When trying to transfer money internationally, it can be hard to keep track of all the different things you need to do to make sure the transfer goes smoothly. This money transfer checklist includes some steps that are usually overlooked and can save you hours of hassle later. With this list in hand, you’ll have all the tools you need to make your international money transfer go as smoothly as possible.
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Currency Exchange Overview
Many people these days transfer money internationally. Whether to help their loved ones in other countries pay bills or earn an extra income themselves by working abroad. A lot of planning goes into a successful global transaction.
Before you jump into an international money transfer and expose yourself to exchange rates, bank fees, and long waiting periods—take note of these tips on making your money go further.
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Things to Do Before a Currency Exchange:
- Find out about currency exchange limits on your bank accounts;
- Find out about possible charges/fees/commissions when sending money abroad;
- Know how much money you want to send;
- Get your paperwork ready (information about both payer and payee);
Plan it all in advance—currency fluctuations aren’t predictable, so make sure you have a time buffer to accommodate shifts in currency valuations.Can you open up a bank account online? Make sure it has enough money so that any transaction won’t trigger a bank overdraft fee. According to experts at SoFi, “Leading online banks are FDIC-insured and typically offer higher interest rates than traditional brick-and-mortar banks.”
Check the Rates On XE and Google
It’s important to choose a bank that won’t charge exorbitant fees for your currency exchange. Several banks allow you to open an account in the comfort of your home. So, before opening an account with a bank, ask them can you open up a bank account online? Once you have an account open and verified, create a profile on Veem with your bank login information. You can then set up direct payments from your bank accounts to other recipients using just their phone number or email address.
Choose Your Method of Transfer
Before you make a cross-border transfer, determine your preferred method. There are three common ways to do so: currency exchange, foreign bank account, and remittance company. Each has its own advantages and disadvantages.
A bank transfer is a cost-effective and safe way to send money online but may be a little time-consuming, while an online service may take less time than a bank transfer but may be more expensive. Finally, keep in mind that some banks charge fees on international transactions and wire withdrawals regardless of which country you’re sending money from.
Consider Your Bank Fees
When sending money abroad, look at your bank’s fees. You might get an annual or foreign transaction fee with a business account. With both of these fees added to your transfer cost, it’s possible that receiving funds from overseas will be more expensive than sending them out in the first place. You may want to search for a low-cost remittance provider. These services often come from fintech startups trying to disrupt legacy banking institutions and unbundle their services.
As you can see, creating a money transfer is a very easy process. In just a few steps, you’ll be able to arrange your money transfer from home.
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