Friday, 13 May 2016

Mistakes To Avoid When Sending International Money Transfers

Making an international money transfer is quick and easy to do online. But there are things that can make the process an expensive one, and after all, you want to save as much money as possible right?

As with anything in this world, mistakes can happen. Whether it’s a mistake of your own making or one by the company you’re dealing with, here’s a short list of things to try and avoid when making an international money transfer.

1. Have the correct bank details! You would be surprised how many people make this mistake and send money somewhere into cyberspace, and have no idea where it went. Make sure you have as many details about the receiving account as you possibly can.

Get the account name and address of the owner. Get the bank account number and sort code, or routing number. Get the banks BIC (or Swift) code. Get the IBAN number, this stands for international bank account number, and usually contains the actual bank account number as part of the code.

Having all these details before you begin will help avoid any mistakes.

typing error2. Input the bank details carefully! Double check and triple check you’ve typed the bank codes correctly. One typo may be costly. Imagine sending money to a complete stranger and the headaches it will cause trying to get the transfer returned?

All this can be avoided by simply checking the codes properly after typing them in.

3. Make sure you select the correct currency for the end transaction! If you are sending an international money transfer to the United States, you need to send US Dollars. Conversely, you don’t want to send US Dollars to a bank in Australia.

Make yourself aware of the currency used in the country you are sending to. For instance, there are certain countries in Europe that do not use Euros. The United Kingdom and Switzerland are ones that come to mind.

4.Make sure you are happy with the exchange rate and the associated fees of the transaction. Check the real market exchange rate and make sure your bank or service is not ripping you off. They may also be a very high fee for sending the money overseas.

Whilst this may not be important for some transfers, if the money being sent is a substantial sum then you could be better served by a currency transfer service, that gives you a better rate.


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