There are a myriad of reasons you may need to send money overseas: you may have to send funds to a loved one in an emergency, you may need to pay the college tuition of a child studying abroad, you may want to purchase some property, or you may need to pay an employee or freelancer working for you, to name a few things.
Regardless of what the case may be, you should have two primary goals in mind when using a remittance service to send that money: to send the money securely and while spending as little in fees as possible.
Here are four things you’ll want to remember when transferring money overseas:
1 – Complete The Transfer On A Weekday
The best time to do an international transfer will always be a weekday, Monday through Friday. This is when the exchange rates are open, meaning you can get a guaranteed rate from your remittance provider.
In contrast to this, the international markets are closed on Saturday and Sunday, which means you’ll only get an estimated rate from the service (and you will always want to get a guaranteed rate so you know what you’re spending).
2 – Check The Exchange Rate Trends
Speaking of exchange rates, did you know that they are always fluctuating on an almost never ending basis? Furthermore, they can vary significantly from one remittance service to another.
Your goal should not be to check the volatile prices every thirty minutes each day, but rather the overall trend on the market. If the market is in an upward movement, for example, it may be smarter to wait a few days or weeks for it to lower to send your money. That way, you’ll pay a smaller margin of the rate when you send the funds over.
3 – Research The County You Are Sending To
The reason why is because there may be special deals or promotions for that country with your remittance service of choice. Most remittance companies will have different deals going on with different countries, and if you’re really lucky, you may find a service that’s offering a zero percent fee to send money to a particular country in a given window of time.
4 – Confirm The Service Is Reputable
You don’t want to go to the first remittance service that you find. Instead, you will want to carefully research each of your available options to confirm they are reputable.
Specifically, find out what you can about their history and reputation online, and check to see if they are insured and licensed to conduct a foreign exchange. Even if they have a decent reputation but aren’t licensed or insured, you may want to move on elsewhere.
Transferring Money Overseas
The process of transferring money internationally is rather complicated, but it can be made much quicker, safer, and cheaper for you by applying each of these tips you have just learned.