Sending US Dollars International – What You Need To Know

Sending money across borders using an international money transfer, whether for business or personal reasons, can be easy but at the same time a risky affair. With technology improving daily, it is now cheaper, safer and easier to remit cash internationally. Before sending your hard-earned dollars, here are a few things to look out for before doing so.

Check all fees, transaction costs and tax options

Banks and other financial service providers are known to insert hidden charges. These charges add up, especially if you are a regular sender. All the transaction costs should be necessary and justified. Try a specialist money transfer service, as they often come in cheapest.

Find the cheapest exchange rates

That extra penny can mean a huge difference if you are sending a significant amount. Find a reputable information source from the internet and compare rates. The extra dollars saved could cover the fees and transfer costs.

Check the Tax Considerations

The gift tax is a huge consideration when transacting internationally. You would not want to get into the bad books of the IRS. Currently, any amount above $14,000 sent as a gift is subject to gift tax. This amount is cumulative over a year’s period. Money sent to a dependent child is however not subject to taxation.

The United States government continuously monitors large sum transactions to prevent fraud and money laundering. If you are sending large sums, you are better off being compliant to avoid inconveniences with the law.

Risks involved

You run the risk of fraud if you use untrustworthy credit unions, remittance services, and unverified mediums. Online transfers are very risky, as the security is not guaranteed. Beware of scammers; they are everywhere. Form con artists to posers, once the dollars leave the country, it is virtually impossible to pursue a refund.

Money Laundering and Fraud Laws

Regulations on money laundering laws apply to the financial institution being used to transfer funds. On the part of the customer, however, a proven money laundering transaction if convicted, carries a jail term of up to a yea, or a few thousand dollars in fines for misdemeanor cases. A federal money laundering case can carry fines in the region of $500,000 and jail term not exceeding five years. It is important to seek legal advice if you are not sure.

Reasons for sending money abroad

You could be paying school fees, sending money to a dependent or just for personal reasons. Other popular reasons for sending money include paying for mortgages, buying goods or services, you could also be topping up an overseas account, or just paying your bills. Whichever the case might be, always ensure you use a reputable bank or money transfer agent.

Methods of sending money abroad

The most popular methods include banks and genuine financial services. Other options include money remittance companies; examples are, Western Union, MoneyGram, Xpress Money, TransferWise and WorldRemit. It is always helpful to check out your options before going for either one of these, as transaction fees and other charges vary marginally. Another important factor to consider is the global availability of the money remittance service. Most banks will have their transfer service, having been networked with other worldwide banks. MoneyGram and Western Union are the companies with the widest geographical coverage.

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http://www.changecurrency.org/international-money-transfers/sending-us-dollars-international-what-you-need-to-know/

Sending Euros Internationally – What You Should Know

If you have ever sent international money transfers, especially if you do so regularly, you are probably aware of the security concerns and precautions you need to take for a safe transfer. You are also aware that the paperwork is a nightmare. The worst setback is the hidden charges factor. You will be subjected to a list of transaction fees, taxes and a whole lot of other charges. Most currencies, particularly the Euro has with time wiped out the complicated process, and it is now easier to send money abroad. Here’s what you need to know for a swift money transfer.

Know the exchange rate

Finding the best exchange rate can give you value for your euros. Avoid banks if you can, you are better off transacting with a foreign exchange bureau or expert. Even an extra penny can make a huge difference, especially when transacting huge amounts of cash.
Be keen with transaction charges and fees

Banks and money transfer agents are known to hide fees that can add up to significant amounts. Do a quick background research and know the benefits you qualify for. Example, it is free to transfer money in the EU, thanks to Single Euro Payments Area (SEPA). Sending money to a non-European country will cost you an average £40, (48 Euros). The transfer fees will vary with banks, and finding the cheapest transfer agent can make a huge difference.

Market Timing

If the market on an upward trend, it would be best to wait a few more days, but if it is in a free fall, you would better hurry and send the cash as soon as possible. The 0.5 difference can translate to hundreds of euros in the end especially if you send cash regularly.

Take care of your money

Ensure the medium you are using is regulated to avoid fraud and theft. If you are sending a lot of cash, use a bank or a competent money transfer agency.

Methods you can use to send

Any bank, although not their primary business, has a money transfer service. If not, they outsource the service from money transfer companies. Reputable UK-based money remitter TorFX will not disappoint. You can send international money transfers anywhere, with zero commission. Western Union is known for its large network. You can send money to almost every country in the world, with cheap rates and safe transfers. Moneygram is popular for its convenience and cheap rates. It is also a safe and reputable company. US Forex (UFX) is awesome if you are sending money to the US, Canada or Australia.

Risks to watch out for

The risks are minimized if you use banks or money remittance companies. Online money transfer is the riskiest, with over 87% of money transfer fraud cases occurring online. Remember, transferring money in the currency of the receiving bank eliminates the risk of overdrafts in your account. Use a reputable bank or transfer agency to avoid the risk of fraud.

So, whether you are sending an international money transfer to a loved one, or sending school fees abroad, or paying for a mortgage in your home country, it is best to avoid low profile money transfer options. These small service companies promise faster and cheaper money transfer, but they can prove very expensive if your cash does not arrive.

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http://www.changecurrency.org/international-money-transfers/sending-euros-internationally-what-you-should-know/

GBP to Euro Currency

For quite a long time, the Euro has become the significant currency across the world. By 2001, all of the key currencies were floated. Other currencies which aren’t listed here are deemed soft currencies. The very first quoted currency is called the base currency which is GBP, then Euro is the currency to be converted to.

The British Pound in the currency used in the United Kingdom. As a trader, the foreign currency exchange market is extremely volatile and it’s tough to forecast the movement of a currency pair if you aren’t acquainted with the fundamental things determining the worth of a currency such as GBP.

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http://www.changecurrency.org/exchange-rates/euro/

Methods You Can Use For Sending Money Overseas

There are a lot of different reasons why people may need to send money overseas. Whether you’re studying abroad or you have family somewhere internationally, you’ll find that at some point financial matters are important. You’ll want to send money across international waters, and that can pose issues. There are several options that you’ll want to explore in this regards, including the following 3 major ways to send currency with ease. Regardless of the reasons, these are some of the most common solutions overall.

Sending Money With Specialists

These days most people use a specialist currency transfer service to send money overseas. It’s fast, secure and really cheap. Infact most services can offer to send money with no commission. They are able to do this because of a thing called spread. This is the difference between the market exchange rate and the actual rate the service quotes you for the transfer. It can be very small, but on a lot of transactions profit soon adds up for the company. Banks normally can’t offer you such a good rate as these services, because they are not specialized. For more information or to get a free quote from one, try our recommendation here.

Wire Transfer

The easiest and often most used option in some countries for international money transfers is the wire transfer. This is something that your bank can do for you, and usually charges a high fee for doing so. This can take up 24 to 48 hours to get to the receivers bank, but it involves communication between 2 banks. You’ll supply your account number and the account number of the bank you want to communicate with, and you’ll send currency fast. This is a digital element, that you don’t have to worry about.

Western Union and Others

Perhaps one of the most compelling of resources is the proverbial golden standard of transferring money to far off destinations. This option is similar to wire transfers, but it reaches a lot more than just banks. If your bank doesn’t offer a wire, then you can go to companies like Western Union and have money delivered to where it needs to go, with currency exchanges done for you. This costs a bit, but you won’t have to worry about conversion issues, or anything like that. Western Union can reach many international offices, and cash out individuals on the other side within 24 to 48 hours. This is a compelling resource, that has been established for quite some time, and delivers to even small communities in third world countries.

The Mail

This is something that is going to scare some, but you’d be surprised how many people send money through the mail. If you’re going to send money this way, you’re limited as to how much. People send checks, cash, and more through the United States Post Office and others. This can cost very little, but can take quite a bit of time. With the sole exception of next day air, and other options. While it may seem unsafe, you will find that you can protect this with insurance, and much more. There are tools you can use with the help of the postal service, so inquire with your local office if need be.

The above are just 4 ways that people send money to family, friends, and for payments across the world. These are not all of the options, but rather just a handful that are most common. Whether you need to send something as an emergency, or you’re buying something outright, this is going to help you out overall. When in doubt ask your bank for international options, and you’ll be able to communicate between banks with relative ease. If you don’t have that, then there are two other main options to consider, but be careful when doing this.

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http://www.changecurrency.org/international-money-transfers/methods-you-can-use-for-sending-money-overseas/