Transferring money from one country to another can be daunting. There are so many anxieties that come with big responsibility transactions such as – where is my money traveling? Will it even arrive? Is the money safe? What happens if it never arrives? These are all natural, especially when dealing with a large sum of money. So, in order to provide a little peace of mind, this guide explores the answers to some common questions regarding an international transfer.
Why do People Transfer Money Internationally?
International transfers occur for a multitude of reasons. These include:
- Sending money to relatives overseas
- Buying property abroad
- Tuition fees in a different country
- Inheritance proceedings
- Large-scale events hosted abroad such as weddings, and milestone birthdays
What are the Top Tips?
Check and Double Check the Exchange Rates
Exchange rates pertain to the fee incurred when transferring one currency into the currency of another country. These vary from company to company and can be a real influential factor on where you decide to put your money transfer business. For example, a cripplingly high exchange rate can mean you lose more money across the transfer and end up out of pocket whereas a reasonable exchange rate, or a non-existent one, protects assets and saves on associated fees.
Verify Personal Information Correctly
One thing that tends to hold up international transfers is missing or incorrect information. This refers to factors such as bank account digits, name spelling, residence information, etc. Ensure all of this data is correct and valid before completing any transfer. If something is amiss, this can hold up the exchange and even lead to a loss of funds if it ends up in the wrong place due to an administrative error.
Be Savvy of Scammers
While there are legitimate and credible companies out there, such as Ria Money Transfer, there are also plenty of spaces to avoid as well. Using the example of Ria Money, you can verify a company’s intentions through reading reviews, researching the company status, and speaking to advisors to get a personal insight. Companies like this tend to have global reach and therefore work with a large number of countries, in this instance over 160! A scammer can be spotted through their informal language, lack of customer service representatives, lack of online presence, and through reading accounts of malicious activity.
Avoid Physical Mailing at All Costs
Money transfers are much safer, reliable, and secure. Physical cash sent via a courier, regardless of how wrapped up the parcel is, is susceptible to theft and intervention and is likely to pass through more channels and more hands. It is also harder to trace and track and you will never really have a clear picture of where it is along the journey.
Always use a validated branch when entrusting your money to someone else. International transfers are a complicated business that requires multi-stage processing, but it is the safest and most reliable method of getting money from one country to a bank account in another.