Published On: Tue, Nov 5th, 2019

5 Hassles In Transferring Money Internationally And How To Overcome Them

Sending money internationally is always harder than sending it domestically. There are many factors to take into account and each country has its own set of issues. That being said, this will cover five of the most common hassles people experience when sending money abroad and how you can overcome these problems.

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Money Conversion
One of the trickiest aspects of sending money to another country is the money conversion. For example, if you send $50 to someone in another country, then you expect them to get $50.

It’s rarely that simple. If you send domestic currency, then often the amount will be exchanged on the other end. This usually results in a fee and the exchange rate will often result in less overall money than you intended.

You can overcome this by converting the money before sending it. This will ensure that the recipient gets the amount of money you intended on sending.

If you want to transfer money internationally, then you should be prepared for delays. Nearly every country has delays for one reason or another. In the best case, it’s only because the transfer request took a little more time to process.

In the worst case, the country is fighting money laundering or enacting new laws on money transfers. This means that all transfer requests will take significantly longer.

While you can’t always overcome delays, you can do your best by checking with your transfer service and seeing if there are any new laws or regulations about sending money. Trying to work with the new rules will often result in a faster transfer.

Wrong Account Information
Another problem you may encounter if you want to transfer money internationally is how your account information is entered. Every country has a different way of displaying and processing bank information.

For example, your routing and account number might be switched or have hyphens in the other country. Failing to consider this can cause delays or other issues.

Not only that, but international transfers often require more information from both the sender and recipient. Be sure that both you and the recipient are precise about all information entered on the applicable forms.

More Human Error
Money transfers are relatively simple. That being said, human error always finds a way to mess things up. If a process requires more people, then there is a higher chance of human error occurring. That’s exactly what might happen during an international money transfer.

Transferring money domestically often requires only a few employees who are all familiar with the domestic language. Sending money internationally requires more people and there is the possibility of translation issues.

It doesn’t take much for a clerk to hit the wrong key or enter the information incorrectly, but this can result in weeks of delays or your money going missing. This can be difficult to overcome, but you can improve your success rate by making all information as clear as possible.

High Fees
Sending money overseas often carries several fees that you must be aware of. Most people who transfer money are familiar with the flat fee for the transfer service itself. International money transfers also tend to have a percentage fee based on how much you’re sending, a conversion fee to convert the currency and other fees.

Being aware of the fees allows you to pick the best money transfer service while also allowing you to mitigate some of the fees. For example, if you convert the money before sending it, then there won’t be a fee for that.

Sending money to other countries can be troublesome, but knowing these common hurdles will ensure that you’re prepared. There is a way to either avoid or reduce the difficulties of sending money overseas, so arm yourself with knowledge and you’ll be able to transfer money quickly and with the lowest fees possible.

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