If you’re new to making international money transfers to family and friends, the process might seem confusing. Fortunately, you can make quick and easy transfers, save money on fees, and get the best exchange rates. The biggest key is to find a reputable, reliable provider with which you feel comfortable. Here is some more information on that and a few other tips.
1. Choose the Right Provider
To some people, banks seem like the logical choice for money transfers. However, they have significant limitations and can be expensive. Meanwhile, a provider such as Ria Money Transfer is exactly what many people need. For example, the company offers these features:
- Low fees and great exchange rates
- Transfers to more than 165 countries
- Track record of 35-plus years of reputable service
- More than a billion transfers handled safely
- Transfers made in seconds
With Ria, you can use an app or your computer to transfer the money, or make your transfers in person. Look for special promotions and discounts, too.
2. Consider the Transfer Fees
Different providers charge different fees, so compare a few options to find the most cost-effective one. Keep an eye out for any hidden fees that may be included. For example, some companies charge receiving fees or same-day transfer fees.
3. Know the Exchange Rate
It is possible for exchange rates to go up and down wildly, so knowing the current rate before you make a transfer is critical. You can check the exchange rate online or use a currency converter app, and make your transfer when the rate is most favorable.
4. Pick the Right Payment Method for Your Situation
Different payment methods tend to have different fees associated with them. For example, your credit card payments may be subject to additional fees, while bank account transfers may be free or have lower fees. Check with your provider to see which payment method makes the most sense for your situation.
5. Understand Your Rights and Any Regulatory Requirements
International money transfers may be subject to anti-money laundering regulations, Know Your Customer requirements, or other regulatory requirements. Provide a valid ID and all the necessary information and documentation to avoid delays and additional fees.
You also have rights and federal protections. They include having the money sent to the correct person or business and getting information on the exchange rate, the amount to be transferred, fees, and other details before you pay and after the transfer. You also have the right to cancel a transfer for free within about 30 minutes after you send it unless it has been picked up or deposited.
6. Communicate Clearly With the Recipient
Communicate as clearly as possible with the recipient about the transfer, including the amount, the currency, and any fees. This helps avoid misunderstandings and confusion.
It does not have to be complicated or costly to make international money transfers to family and friends. You help yourself a lot when you choose the right provider, know the exchange rate and transfer fees, and communicate clearly with the recipient.