Whether you’re sending money as a one-off or you need to set up regular payments, the last thing you want is to be paying hefty fees. Although country to country bank accounts often don’t have any fees attached to them, if you want to send money internationally then this is a different matter altogether. If you have ever sent money overseas before you might already know that there is a range of options open to you – all of these come with different terms and fees.
It is important that you research all of the options to make sure that when you are sending money internationally, you are doing so in the most effective way possible.
How You Can Get Prepared Now
It is important to get prepared now so that when the time comes for you to send money abroad you are fully informed and the whole process is hassle-free. It is perfectly possible to send money cheaply online, but it could be that the service takes longer than others. MoneyTransfers.com highlights that the cheapest way to send money isn’t always the best.
One of the things you should do is sign up for a money transfer service now. Many of them require you to submit your ID and have your account verified, which could take a few days. By making sure that you complete this step now, you ensure that your account is ready to go when you are. Rather than feeling frustrated waiting for your account to be verified at a time when you really need to facilitate a transfer.
If you are looking to do a transfer in the next couple of days, start looking at the exchange rate now. Some providers offer a guaranteed rate for a set period of time; so with some careful research and getting the transfer started at the right time, you could save yourself some money that way.
Different Options for International Money Transfers
The good news is that when it comes to sending money abroad, there are different ways to make this happen. It is important that you research the options available and choose the one that best suits you and your circumstances.
- International Money Transfer – This is a scheme where you can send money abroad – there are various providers that allow you to use their platform to send money abroad. You should make sure you look at the different providers that match the country you want to send to and find out which one is going to best suit your needs.
- Bank Transfer – Much like sending money to a bank account in the same country, you can ask your bank to help you send money abroad. You’ll need access to their Iban Number and likely things like their name and address; once you have this your bank should be able to do the rest. Just make sure you look up their fees and timescales in advance, so you know what you’re getting into first.
- PayPal – If you already use PayPal to purchase things online, you might also know that you can use this to send money to other people with a bank account. If you’re sending money to friends and family then there isn’t often a cost involved in this, but you need to make sure that they have a PayPal account too! PayPal also offers international transfers but make sure to check the fees.
How To Choose The Right Option For You
The right option is a personal decision; everyone will need a different type of service. One of the things that you need to think about is how much it is going to cost. If you don’t allow enough for fees then the person you are sending money to might end up with less money than you intended. The fee is usually either a percentage of the amount you are sending or a flat fee; just check up on what this means for your transfer so you can work out which is the best method for you.
Things That You Should Consider When Making an International Transfer
One of the things you must look at is how long the transfer is going to take. Depending on the service you choose to use, you might find that the money you send takes a few days to reach the recipient. This timescale won’t be a problem if you are organised and have done your research in advance, but if you have left things to the last minute and need a quick transfer then you might end up paying extra for a premium service to get the money there quickly – which means paying fees that you could have avoided.
The other thing you might want to consider is what the current currency exchange rate is. Generally international money transfers work on mid-market rates, but if you use a service that goes by a different figure then you could end up with less value for money.
You should also check whether the method you are using for the transfer has a transaction limit, especially if you plan to send regular or large sums of money. The limits on these accounts are usually pretty generous so you should be okay but there is certainly no harm in checking and keeping an eye on your transfers to make sure you’re not nearing this amount anytime soon.
The Cheapest Way To Send Money Abroad
Often using an international money transfer service works out the most cost-effective way to send money abroad. In terms of fees involved and the length of time it takes for the recipient to receive their funds. However, you should make sure that you check – don’t be afraid to compare a couple of platforms to see what they charge. It can vary from country to country, so do the comparison when you know where you’re transferring the money to as this will give you the most accurate quote and the best idea as to which international money transfer service is the best one for you and your needs.