Many of us don’t need to transfer money abroad. We keep business at home, and payments are straight forward. But, for others, there are plenty of reasons to need to transfer money abroad. Perhaps you have family in the US, or you’re working with a freelancer in the UK (see this guide to transferring money to UK).
Sometimes, transferring money abroad can feel a little stressful. There are lots of things to consider. We all know the value of money and want to make sure that it goes to the correct place. So, make sure you understand the process before making any decisions. Here are some things to consider before sending any money to a different country.
Find the right service provider
You might already be aware that there are plenty of ways to transfer money online. Apps and service providers now make it more straight forward than ever – but which one do you choose? You’ll need to spend some time researching and understanding which is best for you. Once you’ve made your decision, you’ll need to create an account and have ID to hand.
Know the details
It may seem a little obvious, but it’s important to know the recipient’s banking details before making your transfer. While getting it wrong is annoying when you’re transferring to a friend in the same country, it’s a little more complicated when doing a transfer abroad. So, to save time and energy, get their details right the first time.
Research exchange rates
Exchange rates can be pesky. You, or the person receiving money, may end up losing out. So, it’s important to research exchange rates before making your transfer, and find a service provider with the best margins. Many service providers and apps will keep a margin on the exchange rate they offer.
Understand the cost
Alongside exchange rates, most apps and service providers also have charges for sending money; this is how they make their money. This includes processing fees, premiums for instant transfers or backend fees. Don’t be caught out. Read the small print and pay attention to details. You’ll be frustrated to find out that you could’ve saved money on a cheaper service provider.
Allow some time
Most bank transfers take a little time. But, understandably, transfers abroad take a bit longer. Like being at the airport, your money undergoes a number of checks before it reaches the recipient. So, be patient and allow the correct amount of time before raising any concerns. You’ll find this information in the service provider’s terms and conditions.
Be convenient
It can be easy to focus on what’s most convenient for us when sending money; but it’s equally important to think about the recipient. Are they used to online or mobile transfers? If you’re not sure, you may wish to consider a different way to send money. A cheque in the post or an offline service may be a better way to go.
For more on the topic:
https://tagg.com.au/tips-for-taking-out-short-term-loans/
https://tagg.com.au/reasons-for-getting-out-of-debt/
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