Sending Money Overseas: Everything You Need to Know

Were you aware that sending money overseas can be a hassle if you don’t know what to expect?

Sending money online is a convenient way to transfer cash to another account within minutes. However, an online transfer can often take a long time to go through or require a large fee.

When transferring cash online, knowing a few things about the process will ensure you don’t waste both time and money. We’ve put together some things to keep in mind before transferring cash to help you.

Here are the main things you should know about sending money overseas!

Expect Hefty Transfer Fees

One of the main things you need to know about sending money online is that you can face hefty transfer fees, especially when converting currencies.

Depending on the service you use, flat rates may not be an option. Because of this, you may end up spending more money on transfer fees when you send larger amounts.

Companies charge transfer fees because it allows them to continue operating. Aside from that, it helps them keep up with exchange rates.

You Won’t See Real-Time Rates

Speaking of exchange rates, there’s a good chance you won’t see real-time rates when transferring cash overseas. This is a major problem that many people face, but there’s nothing that can be done about it unless you find a better service.

For example, 1 US dollar can equal 6 Brazilian Reals. However, the service may only exchange at 5 Brazilian Reals for 1 dollar.

To avoid running into problems, you should see exactly how much another currency is going for on a transfer provider’s site so you can plan accordingly.

Transactions May Take Several Days to Complete

Another problem people have when sending money overseas is having to wait several days for transactions to complete. In many cases, transactions get delayed because banks want to ensure they’re legitimate. A money transfer provider will also do the same.

If you continuously transfer money to a specific location, your transactions may start to complete quicker because both the service and bank will know it’s you.

You May Need to Provide Additional Information

When sending money online, you may need to provide additional information to help the money transfer provider verify it’s you that’s sending the money. This often happens when sending a larger amount for the first time.

Some of the things you’ll be asked to send are a photo ID, address, and full name. Providing that all of the info is correct, you shouldn’t have a problem.

Take Your Time When Sending Money Overseas

As you can see, sending money overseas can come with several issues. However, building a reputation with a service is the key to sending money online as quickly as possible.

Because of this, we encourage you to look for a service that has decent exchange rates. When you keep using them, you won’t have a problem transferring cash.

To learn more about a variety of topics, check out our other articles!