Have you ever tried to send money internationally?
International money transfer is sending money from your bank to another account. People do this to pay someone from another country or make a deposit for an account. However, sending money abroad can be difficult with all the procedures you need to follow.
This article will give you a simple guide to send money internationally. Read on to find out more.
1. Select the Kind of Transaction
Choose the kind of transaction you need before proceeding to send money internationally. You can send in-person, international money transfers, and online money transfers.
An in-person is where you go to the bank to send the money yourself with the help of a bank teller. An international money transfer sends money from your account to the recipient’s account online.
Online money transfer services are the same as international money transfers. However, they offer lower rates and fees to transfer money. Check out www.transferly.com to find the best money transfer providers.
2. Starting the Transaction
You need to get your number first if there’s a line or proceed to the teller if none.
Request for an international money transfer to the teller. They’ll ask to verify your identity before you proceed. Ensure you have your identification card with you.
Then, they’ll ask you to fill in a form with the necessary information. You should know the recipient’s name, address, account type, and account number. You also need the bank and bank address of the recipient.
Go to your bank’s official website if you opt for an online international money transfer. Log into your account. Look for and then click the money transfer option on the page.
You have to register or create an account if you choose an online money transfer service. It’s okay to send money even if your account doesn’t belong to the same financial institution.
3. Knowing Your Transaction Limits
Keep in mind that banks or online money transfer services put a limit on money transfers. So before sending money abroad, it’s best to look up the limits in place.
A transfer limit is the least or greatest amount they can allow for a single transaction. It imposes transfer limits to decrease the risk of fraud during the transaction.
4. Paying for the Fees
Banks and online money transfer services will charge you for international money transfers. The money transfer fees are often a percentage of the amount sent. Another thing they impose is exchange rate markups.
Online services base the exchange rate markup on the currency used and its exchange rate. Therefore, they will charge a markup based on the amount. Rates may also vary depending on the institution and transfer providers.
5. Finishing the Transaction
Ask for a receipt from the bank teller if you wire transfer in person. It will serve as proof of transaction, so ensure you keep it somewhere safe.
International wire transfers may take days to get to the recipient. You can check the status of your transaction in your account online.
You may need to send the money earlier if the recipient needs the money in an instant. You can opt for an online money transfer service, too. You’ll get a notification when the money has arrived at its destination for an online money transfer.
Now You Know How to Send Money Internationally
Here is a simple guide on how to send money internationally. You have three options to choose from when sending money abroad.
Take note of the factors affecting your transaction. For example, wire the money earlier if the recipient needs the money right away. For more guides and tips, check out our other blog posts today!