Checklist for your International Money Transfer

Checklist for your International Money Transfer

Hello readers! By the end of this article, you will have an overall idea of how the money transfer works on an international level and what all you need for a safe international money transfer.

The best method for an international money transfer constitutes a blend of several key factors. In this era of technology and digital awareness, transfers seem faster than ever.

There are several methods at your disposal for international money transfer, for instance, when you have to send money to UK: I. Bank-to-bank: You can send money internationally to the recipient’s bank account.

II. International money transfer service: You pay the transfer company the money in your local currency and they directly transfer the money to the recipient’s local account.

III. International wire transfer: The money is transferred to an account or mobile for cash collection in the recipient country.

IV. Multi-currency debit cards: There are banks that allow international withdrawal. You simply withdraw the amount of money with respect to currency exchange value.

What are the few fastest, safest, and cheapest ways to send money to UK in 2022?

1. Bank transfer - Banks have one of the most secure networks around the globe. The banking regulates and guarantees the money transfers and transactions are protected. If you are not comfortable with new technologies and want to stick to the oldest trick in the book, you can expect some exchange fees after the transfer.

2. Interchange Financial - Sign up on their website using the Register Now button or call them to register yourself and set up an account. Registration is free of cost. Book a transfer online or on the call. Provide details as specified in our previous blog. Your money is transferred to an international recipient’s bank account without any extra fees.

What are the various risks involved while international money transfer?

All of the services mentioned above are safe and secure, yet it is never a bad idea to know about the potential risk of a process.

To know more, read the list provided below 1. Scammers - Beware of transferring money to anyone or any account you do not know. Remember, once your money is out of your account, there is very little you can do to retrieve it back from the scammers. Statistics say the rate of getting back any amount after any scam is most likely ZERO! No reputable, valid transfer agency or company will call you and ask you for a money transfer.

2. Fees - Before transferring any money, make sure to know the currency exchange rate, fees, bank rate, transfer fees, commission fees. Even a single percentage point of your lump sum amount as fees can cost you heavily. Always calculate before confirming the transaction.

3. Delays - Delays in transfer will happen even with the most reputed and established companies. The delay can be a result of - a faulty recipient bank account number, incomplete document submission, holidays in your bank or the recipient bank, weekends, and many more. Keep tracking in regular intervals and contact your branch or with your transfer agency/company to get an update.

4. Exchange rates - Exchange rates are prone to changes every day. Research about the exchange rates and fees associated with the transfer. Sometimes, the companies increase the exchange rate in return for no fees to pool in more customers.

These were a few things you needed to know before your international money transfer, for instance, before you send money to UK. If you read our previous blogs at https://interchangefinancial.com/, you will get a clear picture of the entire transfer going on.

For any further assistance with international money transfers, you can visit https://interchangefinancial.com/ and sign up or call them.

www.interchangefinancial.com