Does your family live in a different country than you? If yes, you have likely encountered international wire transfers before. These transfers allow people to send money internationally. However, they often come with fees and high surcharges. Your main priority as somebody who’s sending money abroad should be saving time and reducing fees. This post’s intention is to tell you how you can do that. By the end of this article, you’ll be an expert in sending funds internationally, whether to loved ones or employees.
1. Online Services
The first thing to know if you plan on sending money to your family in a foreign country is that there are online wire services you can work with. You don’t have to send money through your bank’s online app. Digital banking apps typically charge excessive fees. Whether you want to send money to the Philippines from the USA or to another country, an online wire service will be able to offer you affordable rates and low fees. However, you do need to shop around so that you can find the best possible deals available. A way to determine whether or not a company’s fees are acceptable for you is to get a quote. You can usually get free quotes by filling out forms on wire transfer services’ website homepages.
2. Checking Fees
Once you have found a service you are comfortable using, the next step is to take a look at the company’s fees. Their fees should be published on their homepage, as mentioned in the previous section. Usually, you have to fill out a form to get an idea of how much you are going to have to pay for a specific transaction since the amount charged varies depending on the amount you are sending. You are often given better rates when you send more money. With that said, some wire transfer services charge fixed rates regardless of the amount of money that’s being sent. If you are unsure how much a service you want to work with charges, get in touch with them and ask. When you are looking for a wire transfer service to work with, you always need to shop around and try and find the best possible rates, so you and your loved ones save money.
3. Digital Security
Security is something you always need to take very seriously if you are planning on sending money abroad using a wire transfer service. Leaving your device unprotected could lead to fraud occurring. Before entering card details on your phone or computer, make sure that you run a virus scan. This is so that your information doesn’t get stolen. Most people’s wire transfers are sent from their debit or credit cards, so you’ll have to enter your long card number, expiry date, and three-digit code. Entering this information when your device is infected with a virus is one of the worst things that you can do. Also, take steps to ensure that the wire transfer service you are sending money through is genuine. A staggeringly large number of people fall for fake transfer services’ tricks and end up sending money through them, which is always redirected to another account and stolen.
4. Confirmation Emails
The service you ultimately begin using needs to send confirmation emails. This is so you have a record of the money being sent. If no confirmation emails are sent, you could have a hard time tracking payments in the event that they do not end up in people’s bank accounts. In the previous section, reference was given to the undeniable fact that adopting a casual attitude toward finding a wire transfer service could end up with you being scammed. You need to make sure that the services you work with are genuine. A good way to ensure that your transfer service is genuine is to read its reviews. If they have lots of positive reviews, you can usually trust them. Make sure that the reviews you read are ones published on Google and Trustpilot, not the service’s website. Reviews vetted by businesses are nearly always biased and overly positive.
5. Using VPNs
VPNs (Virtual Private Networks) are an effective way to prevent people from monitoring your online activities. It is especially important to use VPNs if you use public Wi-Fi networks to access your digital bank accounts or send money. The vast majority of VPNs are completely free, which means you do not need to worry about expensive subscriptions. While It is true that free VPNs are typically a lot slower than paid ones, they are still a good way to protect yourself online. They come with the added bonus of allowing you to change your geographic location and access international streaming services.
6. Bank Details
When you are sending money abroad, you need to make sure that you enter the recipient’s details properly. A lot of people make the mistake of missing digits or getting them wrong when they are adding payees. If you miss a digit out or get one wrong, the payment will be rejected. When a wire transfer is rejected, it can take weeks to return to the sender’s account. This means that the payment will be delayed. Double-checking people’s bank details before you send them money allows you to ensure payments arrive on time, every time. Double-checking also prevents you from sending money to the wrong person’s account.
7. Other Options
Finally, if you are unable to use a wire service for some reason, you do have other options. You could send money through a payment processor. These services typically charge much higher fees than wire services do, though. You can also send money through your bank’s mobile banking app provided they allow you to. It’s not uncommon for some banks to block international transfers. When you send money to people internationally, make sure that you factor in conversion. Conversion rates also usually apply.
If you need to send money abroad, consider the information presented here. This post’s advice will help you to save money and ensure your loved ones get the money you need to send them. Always find a good wire service to work with if you are sending money abroad.