If you’re sending internationally, there are many services out there. Most of these options are convenient while others are risky. To transfer money safely and securely from one country to another, you’ll want to look into using an international wire transfer service. This service allows you to send thousands of dollars at once and converting that money into a foreign currency.
1. Look for Wire Transfer Options on Your Bank’s Website
If your bank has its own website, then you’ll want to log into your online bank account and find out if they have their own wire transfer service. There should be an option to send money on your bank’s homepage. If they don’t have an option for wire transfer, then you can search for alternative ways to send a money order. Or, you can contact your bank to find out more information. They should give you an idea as to where to find that information online.
2. Check Your Online Transfer Limit
Most money transfer services have an online transfer limit, which is normally $5,000. Others will set a limit for you, especially if you’re a new user. If the amount is over your daily limit, then you’ll need to contact them to raise the limit or to authorize it. This may require additional security steps. This can involve sending a text message with a special code or sending a secure e-mail to your e-mail address.
3. Enter the Recipient’s Bank Information
To complete the international transfer; you need to include personal information. The first piece of information is your full name and the address of your bank. Next, you should enter your recipient’s address, financial account, and name. Depending on the service you use, you may need to include your recipient’s International Bank Account Number, which is used in many countries outside of the U.S.
You’ll also need the recipient’s BIC or SWIFT code. This is similar to the routing number that’s used in the U.S. It specifies the type of account that the recipient is using. You can find the recipient’s BIC or SWIFT number through their bank or an online BIC/SWIFT code finder.
4. Enter the Amount & Currency You Want to Send
When you enter the recipient’s information, the currency is automatically set. If not, then you’ll have to set the currency yourself. You want to ensure that you’re sending the right amount and using the right currency. If you send money in a currency that the money transfer service doesn’t support, then it’s likely the transfer will get rejected.
5. Pay the Transfer Processing Fee
There are times when you’ll have to pay a transfer processing fee. This can be as little as $20 and can cost as much as $50. But there are some money transferring services that charge as much as $80. Your bank can also charge a fee, which ranges from $10 to $20.
Even if you’re charged a fee by your bank, there are additional fees that you could incur from third-party payers and intermediary banks, such as the recipient’s bank. This can add up, so be aware of how much it could cost to send an online payment.
6. Find Out How Long the Transfer Will Take
Once you complete the transaction, the service should give you an idea of how long it’ll take. They may provide an estimate before you begin. It’s up to your bank or the money transfer service to track the status of the transfer. Most online transfers take two to three business days depending on the destination and the banks. Since money doesn’t immediately appear in a bank account, it can take some time.
Every money transfer service has their own exchange rates and timeframes. You’ll want to ensure that transfer is finalized with that provider. You’ll also want to ensure that their exchange rate matches the current exchange rate since it can change daily or minute-by-minute. Do your research before sending any money.
0 Comments