With more and more Brits moving abroad to live – or spending a few years travelling the world – sending money to them in far-flung corners of the globe is becoming more common. You’d think, therefore, that banks would have figured out an easy and affordable way to make this possible. In fact, transferring money through your bank or a money transfer organisation can be both costly and complicated.
You may be thinking of retiring, relocating or vacationing abroad and want to know how to send the funds to make it possible, whether you live in the UK, U.S. or Canada. In 2017, a survey found that many U.S. buyers were interested in buying property in Canada, China, Costa Rica, France, Mexico, and the United Kingdom. Or you may have family abroad you’d like to send money to.
In today’s world of COVID-19, you want the safest and most dependable way of sending money out of the country. Did you know that you can transfer money internationally from the comfort of your home with just a few short steps? Sitting inside your living room, you can send money for something as small as birthday present, or as big as to purchase the home of your dreams in another country.
What are some of the advantages of online money transfer? Here are six of them.
Money sent internationally gets there much quicker than if sent by mail, even with fast delivery. Paying for property overseas might be less effective with mail, as the buying process can be delayed. Online transfers should be completed in one to five days.
Some systems send money instantly, which is great when you don’t want to wait around, wondering if the transfer went through. With the ability to easily transfer money internationally, your recipient will receive payment online almost instantly.
Exchange rates vary and affect the amount of money that needs to be sent. When transferring large amounts of money, it is wise to check the exchange rates as well as the fees. There may be maximum amounts of money that you can send to a particular country, so find out beforehand what that is. For that home in Provence, for example, you may be able to send up to $50,000 at a time.
Be sure to check the exchange rate before the purchase, as a person planning on buying a $150,000 home on the French or Spanish coast might find out that $150,000 translates to only €137,500; in this case, they will not have enough to purchase that dream property.
You can choose how you want to pay for the money transfer as well as how you want the recipient to receive the money. It can go directly to the seller’s bank account, a broker’s bank account, or an agent who is handling the transaction.
Instead of waiting long hours at a bank to have the money transferred, you can do it with a few simple clicks. There are no forms to fill out, and in today’s world of staying safe, you do not need to visit a bank. Since it can all be done through the Internet and from your home or business, it is much simpler and more convenient.
There are more than 100 foreign exchange brokerages in London alone. They all offer quite a similar international money transfer service as an intermediary party, and thrive off the fact banks are extremely expensive and offer sub-par foreign exchange rates. The differences between companies are quite subtle, and the rates which are offered by them are quite similar as well. Therefore, to navigate through the complex world of foreign exchange providers and international money transfers, you need to conduct a thorough research. You can start off by reading Money Transfer Comparison’s reviews.
A WORD OF WARNING
Hopefully, it will be obvious that you should only use this method of money transfer with close relatives or other people/companies you trust.
It’s often the cheapest way to send money overseas, and as long as you’re sensible, it should work perfectly.