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The do’s and don’ts of international money transfers

There was once a time when sorting out an international money transfer was a bit of a chore, however, that is no longer the case thanks to the internet and the many money transfer companies that now operate online. If you want to send or receive money internationally, it is as easy as finding the best company to do it for you online just by clicking a few buttons.

Of course, as it is your own money involved then you still need to understand what you are doing. If you need some help, here we take a look at what to do and what not to do when sending money internationally.

International money transfers – the do’s

The best place to start is with a couple of important points that you should be aware of. The below are vital to take on board:

  • Do use a reputable money transfer company – as with anything you do online, you need to be on your guard against scams. To avoid them, you should only use established and reputable money transfer companies. Look for ones that have great customer reviews on their website and lots of contact information for help. Finding the best international money transfer company is best done via an online comparison site.
  • Do get the best exchange rate you can – another key point to remember is to always get the best exchange rate you can find. That will ensure you get the best value when your local currency is converted to send or on receipt into your account. Once more, the quickest way to find the rates available on any given day are via online comparison sites of the various money transfer businesses.

The don’ts of international money transfer 

Knowing what you should do is vital, but it is also necessary to know what mistakes to avoid. Here are a couple of pieces of advice in that area.

  • Don’t forget to check out any hidden fees – in general, using money transfer companies means you don’t have to pay the usual fees you would with a bank. That alone makes it great banking sense. However, it is still essential to make sure that the money transfer company you use doesn’t have any other fees or charges it will levy on your transaction.
  • Don’t ignore online security – although most online transfer companies pay close attention to how secure their site is, you should consider this yourself when using one. Keep an eye out for the padlock symbol when on the payment screen for example. A money transfer site may be perfectly legitimate but might have shoddy security in place which means it is best avoided.

Transfer money abroad the simple way 

If you need to send money overseas to family, or you have a friend who wants to send you some for a birthday, then using an international money transfer business makes sense. Not only are the majority quick and secure but they also enable you to access the best exchange rates. By keeping the above points in mind, you will be all set to transfer money with no problems.