Expats may have different reasons to transfer money back home: some of them want to support their families, and others make savings while working overseas. Yet, the process of sending money home stays the same – and it can be quite cumbersome at times.
So, what are the challenges expats may face when transferring money from abroad?
Elaborate transfer process
While money transfers may be seamless at home, overseas operations are way more complicated. Depending on the bank or the application you use, you may be asked to provide not just your ID information and details of the recipient but also additional details. These may include your IBAN (International Bank Account Number) or BIC (Bank Identification Code). And the devil is indeed in the details: a missed number or a misspelt name may make the transfer process even more complicated and costly. It is unlikely that you would fancy paying additional charges or writing an official email to a bank explaining why the information you provided earlier was incorrect.
All these complications can be avoided with platforms like Profee. With card-to-card transfers, all you need to have on hand are your card, the full name and the recipient's card number.
Longer transfer timing
Even when all the details are filled in accurately, cross-border money transfers may take much longer than those within one country. A transaction between two countries needs to be processed by the banks in both. Sometimes the money is transferred to the recipient's account within a few hours, but the process may take up to several working days. If the transaction process starts on Thursday or Friday, the recipient may have to wait till Monday or Tuesday for the money to arrive. And remember the bank holidays, which can also slow down the process.
A pro-tip for making money transactions from one country to another more accessible and faster: choose a transfer service that suits you best. One of the applications worth considering is Profee: it offers its users almost instant cross-border transactions of up to €100.000 per year to 45+ countries worldwide. The money can be transferred to VISA, MasterCard and MIR cards within minutes.
Higher transfer cost
International transactions always imply additional fees, which may vary depending on the bank or the amount of money transferred. In addition, the currency exchange rates may affect the final cost of the transfer, and they may also differ depending on the bank and the day the transaction was executed.
But alternatives exist with as low as €1 fees for any transfer amount to any destination.
Transfer security issues
Last but not least: you may feel a bit worried until you see the money in your account or until you get a message from your loved ones that they have received the funds. From phishing to APP (Authorised Push Payment), money transaction scams are common nowadays, and unfortunately, the number of fraud schemes keeps multiplying. As the world is going digital, it's vital to keep your data secure and choose the right provider to transfer money.
Look out for a trusted licensed institution. The EU regulations are strict and to obtain a relevant licence a company must fulfil a set of requirements. Platforms like Profee that deal with sensitive card data must follow the Payment Card Industry Data Security Standards (PCI DSS) and verify their compliance.
When making money transfers less expensive and stressful, fintech services again come in handy. Profee, mentioned above, is licensed as an EMI (electronic money institution), which means that it meets EU standards. And unlike the banks, which may have hidden fees for foreign transactions, Profee charges just €1 for the transfer.
