Do you need to send money to an overseas bank account? Perhaps you have a family member that lives in another country and you need to send them some cash? Maybe you are conducting some business and need to pay an overseas supplier? The reasons for international money transfer vary dramatically. Nowadays, this is something that has become exceptionally common, and because of this you have a wealth of different options available to you when you want to benefit from international money transfer services. This can often make it difficult when it comes to determining the best option to go for. Keeping that in mind, in this post we are going to walk you through the various options you have at your disposal whilst providing you with some useful tips and information to take into account. So, keep on reading to find out everything you need to know…
Nowadays you will find an excellent selection of travel money companies online. These businesses are offering their services for you to take advantage of from the comfort of your own home. This is actually highly advised. Not only is it convenient, but also you will be able to compare various travel money companies against one and other with a considerable degree of ease. How much money are you planning to send? If it is a small amount, i.e. a few hundred or thousand, then you will find the process exceptionally easy. There are a number of companies that simply require you to fill in a form with all of the crucial details, you then simply need to transfer the money to them and then they will complete the international transfer for you.
Of course when going down this route there are several factors you need to take into account. You definitely should not conduct this international money transfer via the first company you lay your eyes on. Instead, you need to do your research to find the best travel money transfer company for you. It is vital to go for a business that is well known and has a good reputation. You don’t want to go for a new company or one that is virtually unheard of. How do you know their service is going to be a genuine one? Instead, make sure the business is well established in the industry, so you can be confident that they are authentic. You should also make an effort to read reviews that have been left by previous customers. What have they had to say about the international money transfer they experienced? If the company has a negative reputation, this is something you should be able to pick up on with ease, and therefore you will know to look elsewhere.
You will also need to make sure that the company offers a good exchange rate. You’ll undoubtedly want to get a good deal. If your money transfer is not urgent, it may be worth setting up an exchange rate alert. This is something that a lot of the best travel money companies offer. Essentially they will send you a notification once the exchange rate reaches a level you are happy with – a rate you have predetermined. Therefore, if you want to send funds to the US and you are based in the UK and you are not satisfied with the current exchange rate, you may set up an alert so the company informs you when the rate reaches 1.55 for example. You will be notified when this occurs and you can then make your transfer and be happy with a better deal.
Another option is to send the money through your high street bank, community bank, credit union or building society. This is generally the safest option to go for. However, very few people go down this route, because it is often the most expensive, inconvenient and difficult option to use. Why is this the case? Well, when it comes to difficulty, you may struggle to send the money you want to because you will need to have an account with the bank in question. Not only this, but sometimes it can be necessary for the recipient of the money to have a bank account also. Banks can often take a lot longer when it comes to transferring the money and it will likely cost you more as well. Most banks charge a fee, which is usually between £15 and £30. Exchange rates are rarely favourable either, especially for large payments. However, if you are looking for the safest possible method, then this is worth thinking about this. There are so many different types of cards and accounts available today, so if you can find one with a good rate and low fees, this could work well. Check this site for more details. Nevertheless, if you take advantage of the tips just mentioned when finding an online money transfer company, then safety can be assured with the previous option too. So you will have peace of mind either way.
Aside from the points that have already been mentioned, another option you may wish to consider is using an electronic wallet. There are various websites offering this service nowadays, with people able to buy items online and transfer money to other people. This is usually a good option if you are only sending a small amount. It can be free to send funds to a friend or family member. However, if you are sending money for businesses you will likely be subject to a fee. Moreover, all international transfers are usually subject to charges per transaction as well. These are typically a percentage of the money being sent and thus they can be quite substantial if you are sending a large amount of money. There are often limits on the amount that can be transferred as well.
Hopefully you now have a better understanding of the different options that are available to you when it comes to international money transfer services. There is no right or wrong answer when it comes to choosing the best option for you. It largely depends on your situation – how much money you are sending, how quickly you need the recipient to get the money and what currency you want to send the money in. This will then lead you to the best option for you.