6 Things You Need to Know Before Sending Money Internationally

Transferring money to other countries is a common practice, whether you want to pay for things you bought internationally or send money to your family or peers. In fact, the World Bank expects an increase in remittance flows to low- and middle-income countries to reach $630 billion or by 4,2% this year. To accommodate the needs of making money transfers internationally, fintech companies or banks provide this service. However, it would be best to consider many things before choosing the best way to transfer money internationally. Otherwise, it will cost you a lot.

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Know How the Exchange Rate Works

Exchange rates constantly change. They move up or down over time and can vary depending on which company or bank you use to make the exchange. The foreign exchange rates will be applied when you convert money from one currency to another. This is what you have to keep your eyes on. The foreign exchange market is the biggest industry in the world and the most liquid—meaning that it allows companies and individuals to go in and out of the market instantaneously, resulting in rate volatility. As the exchange rate differs from one company to another, knowing the current exchange rate and how it works will help you to find the best international money transfer service which can provide you with the best value.

Timing of Transfer

Another major factor you need to consider before transferring money abroad is the length of time for the funds to be received in another country. The money could take hours, several days, or more to be available in your recipient’s bank account. There are other options for you if your recipient needs the money as soon as possible. You can pay another additional amount of money for this convenience.

Avoid Paying with Credit Cards

Some providers offer a credit card option. However, please remember that you might need to pay a higher fee upfront, and your credit issuer may tack on additional costs like cash advance fees or interests. A transfer paid directly by bank account usually costs you less money, but it takes so much slower to deliver. If you need to transfer it quickly, you can use a debit card instead. It still has a lower fee than using a credit card.

Limits on the Amount of Money You Can Transfer

Depending on which bank or provider you choose, there will likely be a minimum amount of money you can send abroad and a maximum amount to comply with different international banking regulations. The limit amounts could apply to each transfer you make or be a cumulative amount over a set period.

Money Destination

There are different ways to receive the money transferred from abroad. Some providers will transfer money directly to a bank account, some require the recipient to have an account with the service, and others can receive cash. Make sure to determine which offer is the most convenient for you and the recipient before making money transfers internationally.

Choose the Best Way to Transfer Money Internationally

Consider all factors mentioned above and choose the best way to transfer money internationally. There are a lot of different companies that specialize in sending money. One of the best international money transfer companies is Flip Globe.

Flip Globe offers the same or cheaper exchange rate as Bank Indonesia. This is an excellent option for those aiming for a more affordable transfer, as the exchange rate that Flip Globe offers is cheaper than most banks. Moreover, all fees you need to pay are shown in the transaction process. You don’t need to pay additional costs, such as provision fees, correspondent bank fees, and any other additional fees. Using Flip Globe, you can quickly transfer money internationally to 49 countries, such as Singapore, China, South Korea, the Philippines, Thailand, India, Japan, and many more. Flip will continually update you with real-time transaction status by email or Flip app, so you don’t have to worry about your transaction process.

There is a lot to consider when doing a money transfer internationally. With Flip, the best international money transfer provider, you can get the best value for your money with a secure process and helpful team that will ensure the process goes smoothly. Download Flip right now and feel the convenience of transferring money abroad!