Do you need to send money to someone in another country?
Maybe it’s to pay somebody for their work, to buy property overseas, to send funds to a friend or family member, or to pay tuition to an overseas college.
Regardless, the process for making an international transfer virtually remains the same: go to a third party money transfer service, exchange your money into the currency of the country you’re sending the funds to, and then complete the transfer.
Simple, right? In theory, yes it is. Still, to ensure that you get the best deal (as sending money overseas is unfortunately almost never free), there are several different factors that you will want to consider. We’ll discuss the most important of those considerations now.
Here are five things to consider when sending money overseas:
Consideration #1 – Specifically Search For The Country You’re Sending Money To
If you truly want to get the best deal, you’re making a mistake by just choosing a money transfer service at random and then going with it no matter what.
Instead, include the specific country that you are sending money to in your search. For example, if you want to send funds to India, you could type “money transfer service to India” in your search engine.
The reason why this tip really is so important, as simplistic as it may seem, is because promotions for that particular country from a variety of different transfer services will then show up in the search results page. This will really allow you to narrow your selection down so you truly do get the best deal.
Consideration #2 – Research Regulations
Different countries have different laws and regulations in regards to money transfer service. It isn’t surprising, but you also won’t want to forget to research what those regulations are.
Going back to our transferring money to India for example, did you know that sending money internationally to India for the purposes of gambling is not allowed? The Reserve Bank of India prohibits it, and it’s just one example of a specific rule/regulation by country that you would need to be aware of.
Therefore, before actually sending money to a particular country, you will need to research those kinds of regulations to avoid getting into trouble.
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Consideration #3 – It’s Wise To Send Money On Weekdays
Monday through Friday are the best days to send money internationally. Why? Because this is when the live exchange rates are open, meaning you can get an actual exchange rate margin in your quote rather than an estimated one.
During Saturday and Sunday, the exchange rates are closed, and the best quote you can get will be an estimate that could be wildly off the actual rate. Furthermore, the exchange rates are also closed during public holidays (including international holidays), so that won’t be the best time to send funds overseas either.
Consideration #4 – Online Transfers Are Better
Why are online transfers ‘better?’ As long as you consider a cheaper and faster transfer to be better, online transfers are most certainly the way to go.
Online transfers simply give you notification right when you send the money and reduce the chance of errors considerably. The processing time is reduced, as are the fees that you will have to pay.
And as an added bonus, online transfers are also much safer and secure, so the chance of anything happening to your money is reduced. In order to send money online, all you need is an account with an exchange service and a credit card or debit card, and you’re good to go.
Consideration #5 – Exchange Rates Change, So Be Careful
Exchange rates don’t change every day or every week. Rather, they change multiple times everyday, with mere minutes in between a change in the exchange rate.
What this means is that you may think you’re paying the margin of one exchange rate, when in fact you’ll end up paying the margin of a higher one. And the exchange rate changes aren’t always minimal; sometimes, they can be very drastic.
Simply keep a watchful eye over the rate, and ask for a guaranteed rate from the transfer service you’re working with.
Sending Money Overseas
Transferring money to another country really isn’t as complex of a process as you may have heard, but at the same time, it’s important that you pay as little in fees and exchange rates as you possibly can.
While you will have to pay a fee and a margin of the exchange rate no matter what, if you want to reduce it as much as possible, these are the considerations you need to remember.