Do you have loved ones living abroad? Sending money to them can be difficult. With the exchange rates, it can feel like you have to do a lot of math and jump through hoops for something that should be simple in this day and age.
You may have a ton of questions, like how to determine which company is the best? What kind of fees are involved? Is the service you selected reputable?
If you keep reading, we’ll give you some tips on how to send money abroad more efficiently and what kind of questions you should be asking.
1. Check to See What the Fees Are
The transfer platform you are using should be upfront about any fees you may need to pay but triple-check the fine print before committing. Pick a provider who is transparent. Getting caught paying additional costs is not fun, especially when you didn’t plan for them.
Also, make sure the person you send money to won’t need to pay any receiving costs on their end. Chat with them beforehand and check with their bank before sending any money their way.
2. Determine How Fast the Transfer Will Happen?
If you need the money to get to your loved one as fast as possible, pick a company that has a quick transfer turnaround. It can be more expensive to wire money quickly, so only use express service if you need to. Most bank transfers can be done in twenty-four hours.
3. Make Sure You Are Sending Money Securely
Wiring money can be a scary experience if you have never done it before. Double-check the website you are using for transferring money is secure and encrypted. You don’t want someone breaking into your bank account and stealing all your online banking and credit card info. Do not let your debit card be compromised.
If you are signing up for a money transfer website, make your password as secure as possible and keep it in a password keeper
4. Think About How Much You Are Sending
It’s more cost-effective for both sides if you send more significant quantities of money less often. Figure out how much you need to send and if you don’t need to do it right away, save it up and send in larger chunks. Take a look at the fees and see how much they may add up over time. If it winds up being more than the money you are sending, it may make sense to wait.
5. Double Check You Can Send Money to the Right Country
This may seem obvious but make sure the transfer service you’ve selected can send money to the country you’ve chosen. It will be a pain to sign up, get everything ready to go, and realize you cannot transfer to the right place. For example, a website like transferly.com can send money to 71 countries worldwide depending on where you’re sending money from.
Now You Can Send Money Abroad With Ease!
Sending money doesn’t have to be nerve-wracking! Find a reputable transfer company, and you should now have enough knowledge to pick the right transfer option for your needs.
Want to know more about personal finance and business? You have come to the right website! We have a ton more articles that you can check out right now! Just pop on over to some of our other pages.