Whether you want to send money to your friends abroad to celebrate a new achievement or help your family in a financial emergency, expatriates can understand the importance of learning the right ways to send money internationally.
As an expat, you can understand that being able to find a medium to send money abroad is not a problem. The biggest problem is finding the best option to ensure a smooth process for yourself and the receivers abroad as well.
If you are not sure how to safely send money abroad, here are some of the best tips to help you.
1. Always Compare Exchange Rates
No one sending money abroad wants to learn about high exchange rates when it is too late. You do not want to find yourself in a position where the receiver gets less money than they expected. Therefore, important factors such as exchange rates must be considered beforehand.
You can compare currency exchange on different platforms to make the right choice when you send money over the phone through trusted resources such as Western Union. This way, you can enjoy peace of mind knowing that the amount will reach you safely.
2. Choose a Transfer Service
You do not need to rely on unauthorized sources or bank services as the only options. Instead, you must try to find a dedicated service to transfer money internationally. These experts understand the problems of their potential clients and offer the right services to meet your needs.
You can compare the pros and cons of different transfer services to make a final call. Every company and bank may also charge different fees for their services. You must also read their reviews, especially regarding the place you are sending money.
3. Understand the Charges
It is impossible to find a money transfer service that sends money abroad without a fee. While you cannot avoid these charges, you can look for the best options in the market. As you search for your ideal match, make sure that there are no hidden charges.
You must understand your rights before letting a transfer company take hold of your money. In addition to understanding all the needed information by yourself, you must also explain the important aspects to the receiver so that they can avoid scams.
4. Consider the Time
It is crucial to keep the time frame in mind while sending money abroad. Certain payment methods are quicker than others, and others may take more time. Any option you choose for a money transfer can have its own estimated timeline to make the payment available for the recipient.
You can choose the right option depending on the urgency of the matter and how long the chosen method takes to send the money. For example, if your loved ones are facing a financial emergency due to a medical problem, you may not mind spending some extra amount to send them money quicker.
5. Beware of Scams
Among many reasons to work with a reputable company for money transfers, the biggest reason may be ensuring the protection from scams. Yes, some money transfer companies may charge you lesser fees, but you must always research if they are trustworthy.
It is best to know your rights and only provide the needful information to the transfer service representative with full confidence. Do not share the credentials of your payment apps with anyone, no matter how close they are to you. It is better to be careful right now than to have regrets later.
If you feel uncomfortable or unsure about anything, you can always seek out professional help. You can either get in touch with the customer service of your money transfer program or look into online resources to find answers to your questions.
6. Track Your Funds
The company you choose to send money with will provide you with an expected delivery date and time of when your transaction is expected to be completed. You can use their dedicated applications to keep track of such factors.
These apps allow you to track the status of your national and international money transfers. Knowing exactly when your money is sent and will be received can give you peace of mind.
