Friday, November 20, 2015

International Transfers: How to Safely Send Money Overseas

Every year, six million households in America use money-transfer firms to wire cash to family and friends abroad. Where once there was but one well-known organization you could rely on to help you wire money internationally, today there many. 

This abundance of choices heightens your burden of scrutiny. To help you ease this burden, check out the following suggestions on how to safely send money overseas

Matching Methods to Your Needs

The best way for you to send money depends on the amount you need to send, whether it’s a one-time or regular payment, how rapidly the money needs to travel, and who you are sending the money to. 

Other key considerations include the costs to you for sending the cash, the prevailing foreign currency exchange rates, and what happens if something goes wrong with the transaction.

Send Money to Foreign Countries Using a Debit Card

If you need to send money to a friend or relative in Vietnam, you may find it convenient to learn that you are not required to queue up in line at your local money transfer kiosk to do so. According to the folks at, for instance, you can send money securely to Vietnam 24 hours per day on their website using your existing bank debit card. 

In this way, you can enjoy competitive exchange rates and lower fees. Your beneficiary can pick up their money at one of many convenient locations or even have it delivered to their door.

Research the Best Ways to Send Money Online

Editors of the online version of Consumer Reports magazine suggest that there is no single money-transfer service that can be identified as having the best deal for all consumers under all circumstances. 

This means that consumers need to do at least some shopping around. Finding the best money-transfer service for you can be complicated. Money transfer kiosks can be found inside supermarkets, convenience stores, pharmacies and inside large big-box retail stores. You can get good information about which one is best for you by researching your options online by checking the World Bank databases.

Sending Larger Amounts

When the amount of money you need to send overseas approaches a level deemed "serious" by banks, it's best to use banks for such transfers. Banks are able to provide you with a reasonable rate of exchange because they are skilled at neutralizing the risks associated with moving money around the globe. 

It is important to be aware that overseas banks may not necessarily enjoy the same level of government guarantees that U.S. banks have. If a foreign bank that you are using to send large sums of money becomes insolvent, you need to know beforehand what your remedies are.

A broad array of options can make selecting an international money-transfer service complicated. For any given amount of money, your best solution will grant you the most favorable exchange rates and charge you the lowest fees. 

To this end, the place that offers you the best value will likely change from day-to-day. Keep that in mind when you need to wire money abroad.

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