The movies always make the act of an international money transfer look so easy — a person simply presses a button on their computer or mobile device, and the funds magically appear in the desired international bank account within mere seconds.
What the movies don’t show you are the high fees that are often required for an international money transfer, not to mention the paperwork, possible transfer limitations, fluctuating exchange rates that affect the amount of the transfer, and a more realistic waiting period.
But none of that would make for a very exciting movie, so we, the audience, are asked to suspend our disbelief for a while so that the movie can flow more smoothly.
Well, believe it or not, international money transfers today can flow just as smoothly as they do in the movies. Simply follow these tips for international money transfers and you can potentially have money sent overseas in a swift manner with little fuss.
The biggest step to making international money transfers easier and less costly is to simply know what options are available to you to send money overseas.
Global Payment By Check — Using a global supplier you can send a check to a recipient overseas, but this process is time-consuming, possibly taking weeks. Not very convenient in today’s fast-paced society.
Your Bank — A much more common method of sending money to an international recipient, but also a costly method. Banks typically charge high fees, and while the process is certainly quicker than sending a check, there could still be a waiting period of 1-2 days before the money is received.
Money Transfer Platforms — Today’s ever-advancing technology has made it much easier to send money overseas thanks to money transfer platforms. As an example, Paymints.io is an electronic, secure, and compliant money transfer platform that allows users to send money instantly, with just a few taps on a mobile device or computer, just like in the movies.
An electronic money transfer platform like Paymints.io works by inputting your bank account information into the app. Once it is stored, when you want to send money, you simply enter the account information of the recipient, followed by the amount you want to send. It’s as simply as that, and the money arrives in the recipient’s account almost instantly, depending on how much and where you are sending it.
Credit Card Transfers — Some credit cards also allow you to send money internationally, and although the process is quicker than using your bank, the fees can also be very high.
It is typically more cost-effective to send a single lump sum amount rather than several smaller amounts, as you will often pay fees on each transfer. Even small fees can quickly add up if you make a lot of international money transfers.
Some banks or services will have a limit on how much you send at one time. If you know you are going to be required to send a large amount, you might want to ensure that you are using a method or service that allows for that amount in one transfer.
Exchange rates fluctuate nonstop, so you’ll need to be able to calculate the current rates before you make a transfer. This will save you money, time, and frustration.
Usually, the point of sending an international money transfer is to provide funds to a recipient as immediately as possible. Consequently, electronic wire transfers using a money transfer platform are going to fulfill your needs and meet your expectations.
For businesses dealing with international vendors, real estate professionals working with overseas clients, and others who need to send or receive money from those on foreign shores, an electronic money transfer platform is also the optimal choice.
Before sending an international money transfer using any method, you’ll want to verify that the recipient’s account information is correct. A mistake can cause your funds to be in Limbo for a bit of time before they are returned to you.
It can also be possible that a cyber criminal or hacker has infiltrated someone’s email or bank account and send you fraudulent information causing you to send funds to a different account. This happens more often than you might think, which is why using a secure money transfer platform is recommended when sending money overseas — it minimizes the risk of fraud and makes it easier to get your money back if fraudulent activity was detected.
If you do choose to utilize an electronic money transfer system, you must make sure that it is compliant with the banks that will send and receive the funds.
Not all payment transfer platforms are built equal. Compare the levels of security between different platforms before making a choice of which one to use. For example, paymints.io uses AES-256, which is a highly efficient bank-level security and encryption system.
Additionally, paymints.io verifies user identities using multiple pieces of personally identifiable information, significantly reducing the risk of fraudulent activity.
Just as not all money transfer platforms or methods for sending money overseas are equally secure, neither are they equally speedy. Be aware of the speed in which a money transfer will arrive overseas — several factors can often affect this, such as a bank’s transfer waiting period, verification systems, or even the amount you are sending.
Be sure to be aware of all the details that might affect the time it takes for funds to arrive in the recipients account so that you can make an informed decision and not be disappointed or surprised.
Lastly, look for a service provider that offers excellent customer service. While you can certainly expect your international money transfer to go smoothly, sometimes something may go wrong, or you might simply have a few questions. You’ll want to ensure that you are dealing with a reputable, courteous, and professional service provider that can see to your needs, answer any questions you may have, and resolve any problems in an expedient, satisfactory manner.
To learn about the convenience of using an electronic money transfer platform, visit paymints.io today. It is the ideal platform for real estate professionals, and many other organizations working with clients and vendors where exchanges of money need to be sent or received in a secure, timely, and cost-effective manner.