People send money overseas for lots of reasons, especially here in the digital age. Some have loved ones traveling abroad or children going to school in another country – people who might need financial help or occasional access to emergency funds. Others need to be able to finalize purchases overseas.
But while being able to take advantage of modern technology to send money abroad is incredible, you don’t want to make the mistake of thinking one method is just as good as every other. Here’s a closer look at what you need to know to make a smart decision you’ll be happy with.
How to Send Money Abroad
As the internet is such a huge part of just about everything people do these days, there’s naturally more than one way to send money abroad. However, which option is the best fit for you will depend entirely on what your needs are.
You can mail a physical check or bank draft, of course. You can set up a bank transfer or a money order. You can wire the money using a service like Western Union. But many people these days choose to send using a trusted international money transfer app, as it’s secure, user-friendly, and reliable – even if you’ve never sent money before and aren’t familiar with the process.
What to Consider When Sending Money Overseas
When settling on the right option for you, it’s also important to cover all your bases and consider a few things. Here are a few examples to keep in mind.
Of all the factors you’ll want to consider before actually choosing a send method to trust with your money, the exchange rate is really the most important one. Exchange rates can fluctuate quite a lot and can be affected by many factors, including current events.
That’s why you should always double-check the going rate every time you plan on sending money, because you naturally want to make sure your hard-earned money goes as far as possible. You’ll want to know about any fees associated with the option you choose, as well.
Speed of Transfer
Of course, this is a huge concern for people who need to transfer money abroad, as the recipient often needs the money right away – especially if it’s for everyday living expenses or to cover an emergency. And speed can differ quite a bit from method to method.
For example, a standard bank transfer may be a reliable, familiar method that you already understand and trust, but most take several days. International transfers can take even longer, as you might imagine. But money transfer apps are often much quicker – possibly even instantaneous, depending on your choice.
Convenience isn’t the only factor that matters when moving money from place to place. However, it’s still incredibly important to people, especially in a tech-heavy age when folks have gotten used to things being quick, customized, and easy.
For example, if you prefer to handle transfers or set up accounts over the internet, make sure the method you choose will let you do that. And if you know you might need to authorize additional future transfers on the go (or that your recipient might), look for an option that will let you work from your phone.
How to Transfer Money Safely
If you have a loved one abroad (or who might be going overseas soon), then it’s a good idea to have your money-sending method of choice chosen and set up beforehand. If you’re using an all-in-one money transfer app, set up an account on your platform of choice (and have the recipient do the same, if necessary). And make sure you both know how to use it.
When setting up wire transfers and similar options, make sure you triple-check all the information for correctness before finalizing. Otherwise, you could face frustrating delays. Also, always confirm that the money went to the correct person. Anytime you think there may be a problem, contact someone who can make it right immediately.
And finally, watch out for scams, because there are a lot of them out there. Always check to make sure apps and services you use are legitimate and trustworthy, and beware of any money requests from people you don’t know or that simply seem fishy. You’ll be glad you did.