Technology is an amazing thing. It’s revolutionised everything from education to online shopping. Now thanks to the internet, it’s even possible to send money abroad in just a matter of minutes. However, while it is really easy to send cash to businesses, family and friends across the globe, there are a lot of mistakes you can make in the transfer process. Here, we’ll look at some of the top mistakes to avoid when transferring money abroad.
Getting fooled by actual exchange rates
No matter which way you choose to transfer money, one thing you need to look out for is the actual exchange rate. Many companies advertise a low, average rate, but that isn’t necessarily the rate you will be charged. Many people have learnt the hard way that the actual exchange rate is much higher than the one advertised. So, always look to see what the actual rate will be before you click send.
Using the wrong account details
While money transfers can be exceptionally fast, they can be substantially delayed if you use the wrong account details. Worse still, the money could end up in somebody else’s account. It’s really easy to get the details wrong when you’re typing them in online, so always make sure you double check they’re right before you send the money.
Paying overly high fees
The cost of sending money abroad varies significantly and some services are much cheaper than others. It can also be more expensive to send to particular countries such as France. As it’s a popular destination for UK expats to retire, the cost of getting a pension sent to a French bank account can be extortionate.
By comparing different services and opting for a company such as Currencyfair Limited, you could save up to 90% in fees.
Failing to check the transaction times
Many online money sending services do work almost instantly. However, some services have a waiting time. So, if you’re sending money abroad and you need it to get there quickly, you’re going to need to make sure you’re using a speedy service and there won’t be any delays in processing.
If you’re paying with a debit card you’ll usually find it speeds up the transaction, whereas a credit card could slow it down. So, be aware of this and how the different payment methods could affect the delivery time.
Overall, it’s so easy to send money abroad, but unfortunately there are a lot of mistakes which can be made. The above are just some of the most common that you’ll want to avoid.