Wednesday, January 27, 2016, AM | Leave Comment
From New York to South Africa, people are traveling further than ever before today, and with that comes a need to be able to send funds just as far.
Whether it’s for a business deal, a personal investment, or even just a friend or family in need, there are several reasons you may need to send a wire transfer internationally.
But, when you do so, you need to take care in the details of the transaction.
Before you send an international money transfer, be sure to consider these four critical details.
Understand the Process
There are a number of different methods for sending international money transfers today, and literally no two are exactly alike.
So, before you commit to a transaction, consider your options and make sure you understand the process.
Several services provide easy online options for transferring money while others rely solely on completing the transfer over the phone or even at a local branch of the financial agency.
You don’t want to be in the middle of a transfer and discover you don’t actually know how to complete it, so be sure to consider all of the steps in the process before beginning.
Much like the process for an international transfer is different from agency to agency, the required financial information is also different.
As you evaluate the process used by different agencies, also be sure to determine exactly what information you’ll need.
In most cases, you’ll be asked to provide:
The full name of the destination account holder and his or her bank’s address
A complete bank account number or International Bank Account Number (IBAN)
The SWIFT Bank Identifier Code to identify the destination of the money
Especially if you are sending a large sum of money but really if you are transferring any amount, you need to utilize a reliable method to complete your transfer.
There a lots of different sending methods, including walk-in money-transfer centers, bank account transfers, credit and debit card wiring, and online delivery methods with Sharemoney.com.
Transfer and Exchange Rates
The last thing you want to do when making an international transfer is end up shortchanging your money because the exchange rate wasn’t what you expected or because you had to spend more on the transfer rate.
Do a little research before making the transfer to make sure you know what the exchange rate is and figure it into your costs.
Sending an international money transfer isn’t difficult, but there are a few things you need to keep in mind when you complete the transaction.
Consider these important details, and you’ll be able to safely and effectively transfer money almost anywhere in the world.
Anica Oaks is a Freelance writer and web enthusiast. Read some of her published work on her Google+ page.