9 Key Considerations When Sending Money Overseas
What to expect when you are transfering money worldwide?
There are some key factors to consider when sending money overseas. With multiple service providers and different reasons for payments and amounts being transferred, the best choice in each case varies. Here are nine key considerations to help you choose wisely.
How Fees Are Calculated
Although many people would see their bank as the logical option for sending money overseas, this could be the most expensive way. Regardless of which company you decide to use, you will be charged a fee for the service. Some brokers have a fixed rate, some work according to the exchange rate, and others charge a percentage of the transaction over and above a flat-rate fee.
Fee Options
The most common option is a spot deal. This is based on the exchange rate at the time of the transaction. It is suitable if you want the transaction to be processed swiftly. A limit order allows you to select an exchange rate, but the transaction will be delayed until the market reaches that rate. However, you can set that rate for a limited time and then opt for a different rate. Choosing a forward contract enables you to stick to a favorable rate for a year. The drawback is that you cannot take advantage of improved rates during that time. This method works best for consistent transfers of small amounts.
Taxes
The rules regarding taxation alter based on the countries involved and the reason for the transfer. Sending money to a dependent child will generally not be taxed but gifts may be. Speak to your tax consultant for clarity.
How Money Transfers Are Received
You will have to check with the service provider how money transfers may be delivered to recipients. You can use the Ria Money Transfer app, but it can also be a courier delivery to a home address, collection by the recipient, or a deposit into the person’s bank account. Cash collection requires the name of the sender, the recipient’s identity number, and the transaction number.
Fraud
Online fraud has increased by a third since the Covid pandemic. This is not surprising with so many people working from home having to use the internet for work and financial transactions. Be wary of sending money to a business that may be a front for money laundering and makes use of money mules.
Money Orders
Money orders can be facilitated by your local post office. A bank will charge around $10, while the former’s rates are between $3 and $9. This option takes more time. Bank drafts are similar but used for larger amounts.
Email Money Transfer
An email money transfer does not transfer money. It operates as an electronic transaction that notifies the recipient once the funds are available. Security checks are conducted before the recipient can claim the money. This is a very cheap option for the sender and is free to the recipient.
Exchange Rates
Exchange rates play a pivotal role in money transfers. Time your transactions to take advantage of a good exchange rate. This is especially important with high-value transactions as it can represent a significant saving.
Customer Support
Service providers differ in the amount of support they provide to customers. When sending money overseas, you will want to work with a reliable company that delivers consistently excellent service. There should be a way for you to track the payment process from the start to the end of the transaction. Prior to your first transfer, you may need help getting set up on the system. A good service provider will always answer calls and respond to email queries promptly.
Use these guidelines to get the best rates and methods for transferring money overseas.
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