International money transfer is not as simple as it might seem. Service fees, exchange rates, the time required for transferring the money, device & app security (if the funds moved through an online system), and many such factors are crucial in the fund transfer process. Therefore, it is vital to choose the right platform or service to transfer the money, especially while doing it across countries.
Through this article, you will find the best methods & steps, which you can follow for the safest money transfer.
Best methods to make secure money transfer internationally
1. International Bank Wire Transfers
It is the process of an electronic fund transfer from one bank to another bank across countries either online or in person. This method requires the beneficiary’s banking information, including their full name, bank location, branch number, and account number.
The bank wire transfer is best suited if someone wants the money directly into their bank account in the most secure way. However, it may take 3-5 business days to complete the transaction process. Moreover, bank exchange rates and service fees may be high compared to other money transfer methods.
2. Online Payment Services
Advancement in mobile technology and Internet connectivity provided a secure, convenient, and affordable way to transfer money within or across countries. The online payment services such as PayPal, TransferWise, WorldRemit, and more allow users to send & receive money through a mobile or web application.
Most of such online payment services include a small initial fee and do not charge any other hidden or extra fees for fund transfer. These services are easy to use and faster than traditional money transfer methods. However, people should check before sending large sums through online payment services as they may temporarily freeze the funds for security reasons.
3. Money Transfer Services
International money transfer operators provide a quick and convenient way to send or receive money from one location to another. Users can avail this service online or offline through the company’s local branch.
Such money transfer services provide bank-level security and comprise lower money exchange rates and service fees. These services are fast & efficient and are ideal if the recipient does not have a bank or PayPal account.
Users can avail Peer 2 Peer (P2P Payment Apps) Currency Exchange Markets, Foreign Exchange (FX) Brokers, and Money Order services also to send or transfer money internationally.
Steps to Follow for a Safe Money Transfer
1. Visit your bank and get a quote about international money exchange rates and any other service fees.
2. Go to the web and compare the services offered by various online & offline money transfer methods. It may include:
• Limit of fund transfer
• Exchange rate and processing fees
• The time required to transfer the funds
• Security & further assistance provided by the company/service
3. Choose the best-fit method for your money transfer process. Make sure you have compared it with all other available services and aware of all the fees comprised in it.
4. If you are transferring the money online, ensure that your device is malware-free and secure. Use a safe web or mobile app to transfer money and change your login password frequently.
5. Before initiating the transaction, confirm the receiver’s details, your bank account, service operator, and the sum that you wish to send.
6. When you transfer the money online or offline, you should receive a receipt for the same. Keep it with you, at least until the receiver has the cash in hand.
7. Make sure the money is transferred within a specific time. If not, contact the service provider and sort things out. The transfer receipt that you kept with you will be helpful in such instances.
Whether you want to transfer money domestically or overseas, the methods and steps mentioned above will help to do it securely. However, the money exchange rates and service fees for transferring money across countries can fluctuate with the market. Therefore, before picking up the traditional brick-and-mortar service or mobile app transfer money service compare their features and fees.