If you’ve never sent money overseas to a friend or family member, don’t worry. There are steps to help you through the process. There are lots of reasons you may want to send funds abroad including reserving trip accommodations, paying for foreign services and of course, friends and family. So, let’s investigate how to send money overseas with guidelines and steps for each.
Why send money overseas?
First, let’s explore some reasons why you may consider sending money overseas and the factors for each one.
Sending money to friends and family
You can send money to the people you care about most, just about anywhere in the world. Convenience often plays a crucial role in these cases. Work with your recipient to figure out the best way to receive money where they are located internationally. This could be through a local bank or a money transfer provider. Knowing how they want to receive the funds will help the transaction. After all, they’re in a foreign country, so they may not be up to searching for an out-of-the-way money transfer hub. Choosing a recipient hub that keeps your loved one’s location in mind can help you show them that they’re a priority. Contact your financial institution or wire transfer service to learn more about any limits or restrictions that may apply to sending an international wire transfer.
Paying to reserve foreign trip accommodations
Staying overseas can take some pre-planning and, at times, pre-payment. Perhaps you found a short-stay rental or even a temporary home-share situation. In these cases, you may deal directly with a homeowner or leaseholder in a foreign country. That often means sending a cash deposit and then a final payment before you even get on the plane. Safe and secure money transfer options can help you send a prepayment without too much risk. So, you may want to look in to the security measures each service offers for sending money abroad.
Using foreign services
Perhaps Aunt Gertie gave you a fancy coffee maker that can only be serviced in Italy. Or maybe you’ve got a vintage car and it needs a part that’s only found in Molsheim, France. These examples illustrate times when you may need to send funds abroad. When you’re selecting an international money transfer service for specialty services, communication and verification can be critical. After all, these are highly detailed transactions across quite a long distance. So, you may want to ensure the service you choose offers clear communication throughout the funds transfer process.
Learning abroad can offer global networking opportunities as well as skills and knowledge. Whether you’re seeking a certification in therapeutic massage in Peru or booking a conference on the latest innovations in Tokyo, you may need to send money abroad to cover tuition. Some kinds of tuition can be paid in ongoing installments. When you’re considering sending money overseas, work with your financial institution or wire transfer service to have a better understanding of transaction fees and potential exchange rates that can impact the overall cost of the service.
Using international money transfer services
No matter why you decide to use an international money transfer service, here are some factors that may be worth considering before making your decision:
- Money limits: Many banks and transfer services have daily transaction limits on the amount you can send and receive. Be sure that you and your recipient both verify with the bank or wire transfer service that you use for the transaction.
- Time to transfer: If you have little time to send money overseas, you may want to check with your bank to see how long it takes with them.
- Exchange rates: Foreign exchange rates can vary quite a lot based on the global economy.
- Fees: The amount of fees incurred can depend on the amount of money you send, and the type of currency you send.
It can help the transaction for you and your loved one if both parties have an understanding about the transfer process. Contact your financial institution or wire transfer provider for more information on any limits or restrictions that may apply to sending a wire transfer.
What you need to transfer funds abroad
Each type of transfer for sending money overseas requires specific information. Some of the data you’ll need to have on hand includes:
- The exact amount of money you wish to send.
- Your recipient’s full legal name and current address.
- An address and name for the recipient’s bank or transfer service provider.
- The recipient’s bank account number, and account type.
- A SWIFT or BIC bank code for the recipient (where applicable).
- Your purpose for the transfer.
- Your driver’s license or other form of Government-approved ID if sending from your bank branch.
- Your mobile phone may be needed for a one time passcode.
- Check with your recipient to confirm if there are any additional requirements from the receiving bank or transfer service.
The service provider you choose may have fewer or additional required items. In either case, it might help to make a checklist based on these as listed by your provider. That way you can check them off and maintain order.
Ways to send money internationally
Here are a few ways that you may be able to send money overseas. You can transfer funds from your bank branch in person, send money from your desktop computer or use an app on your mobile device. Be sure to check with both the sending and receiving bank or transfer service for more information.
- Sending money from your desktop: Sending money from your home computer has the benefit of proximity to your necessary documentation.
- Sending money from a mobile app: Mobile app money transfers sometimes provide a fast and convenient way to send money overseas. You also have lots of app choices for making this kind of transfer.
- Sending money from your bank branch: There are a variety of reasons to send money in person. For instance, you may only have cash available. A lesser-known reason is that fewer transfer service providers are accepted at certain locations, such as military bases. So, you might need to go to a bank in cases like that.
Be sure to check with both the sending and receiving bank or transfer service for more information.
Steps to send money internationally
Whatever method you choose, there are a few key considerations to keep in mind when conducting an international money transfer to help keep things running smoothly and according to plan.
- Gather your information: Before sending money overseas, ensure all your information is correct. This could mean names, addresses, account numbers and anything else pertinent to your transaction. Verifying this information ahead of time with both the sending and receiving banks or transfer services can help you and your recipient have a smoother process.
- Understand fees: Fees vary by transaction method and service provider. For example, some banks may charge lower fees for making online or in-app transfers instead of in-person. Others may charge higher upfront costs depending on your payment method. Similarly, double-checking rates as close as possible to the time of your transfer can help prevent any unpleasant surprises and ensure you’re sending the amount intended.
- Verify information: Having the correct information on hand means nothing if you make a typo while filling out the transfer forms. Wire transfers are non-reversible so be sure to double-check that everything is correct. Reviewing the form, online page or in-app portal after filling it out and cross-checking it with your information can help ensure your money goes to the right person and place.
- Keep a record of the transaction: Keeping a record of your transfer is more than just helpful for record-keeping, it helps provide proof of your transaction. This can come in handy should any issues arise regarding your transfer. For in-person transfers, this could mean requesting an itemized receipt. On mobile apps or websites, this could be capturing the transaction number and confirmation pages.
These steps can help you both prepare and follow through with sending money overseas. It may expand your horizons a bit to discover how easily you can send these funds. Whether you’re helping friends and family or serving your own interests, all it takes is a bit of preparation and paperwork to reach across the globe and make a connection.
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