:

1 – Wire Transfers Are The Slowest…

Bank wire transfers are perhaps the most well known method for sending money online, and yet they are also among the slowest, which is why they may not at all be the most convenient option for you. Whereas other money transfer options such as remittance services can have money sent in as little as a few minutes, bank wire transfers will usually take a few business days to complete.

2 – … And Most Expensive

Besides being the slowest method to transfer money to a designated recipient internationally, they are also among the most expensive options as well. This is because banks will usually charge a flat rate to complete a wire transfer, and this rate can be anywhere from $25 to $100 depending on the bank that you use. If you’re not transferring a terribly large amount of money, that’s simply a very expensive amount.

3 – Percentage Based Fees Are Best

Money transfer options that charge a percentage based fee rather than a flat rate will almost always be cheaper for you. For example, online remittance services will commonly charge a percentage based fee of around 1-5% of the total amount of money you’re sending, with 3% being an average that you should expect to pay. Assuming that you’re not sending an enormously large amount of money, that should be much cheaper than paying a flat rate of around $50 or more.

4 – Get A Guaranteed Exchange Rate

You’ll also definitely want to get a guaranteed exchange rate when you quote a remittance service or other online money transfer option. Why? The reason is because the exchange rate is never static. It is always changing and the rate you may think you’re getting could end up being much, much higher when the time comes to actually convert money.

Fortunately, you can avert this problem by going with a remittance agency or other online money transfer option that actually gives you a guaranteed rate when you quote from them.

What To Know When Transferring Money Online

Transferring money online today really is cheaper and faster than it ever has been before, and to ensure that it remains that way for you to, just keep the above things you’ve learned in mind.