Things to consider before sending money abroad

Many of us need to occasionally send money abroad. It could be that you need to pay for something, because you have bought a property abroad or that you have a child who is studying in another country. Regardless of why you need to do it, you should do a little research before doing so. You do not want anything to go wrong or to end up paying more than you should.

Choose a tried and trusted method

Whether you need to send money to Canada, Germany or Uganda you can do it using an international money transfer. It is a tried and tested method. In fact, people have been transferring cash since the late 1800s. Then, it was done using the telegraph system. Today, everything is digital. So, all you need is a laptop or a phone. If you do choose to send your money this way, there are a few things you need to check first.

Is the connection you are using secure?

The first thing you need to do is to check that the connection you are using to access the relevant website is secure. This article explains how to make sure that it is. It also tells you how to stop your devices from being infected with malware.

Check the credentials of the firm you are thinking of using

Before giving a company your bank account details, you want to be sure that they are legitimate. So, it is important to check them out properly. How you do that depends on the country you are in. But, usually, firms that provide financial services, including wire transfers, are quite heavily regulated. Often, they are required to be members of a regulatory body. If this is the case, ensure that they actually are.

Make sure you understand the full costs

You can use a comparison website to quickly track down the cheapest deal. But be sure to double-check the costs before you carry out your transaction. Most firms charge some sort of transfer fee, so you need to know how much that is before carrying out the transaction.

Find out how long the transfer will take

It is also important to understand how long it will take for the person you are sending the money to receive it. Be sure to factor in things like Bank Holidays in both countries. Usually, this will cause your transfer to be delayed by at least 24 hours.

Only use a firm that offers proper customer support

You should only use a company that offers its customers proper support. If your money does not arrive, you want to be able to get in touch with someone and find out what happened. It would be a disaster if you were late paying for something important like a deposit for your new home abroad.

Many firms will allow you to set up a wire transfer a few days or weeks in advance. If they do make sure that the fees and exchange rates are fixed.