Do you have loved ones in foreign countries to whom you need to send money? If so, did you know you can send it online? Sending money online isn’t something the average person knows much about. Most people’s experiences with wiring money begin and end with their banks’ mobile apps. Sending using third-party services is not common. If you need to send money abroad or to somebody without a bank account, then this post has you covered. Here is everything you need to know about transferring cash to friends and family members.
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Know the Different Options
If you want to send money to friends and family, you need to know what the different options are. The main ones are bank drafts, wire transfers, money orders, or online remittances. Some types of transfer are more expensive than others. Also worth noting if you want to send money to Brazil or anywhere else in the world is that wire transfers are best for sending money internationally. If you are going to be sending money on a regular basis, you should pick a single option and stick with it. This will allow you to save money on fees. If you use multiple services and spread your money around, you are going to end up paying more in fees in the long run. One of the cheapest ways to send money is by wire transfer because companies charge very little in fees.
Check Exchange Rates
Now you know what your options are, you also need to know about exchange rates. When you send money to a foreign country, it is converted into the currency of the recipient’s bank. If the person lives in the United Kingdom and you send them dollars, the money is converted into British pounds. Exchanging money from one currency to another can incur fees. Sometimes, these fees can be very expensive. Find the best service you can and check out current exchange rates on the day that you send money. Try to find a day when exchange rates are low. The only time you should disregard exchange rates and send money, whatever they are, is if you are in a rush and the person you are sending money to needs it urgently. Also, check fees. Make sure the service you use does not charge excessively high transfer fees.
Time Transfers Perfectly
If you send money on certain days or at certain times, transfers can be delayed. For example, in some countries, banks are closed on Sundays. Sending money at ten to midnight on a Saturday likely means the money won’t arrive in the recipient’s account until Monday morning. Sometimes, transfers sent at this time can be delayed even further, since they cannot be processed by banks until Monday, and end up getting caught in queues of other transfers. The best time to send money to somebody is during business hours when the bank is open. By doing this, you can forgo the hassle of having to deal with delayed transfers and can make sure that your money arrives in the recipient’s account on time, as planned. You should be able to find out what a specific bank’s opening hours are on its website.
Confirm Recipient Information
Before you send money to anyone, you need to confirm their information. If you do not confirm their information, you could end up sending it to the wrong account. You can usually cancel wire transfers immediately after the money has been sent, but if it arrives in the wrong person’s account before you have an opportunity to cancel it, it can be difficult to get it back. Also worth noting is that if you enter the wrong account information and money is sent to a non-existent bank account, then it can take a few weeks for it to return to you. If you are sending money urgently, you, therefore, need to make sure that you confirm the recipient’s information at least twice. Doing this will help you to avoid making mistakes. Mistakes with money transfers can be hard to reverse, so don’t take any chances. Confirming the recipient’s information shouldn’t take more than a few minutes.
Watch Out for Fraud
The next thing you need to think about is fraud. Unfortunately, fraud is more common than ever. If you do not take steps to protect yourself from fraud, you could end up falling victim to it. There are many different types of fraud, ranging from identity theft and impersonation to sophisticated scams. Make sure that the person you are sending money to is genuine and not a fraudster. If a business has asked you to send them money, verify their account information and make sure their request is genuine. It’s unusual for businesses to ask people to transfer their money since most have partnerships with online payment processors, so they can take your card information and receive payments on their websites. Transfers are hard to recall, which is why criminals favor them. Verifying that your money’s intended recipient is genuine and not a criminal is something you need to get into the habit of doing.
Don’t Send Cash
Finally, make sure that you do not send cash in the mail. It’s less common for people to do this today, but it sometimes still happens. Sending cash in the mail is one of the worst things that you can do because it leaves your money vulnerable to theft. All a person has to do is open the letter, take the money out, and reseal it again. The international mail network is extensive, so there are many different points along the way where somebody could steal your money. Tracking it down and getting hold of it once it has been taken out of a letter is, therefore, impossible. If you need to send money to somebody, send it via wire transfer. It’s very difficult for criminals to intercept wire transfers if you take safety precautions, making it a much safer method of sending money.
Are you interested in sending money to your loved ones? Take time to educate yourself about what your options are and learn how to protect your money. This post’s guidance will hopefully help you to do both of these things, ensuring you never encounter difficulties when sending money abroad.