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5 things not to forget during international money transfers

Updated on November 28, 2012

Money transfers

Money transfer to one account to another account and one country to another country is not as hectic as earlier. It is a matter of seconds , you may able to send money to one country to the other countries. But it solely depend on the methods and means you follow , by knowing the basics for transferring. If you are transferring money regular basis, you must be keep in touch with websites dealing with Forex market or the banks , which can give out more information about the exchange rates. This applicable for the both the countries , from where you reside and where you want to send the money. Besides knowing more about the economic conditions of the both countries, which may give some what clear picture about the exchange rates. Possibly political situations , economic slow downs , online speculations decides the exchange rates. We can't go deep in each and every thing mentioned above unless we are going to send a huge amount for transfer.

euro sign
euro sign | Source
US gold five dollar
US gold five dollar | Source

International money transfers

When you decide to send money to one country to other countries you must keep in your mind following five tips.

1. Consider exchange rates of currencies. Even a fraction difference will make a big difference.If you are sending regular amount , try to accumulate the money where the exchange rates are favourable to you. With the recent economic trends we must predict the exchange rates, by reading newspapers and participating in forums.

2. Check for the commission rates and limits. You may check exchange rates but fail to check the commission rates. This will indirectly increase your expenditure for international money transfers. So, check with the agent about the exchange rate and commission rates before filling up the form.

3. Don't forget to carry the ID card or passport to proove the identity. For any overseas money transfers this is must. Forgetting your id or passport will not complete the process for sending money overseas.

4. Please opt for sms once they receive the money the otherside.When you are filling the form , fill the option for "acknowledgement receipt of payment". When the otherside receive the money, you will get the immediate sms.This will make you tension free , when the otherside call you and confirm.

5. Money transfer code number should be confirmed bothside in order to avoid any delay.

Apart from this avoid making mistakes giving the name of the receiver and address and phone number details. When ever somebody get the money from foreign country , they have answer the agent without any confusion. Other wise the process will get delayed.

 

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    • sarovai profile imageAUTHOR

      sarovai 

      7 years ago

      Thank u Dr.Irum for the comments and rating up this hub.

    • Dr irum profile image

      Dr irum 

      7 years ago

      Another great hub with lot of advise ,after reading this everyone can make tension free money transfer . i rate up this .

    • sarovai profile imageAUTHOR

      sarovai 

      7 years ago

      Thank u lex123 for stopping by and commenting on this hub.

    • lex123 profile image

      lex123 

      7 years ago

      Your hub is very informative for sending money to other countries. Good tips. Thanks for sharing.

    • sarovai profile imageAUTHOR

      sarovai 

      7 years ago

      Thank u mythbuster for stopping by and commenting on this hub. Hope this will be useful for everyone.

    • mythbuster profile image

      mythbuster 

      7 years ago from Utopia, Oz, You Decide

      Informative hub, sarovai - good tips and written in a straightforward manner that is easy to understand. Thanks for sharing.

    • sarovai profile imageAUTHOR

      sarovai 

      7 years ago

      Thank u Spider Girl for stopping by and commenting on this hub. We always feel that giving out the phone number will create problem. As such it is for the good, easy communication.

    • Spider Girl profile image

      Spider Girl 

      7 years ago from the Web

      Thanks for the tips, I never ever thought about considering point 4!

    • sarovai profile imageAUTHOR

      sarovai 

      7 years ago

      Thank u franciaonline for taking time to read this hub and commenting on this.

    • franciaonline profile image

      franciaonline 

      7 years ago from Philippines

      Hi sarovai,

      Your hub is a good reminder to overseas workers who send money regularly to their families. Thanks for this helpful hub.

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