International Money Transfer: Everything You Need to Know

Did you know that we have been using money for over 5,000 years?

Things have come a long way since those first silver Mesopotamian shekels. Today, it’s possible to transfer money from one side of the world to the other almost instantly.

If you need to make an international money transfer you may have some questions about how it all works.

Read on to learn more.

What Are Your Options?

If you want to send money internationally, you have a number of options.

Most banks will have services for sending money internationally. You can usually do this both in person or online. There are also other online businesses specifically for sending money overseas.

Then of course there are specialist financial services companies that offer international money transfers and have both a physical and online presence. For instance, when you want to send money from USA to India, there are 15 money transfer service providers available that offer the most competitive rates, according to RemitFinder. These include the Western Union, Remitly, and Money Gram.

What Information Do You Need?

In order to send money abroad, you will need to provide some information.

This will usually include:

• The name and address of the recipient
• The name and address of the recipient’s bank
• Bank account number
• Bank SWIFT code
• Amount of the transfer

Without the required information, you won’t be able to make the transfer.

How Long Does It Take?

The speed of your international money transfer will depend on the business that you use.

On the whole, you should expect your money to arrive anywhere from one to five working days after you send it. Whilst the information can be transmitted almost instantly, the receiving bank will need the transaction to go through its payment processing which is what usually takes the most time.

What Are the Fees?

Once again, how much you will be charged will depend on who you use.

There are two fees to take into consideration. The first is the exchange rates. Some businesses will inflate these exchange rates a little in order to cover their costs, so you’ll need to factor this in. In addition, there will usually be a fee for using the service.

Some businesses that offer ‘fee-free’ transfers may turn out to have higher markup on the exchange rates.

Is It Secure?

The process of physically making an international money transfer is highly secure. However, you need to be careful about who you use.

Many of the most reputable firms are regulated which offers you and your money a level of protection. Some online businesses may not be, however, and so you are at more risk. Do your research and ensure you only use a reputable business.

Ready To Make Your International Money Transfer?

We hope that this article has been helpful in providing you with information about how an international money transfer works.

If you’re planning to transfer money abroad, you should always be sure to use a reputable company, and check that you have the correct details for the recipient. International money transfers are a safe and swift way to send money anywhere on the planet, provided you do things correctly.

If you’re looking for more useful content, then please be sure to check out the rest of the site.