When people are abroad, a common problem that they face is difficulty in transferring money. Just because people are in a foreign country does not mean that they won’t still have to send money to loved ones in emergencies, or even pay bills.
Just because it’s difficult to send money abroad, however, does not mean that it is impossible. In fact, once you know what to do, it’s quite easy. This post will tell you a few things that you need to know (and what services you should use) when you are sending money abroad. Remember, even when traveling, staying vigilant about online cyber security is crucial. Consider taking online cyber security courses to protect your financial information and avoid scams while managing your international transactions
Payoneer
Payoneer is one of the world’s leading money transfer services. According to this Payoneer review, the platform allows free payments between Payoneer accounts, fast money transfers, and enables both mobile and web payments. One of the greatest advantages of this platform is that its fees are very reasonable. Fees are a very big problem when it comes to money transfer services since many of them charge ridiculously high ones. You should always go out of your way to try and find services that don’t charge extortionately large fees when making transfers.
Wise
Wise, formerly TransferWise, is another of the internet’s leading money transfer platforms. One of the reasons that Wise is so popular is because of how fast transfers are processed. Some platforms take forever to send payments, but this thankfully isn’t the case with Wise. If you are going to use this platform, then you should take the time to familiarize yourself with it and educate yourself on its advantages and disadvantages. No platform is without its disadvantages. It’s always good to read a platform’s off-site Google reviews because they give you a good idea of what the site’s customers think.
PayPal
Moving away from international money transfer services and onto PayPal, one of the web’s leading money-sending services. PayPal isn’t typically used for international transfers because the platform charges very high fees, although it sometimes is. More often than not PayPal is used to make purchases. The downside to PayPal, as already mentioned, is the large fees that the platform charges. If you are planning on using PayPal, then you should send payments as gifts to family and friends when possible, because the fees are a lot lower when you send payments this way. You will also have to pay conversion fees if you are sending money internationally.
VPNs
Whenever you are sending money internationally, you need to make sure that you use VPNs. A VPN is a program that enables you to mask your location so that cyber criminals and marketing companies aren’t able to track you and monitor your online activity. When you send money through a VPN, all of the details of your transaction are encrypted. A lot of people are reluctant to download VPNs because they wrongly believe that they are expensive, but this is not true. In fact, you can use many VPNs for free (with limited servers).
What You Need To Know
Exchange Rates
If you travel a lot, then it is very likely that you are sending money to people in other countries. When you are sending money abroad you always need to be conscious of exchange rates. The platform that you use to send money will likely tell you what the exchange rates are at the time that you transfer the money. You should also be aware that you will have to pay a fee for converting one currency to another.
Timing Transfers
The currency market can be very volatile. If the currency you are sending is stronger than the currency that your recipients receive, then you need to time it for when the recipient’s currency is most strong. Generally speaking, the weekends are the best time to send money abroad, because the currency markets are a lot more stable. If you have to send money during the week, then make sure that you monitor the currency markets up until the point that you send it, so that you can select a time when the recipient’s currency is strongest.
Confirming Details
Before sending money to anybody, you always need to make sure that you have filled in their details properly. A lot of money transfers are aborted, canceled, or missent because people don’t confirm their recipient’s details before sending. One of the best ways to fill in a money transfer form is to copy and paste the recipient’s details directly from your banking app or from the message that they have sent you. If they have sent you their details themselves, then give them a call and confirm that they have sent you the right ones before sending any money.
Opening Accounts
A very good way of reducing the amount of money that you have to pay in fees is to open an account with the transfer service that you have decided to use. Before you open an account, make sure that you double-check that you actually are going to get some special benefits. In addition to checking out the transfer service’s account offerings, you may also want to check out their additional financial products. Some transfer services also offer credit accounts and even insurance policies. You may be able to get a traveler’s account, which is an account that’s made specifically for people who travel often.
Public Wi-Fi
Lastly, whenever you are sending money internationally, make sure that you aren’t connected to a public Wi-Fi network. It is very easy for cybercriminals to intercept public Wi-Fi networks. If you have no other option but to use public Wi-Fi, then make sure that you use a VPN. A VPN can protect you. As mentioned previously, some VPNs are free, but you may have limited server options. If you are going to be sending a lot of money (and using public Wi-Fi networks often) then it is a very good idea to buy a subscription to a VPN service.
Sending money internationally can be a headache sometimes. If you follow this post’s advice and use the platforms listed here, then it doesn’t have to be. If you are going to use a transfer service outside of the two mentioned here, then make sure that you do extensive research and find the one that’s best for you.