The DON’TS of Sending an International Money Transfer

There are plenty of reasons why individuals need to send an international money transfer in the current day. You may have to pay a cleaning company on a monthly basis for maintaining your holiday home whilst you are in the UK. You may need to simply transfer money to a foreign bank account you have. Alternatively, you may have family who live abroad and therefore you need to do a money transfer frequently for Christmases and birthdays. Whatever the reason for your transfer may be, one thing remains the same; you need to make sure you find the best method of sending your money. There are several mistakes you should make certain you never fall victim to if you want to benefit from fast, efficient and effective international money transfers. Thus, read on to discover the DON’TS of sending cash abroad…

Don’t use the bank to do your international money transfer

A lot of people use their bank in order to send money abroad. The main reason for this is the fact that they know nothing different. After all, it is logical; when you want to put money in someone else’s account you always go to the bank to do so. Nevertheless, when it comes to international money transfers this is extremely ill advised. Banks often charge a monumental fee for this service. Not only that, but the exchange rates tend to be poor too.

Don’t leave your money transfer until the last minute

Obviously in some instances this is completely unavoidable. Nevertheless, if you can help it, then you should always give yourself some time before sending the money.Exchange rates are constantly fluctuating. If you are aware of this and keep checking then you will be able to be savvier with your international money transfer.

Don’t be naïve

When finding a company to handle your foreign money transfers you need to make sure that you read all of the information given to you. Go through the terms and conditions thoroughly. This may not be the most exciting thing to do, yet it could save you from substantial damage. After all, a lot of businesses incorporate hidden fees and alike and you can lose out financially if you do not make yourself thoroughly aware of all the charges entailed first.

Don’t go for the first company you find

Make sure you shop around and find the best money transfer company. Use the internet to your gain by comparing and contrasting the different businesses offering this service. You should never ever go for the first company you find. After all, how are you supposed to know whether it is good or not if you have nothing to compare it to? Consider dealing only with companies that have a high street presence also, this could mean you can talk to someone face to face.

Don’t risk it

And last but not least, you should never risk it when it comes to security. When sending money abroad you need to be 100 percent certain that your money is going to arrive at the destination stated. If you choose an online operator, ensure the site itself is secure. If you deal with a high street operator then ask questions about the security of your information.

All companies processing international money transfers must be registered with the Financial Conduct Authority, check out the status of your chosen provider before sending any funds.

 

Tags: bank transfer, international bank, international bank transfer, international wire transfer, send money international, wire money, wire transfer, wire transfer money

Category: Banking