Thousands of people are sending or receiving money abroad for several reasons. These reasons might include buying or selling property, paying for accommodation, or just supporting someone who lives abroad. There are certain things that you have to consider when sending money abroad, especially if you are doing it frequently. Your main concerns must revolve around the cost, the bank or transfer service that you are using, and the time taken to send the money.
Being someone who frequently sends money abroad, you will need some tips and tricks to guide you. Here are 3 important questions that you must know the answer to before sending money abroad.
How long will the money take to be transferred?
Imagine that you are in a situation where you need to send money as soon as possible, bearing in mind that international money transfer is something that might take time. Luckily, today everything has developed to make the transfer faster than it was before. Nowadays, you can easily find swift money transfer services, so start looking for ones that can guarantee that transferring money won’t take more than 15 minutes to send your money abroad.
What will it cost you?
In order to send money abroad, you have to think of the additional transfer fees that you will pay as well as the currency exchange. Most of the transfer services and some of the bank accounts might charge you an additional transfer fee in return for providing you the transfer service. So make sure that you initially know if you might get charged any additional fees and how much they will cost you. You also need to keep in mind that in order to get the best deal out of the exchange rate, you have to choose a service that provides 0% commission. However, the person receiving the money will receive it at a much less exchange rate than what the market offers.
What bank or transfer service can you use?
To send money abroad, you have one of two options, either through a bank or a money transfer service. Using your bank service is known to be more simple and reliable, especially that some banks transfer your money for free if the sender and the receiver have accounts at the same bank. The only thing that you would need to factor in would be the exchange rate differences between each bank. As for using a money transfer service, then all you will need to do is some simple research to know how good this service is and how much it will cost you to use it.
With everything evolving around us today, you will easily find the new and advanced services to send your money abroad through. Keep yourself updated with the currency rates, according to the different banks to pick the right bank and the right time to make your transfer. You worked hard to earn your money, and therefore; you must know how to send it in the fastest and cheapest way possible.