International Transfers: How to Safely Send Money Overseas

Every year, six million households in America use money-transfer firms to wire cash to family and friends abroad. Where once there was but one well-known organization you could rely on to help you wire money internationally, today there many. 

This abundance of choices heightens your burden of scrutiny. To help you ease this burden, check out the following suggestions on how to safely send money overseas. 

Matching Methods to Your Needs

The best way for you to send money depends on the amount you need to send, whether it’s a one-time or regular payment, how rapidly the money needs to travel, and who you are sending the money to. 

Other key considerations include the costs to you for sending the cash, the prevailing foreign currency exchange rates, and what happens if something goes wrong with the transaction.

Send Money to Foreign Countries Using a Debit Card

If you need to send money to a friend or relative in Vietnam, you may find it convenient to learn that you are not required to queue up in line at your local money transfer kiosk to do so. According to the folks at Sharemoney.com, for instance, you can send money securely to Vietnam 24 hours per day on their website using your existing bank debit card. 

In this way, you can enjoy competitive exchange rates and lower fees. Your beneficiary can pick up their money at one of many convenient locations or even have it delivered to their door.

Research the Best Ways to Send Money Online

Editors of the online version of Consumer Reports magazine suggest that there is no single money-transfer service that can be identified as having the best deal for all consumers under all circumstances. 

This means that consumers need to do at least some shopping around. Finding the best money-transfer service for you can be complicated. Money transfer kiosks can be found inside supermarkets, convenience stores, pharmacies and inside large big-box retail stores. You can get good information about which one is best for you by researching your options online by checking the World Bank databases.

Sending Larger Amounts

When the amount of money you need to send overseas approaches a level deemed "serious" by banks, it's best to use banks for such transfers. Banks are able to provide you with a reasonable rate of exchange because they are skilled at neutralizing the risks associated with moving money around the globe. 

It is important to be aware that overseas banks may not necessarily enjoy the same level of government guarantees that U.S. banks have. If a foreign bank that you are using to send large sums of money becomes insolvent, you need to know beforehand what your remedies are.

A broad array of options can make selecting an international money-transfer service complicated. For any given amount of money, your best solution will grant you the most favorable exchange rates and charge you the lowest fees. 

To this end, the place that offers you the best value will likely change from day-to-day. Keep that in mind when you need to wire money abroad.

Discover the Best Tips for Quick and Easy Money Transfers Abroad

In the modern day there are many different ways people can send money abroad. Obviously it is always good to have a lot of choice; however this can make things more confusing at the same time. A lot of people find it mind-boggling when it comes to deciphering what method of sending international payments is the best. Nevertheless, by the time you have finished reading this article all should be a lot clearer. 

Choose to transact face to face or complete your money transfer online

As mentioned earlier, there are many different ways you can send an international payment. Nevertheless, to narrow down your choices you should decide whether you prefer to transact face to face or complete your money transfer online . There are a lot of benefits to be had via using the internet, however, if you prefer to deal with a person then face to face options are available.

One of the main advantages associated with the internet is the fact that it is a lot more convenient. If you need to transfer money quickly then this is the best way to do so. You can make your money transfer from the comfort of your own home with only a few integral pieces of information – such as your personal information and bank details, as well as the recipient’s details.

Sometimes you may find that better exchange rates are offered online.

If you prefer to deal face to face then make sure that you shop around as exchange rates and fees can vary dramatically. Deal with businesses that you trust and have more than a few branches and most importantly check that the company you chose are registered with the Financial Conduct Authority.

A credible and secure money transfer company

When searching for the best online money transfer company you need to take a lot more into account than the points already mentioned. Finding a good deal is one thing, but you need to make sure that the website is genuine and that the company is credible. After all, the last thing you want is for your money to be lost altogether.

The best way to check the worth of the business is to make sure that they have a substantial level of experience, check how long they have been trading – most companies will say this somewhere on their website. If you have their FCA registration number you can check that they are registered on the FCA.Gov.uk website. 

Finding the best exchange rates for your money transfer

And last but not least, you obviously need to make sure that the company you opt for offers good exchange rates. After all, let’s say you are sending money abroad to pay a maintenance company for work they have done on your holiday home. They charge $500 for their service. It does not matter to them whether your exchange rate is good or not; $500 is what has been agreed. If you look for a good exchange rate you won’t lose too much money. However, if the exchange rate is poor then in reality you are going to end up paying a lot more than $500.