If you are a newbie and you need to send money internationally, what is better than having an insider guide ? How experts do to send money abroad ? What are the best tips to send money internationally? Here are all the advices for you to start !
Use an online service not your bank
People you send money internationally knows that using their bank is too expensive. Indeed, banks will charge you with 3 kinds of fees:
1. Transfer fee, the cost the make your transfert
2. The withdrawal fees, the cost to withdraw your cash
3. The change fees, the commission on the exchange rates
Moreover, the delay are longer, as money transfer companies will take 1 day, banks will takes 3 to 4 days!
2. Plan your transfer
Acting last minute is not an option if you want to send money abroad. From one day to another, exchange rates can change a lot and taking your time to check the best day can save you a lot of money !
3. Always compare the prices
All the transfer money companies are not equal and the fees can be extremely different from one company to another. To save money and choose the best option I recommend you to use a money transfer platform that will compare everything. That will allow you to find the best options according to your needs. Moreover, it will allow you to see all the « hidden fees.»
4. More is better than less
If you can plan your money transfer and pull together some of your transfert, do it. Indeed, each operation will cost you supplement fees that you can reduce if you send bigger amount of money less often.
5.Get back the money
Depending on how you have chosen to take back your cash, you must evaluate your options. If you don’t have a bank account in the country where you are sending your money, ask your bank if they have partners. Fees to withdraw your money will be usually cheaper. If you have chosen the cash pick-up, check about the delay and the condition, and if they have any repayment policy in case, your money is not here on the forecasted date.