Today, international money transfers are a common thing. While some expats regularly transfer money to their families abroad to support them, others are trying to materialise their dreams. But regardless of your reasons for transferring money abroad, here are some key points to consider.
Fast and cheap
Online international money transfers are one of the most efficient ways to send money to your dear ones without leaving the comfort of your home. It all works through a network of financial institutions. Although most banks offer similar services, the costs are usually higher. There's not only transaction fees but also the conversion fee when you're transferring foreign currency. Banks often take advantage of low foreign currency exchange rates during international transfers. Also, when large amounts are transferred through banks, transaction fees are higher, unlike wire transfers.
With international money transfer service providers like Wise, MoneyGram and Western Union, there is no limit on the amount of money you can transfer in a single day. When making international transfers with banks, the full amount may not be credited to the foreign account. So you will have to transfer the money in different parts, which also means additional conversion and transaction fees. But with international money transfer providers, you don't need to worry about exchange rates even if they change overnight.
Safe and efficient
The first thing to do is to choose a reputable international money transfer service provider. Keep in mind they don't all provide the same guarantee and security. Reliable suppliers are usually licensed by the financial authorities in the country they are established in and are required to protect their customers' money. For example, you can even track your money transfer remotely. So you can rest assured that your money is safe. These providers also have a registration number and other accessible documents. So you can check at any time that you are sending money to a legal and accredited organisation. You will be given a secure username and password to access your online account. Make sure to keep them safe.
What are the risks?
Obviously, international money transfers can be risky. Fortunately, there are some very simple steps you can follow to protect your money and avoid scams.
First, never transfer money to someone you don't know. Once the amount has been transferred and collected, it isn't easy to follow up. So you might end up losing your money. Scammers are everywhere, and they may contact you online or by phone to offer you an unrealistic investment opportunity. Expats are generally considered easy targets since they regularly make international money transfers. So beware of scammers and don't hesitate to report them to relevant authorities.
As indicated above, your international money transfers are secure, thanks to your username and password. However, make sure that they don't land in the hands of anyone else. Since wired international transfers can be done remotely, piracy is another risk. It is recommended that you change your password regularly and use unique combinations. Also, avoid making international money transfers over unsecured Wi-Fi networks.
If you happen to deal with a foreign-based company and need to transfer money to them, be sure to check their details and registration number first, and the identity of the company's directors.
