Sending money to abroad (either to you family or for fulfillment of an obligation) can be a daunting task for a novice due to many aspects such as changing currency exchange rates, unfamiliar terms & conditions, and hidden charges etc.
Someone can save a lot of pennies by using the right money transfer service when it comes to send money abroad but it may take some time in terms of comparing different services and money transfer methods to pick a reliable and economical as well.
In order to make things easier for expats, we have compiled a list of Do’s and Don’ts for moving money abroad that might be supportive when it comes to send money overseas.
Always do a comparison
When you need to send money abroad, don’t go with the first option you find but try to do a comparison between available choices to pick a good one. Spend enough time on doing research to make sure that you are safe on your side, not paying much as service charges and will get the money transferred on time.
Shop around to choose a best international money transfer app if online money transfer is your first and foremost choice.
You should always plan ahead to make safe, secure and inexpensive money transfers as you may need to pay extra pennies in order to send money abroad in emergency situations.
You may also be able to save money by sending money in one go instead of making smaller payments for several times. Especially when you have to send your paychecks to home country, do your homework and then go with money transfer service that not only offers reliable services but good exchange rates as well.
You should stay updated regarding everything that can have a direct impact on money transfer transaction such as exchange rates, amount you will need to pay as service charges, TAT and customer feedback of the service you are about to choose to send money abroad etc.
If you are not doing so then your money can increase of decrease then transferred so always inquire the basic things in order to keep your side secure.
Move with good exchange rates
As it is the matter of money and every single penny adds up, sending the money overseas without watching the exchange rates can cost you thousands if it is a big amount to be transferred. You should move ahead with good exchange rates in order to increase your money at the destination instead of decreasing.
In order to prevent such issues, you should choose international money transfer app that enables you to set up rate alerts to stay aware of the exchange rates (whether favorable or not) to make lucrative transfers.
Seek for the trust factors
Nothing but customer reviews are something useful when it comes to choose a reliable services provider for moving money abroad. Go for the company website or blog to read the customer reviews and determine whether they are reliable and fit to deal with or not.
You should always ask the money transfer agency for website or blog to check the customer reviews there or visit their social media platforms for this purpose.
Read the T&Cs carefully
In order to prevent any issues like late payment and increased service charges when sending money abroad, you should read their terms and conditions carefully.
Always make sure that the company is authorized by the local authorities in order to get your money back in case of problems with your transfers. You should also ask the customer services representative to inform you about hidden charges or terms if any.