Do you want to transfer money abroad? There are various ways to send money overseas. However, there are things to be aware of when making a money transfer abroad. They are:
Many companies that move money overseas charge commissions to carry out these services. The amount of these fees will depend on how fast you want your money to arrive at its destination and whether you are using a walk in Agent or through online platforms.
2 Exchange Rate
You should keep in mind that for every dollar you send, there is some amount of foreign currency that is made. That is what is called the exchange rate. Exchange rates fluctuate several times a day or even daily depending on the global foreign exchange market.
3 Security of Your Money
Your money’s safety is an important factor to consider when you want to transfer money abroad. You should make sure you have your recipients correct contact details.
Confirm that your money has arrived to your intended recipient and in the exact amounts that you sent. If anything goes wrong, you should communicate with the money transfer company that you used or the industry Regulator.
How to Transfer Money Abroad
Cash to cash is where you hand over the liquid amount of money that you want to transfer abroad to a walk-in money transfer center. It’s then turned into your recipient’s Country currency. They then pick it up at designated points or in some cases it’s delivered to them.
Bank Accounts. You can transfer money from your bank accounts to your recipient’s bank accounts. Several services that move money abroad allow you to do this online or through your phone for a fee.
They enable you to do this by you providing them with the account numbers as well as the routing numbers for the sending and receiving banks.
Credit and Debit Cards. Another way to transfer money abroad is using debit or credit cards. They speed up your money transfer processes as compared to using banks. For example, Money Gram allows you to send money directly to your recipient’s credit cards.
However, you can face credit card fees from your card’s provider. That depends on whether your transaction is a cash advance or a purchase.
Other services can also let you transfer money abroad in the form of a prepaid debit card. Your recipients then use it to make purchases or withdraw cash.
The advantage to this prepaid debit cards is that you can load them while in the US using cash, debit, credit cards or a checking account.An example of this card is the Mi Promesa card. You should check out their fees as they tend to be high.
Cell phones. Another way to transfer money abroad is through your Smartphone’s mobile money transfer app. It allows you to move money abroad using the money transfer company’s website.
The Western Union allows you to transfer money directly to the cell phones of recipients in some countries such the Philippines, Kenya, Bangladesh, and Madagascar.
The above guide on how to transfer money abroad should make it easier for you to carry out these transactions. The key to this is to choose a money transfer service that suits your budget needs.