Its very common to send wire transfers internationally for business and personal reasons
It can be a quick and convenient way to send funds overseas. However, if you make small mistake, you can waste money and time. We’ve compiled a list of the top 5 mistakes you want to avoid when making an international wire transfer so you can enjoy hassle-free and secure transfers.
Using the wrong account details – When you send money internationally, you need to provide the sender and receiver account information. These can include routing numbers, bank account number, name, and address details. If you put the wrong account information, this can cause a delay or even worse, send the transfer to the wrong account.
Not ensuring the service can exchange foreign currency – When you send a transfer in your local currency, the recipient does not automatically receive the transfer in his or her local currency. Before sending the transfer, make sure that the provider you are using offers currency conversion services or your transfer might get rejected.You also want to check out the conversion fees and exchange rate that is applied to the transfer. A high rate means the recipient will receive less money in their account.
Not considering all fees – You will want to consider all fees involved with an international money transfer app. There is service fee for sending the money, and foreign exchange rate when converting the currency. Both the service fee and exchange rate can differ depending on which transfer provider you are using. You can save a considerable amount of money by finding a provider that has the lowest combined fee.
Not shopping for the best transfer provider for your needs – Banks and financial institutions can apply hefty fees to international wire transfers and their foreign exchange fees tend to be high. Usually, your bank and the receiving bank will charge you a fee in order to complete the transfer. It is advisable to look for a way to send your money while incurring the lowest possible fees. A way to avoid spending extra, is to send your international money transfer through a non-bank provider. With lower fees and exchange rates, you can save a lot of money. This is especially true if you send international wire transfers regularly.
Not checking transfer delivery times – Depending on which provider and method you use, the time it takes for a transfer to be completed can differ. Do some research to find out how long it takes to execute the transfer especially when your transfers are time-sensitive. Most non-bank transfer services offer more delivery options so you can ensure your money gets to its destination on time.
wire transfers can be a very useful tool when you need to send money internationally for business or personal reasons. If you follow this guide, you can avoid making these common mistakes and therefore ensure smooth, timely, and efficient money transfers
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