Money transactions used to be tied up in boundaries depending on the distance that separates two parties. These involved very little to limited transactions overseas-often monopolized by the larger sectors that have the capacity and the liquidity to finance such expenses. Today, these needs are slowly transforming as the world is slowly connecting in ways which are convenient, fast and least expensive.
Many of us have families and business partners located overseas and we may want to send money abroad from time to time to provide for their needs or to complete transactions. There is a variety of options to consider in doing so, but, you must always put in mind the following things before engaging in any transaction:
How much will it cost you to send the value you want including and covering all other expenses such as (but not limited to) exchange rates, transaction fees, insurance and taxes.
Remember that every country has its own rules and there may be a few other charges on the amount you are spending depending on these countries. You need to clarify this first with the platform you are using so you can opt to cover all fees prior to sending.
Recipient convenience and recipient charges
Ask if there will be additional charges, exchange fees or claiming fees when the other party is receiving the money. Make sure that the recipient is clear on how to and where to claim the value you have sent. A lot of loss may be incurred if this is not settled prior to sending money abroad.
Safety and security
Do you trust the gateway you are using to send the money? Make sure that you know how the transaction flows and the length of time it takes. Verify if you can trace the whereabouts of the transaction and verify how this institution is going to make sure that your money is kept safe. Remember that this is hard earned asset and there are a lot of people and institutions out there looking for opportunities to scam you.
How long is it going to take for the transaction to be completed, verified and transferred? You have to make sure that you know all these details to lessen the burden of calling the gateway time and time again just to know what is happening. Depending on the gateway you chose, some verification process may cover a minimum of three days to seven days verification. If you are looking for an express way to send the money, this is still possible as long as you pay an extra fee.
Remember that sending money abroad may cause you a lot of money loss so make sure that you make the right choices. Consider everything prior to pursuing an option.