How to reduce cross-border transfer costs? What are the common scams?

Cross-border transfer is an indispensable part of global trade and personal financial activities. With the increase of global transaction volume, it is becoming increasingly important to effectively reduce the cost of cross-border transfer. This article introduces some reference solutions and common scams, hoping that everyone will pay attention to protecting their own rights while reducing costs.

Effective measures

Choose the right Payment service providers

The cost of transfer largely depends on the Payment service provider you choose. There are various payment services available in the market, including traditional banks, electronic payment services, and specialized transfer applications. Studying and comparing the fees, exchange rates, and service speeds of these service providers is key to reducing costs.

For example, remittance tools like BiyaPay are an international wallet for global multi-asset transactions, including global payments and international remittances, as well as major investment services such as US/Hong Kong stocks, options, and digital currencies.

Its most notable feature is that it supports real-time exchange rate inquiry and exchange of more than 20 legal currencies and more than 200 digital currencies. It can make large remittances anytime and anywhere in most countries or regions around the world, with fast arrival speed, low handling fees, unlimited amount, and can bring many conveniences.

Utilize low-rate time periods

Some payment platforms offer lower transaction rates or preferential exchange rates during specific time periods. Keeping an eye on these periods and transferring money when costs are lower can save you a lot of money. In addition, avoiding peak periods for transfers, such as holidays or early months, may also help you get more favorable rates.

Batch transfer

For enterprises, batch processing of cross-border transfers can effectively reduce transaction costs. Most Payment service providers offer discounts or more favorable exchange rates for bulk transactions. Therefore, merging multiple micropayments into a single large amount of transfer can reduce the cost of a single transaction.

Transaction in local currency

Avoiding currency exchange is another effective strategy to reduce cross-border transfer costs. By choosing a payment platform that supports multi-currency accounts, transactions can be conducted directly in the recipient’s local currency, thus avoiding double exchange fees. This not only reduces exchange rate losses, but also may reduce transaction fees.

Comply with regulations and avoid additional costs

Understanding and complying with regulations related to cross-border transfers can not only avoid legal risks, but also help you avoid potential high fines and fees due to non-compliance. Ensuring that all payment activities comply with international Anti Money Laundering regulations and relevant financial regulatory requirements can avoid unnecessary expenses caused by illegal operations.

Common scam

With the above methods, both individuals and businesses can further reduce costs when conducting cross-border transfers. However, we should not only focus on cost issues during the transfer process, as there are many scams in the cross-border transfer process. The following are some common scams that everyone should pay attention to.

False representation

Some scammers impersonate money transfer agents or international banks and send you fake emails and text messages asking for personal information and bank account information to commit fraud.

False payee

Some scammers will impersonate the recipient, ask you to transfer the remittance to their account, and then disappear, thus defrauding you of your money.

False exchange rate

Some scammers will trade at false exchange rates and promise you higher profits, but in fact they will cheat your funds.

False confirmation

Some scammers will send false transfer confirmation emails or text messages to make you think the transfer has been successful, and then ask you to provide more personal information and bank account information to commit fraud.

In addition to the above, there are other difficult-to-detect fraudulent means in cross-border transfers, so it is particularly important to choose a reliable platform.

Finally, I wish everyone can effectively reduce costs and achieve more favorable, convenient, and secure cross-border transfers while protecting their own rights and interests.