4 Tips to Consider Before Sending Money Abroad

People are now sending more money abroad from the US than any other company in the world, with figures reaching over $600bn in 2020, despite the COVID-19 pandemic and a rise in unemployment worldwide. Whether you’ve moved to the US and are sending money back home to your relatives, or are helping out a relative who is living abroad, most people have the same concerns regarding transfer speed, security, and currency fluctuations. Keep these tips in mind to get the most from sending your money abroad. 

Choosing the Right Option

Today there are more options available than ever before when it comes to sending money abroad. It’s a good idea to prioritize what’s most important to you. For example, some methods are instant but will cost you more, while others are easier, but take longer for the money to get to your recipient. Always make sure that whatever option you decide to go with, you are using a provider that is reputable and trustworthy for sending money to the Philippines and other countries. 

Check Exchange Rates and Fees

Whenever you convert money from one currency to another, a foreign exchange rate will apply. This rate will change over time and can vary depending on the company or bank that you use to send the payment. Global events like changes in leadership or natural disasters can have an impact on the worldwide currency market and how much you will pay in foreign exchange rates. Since providers will often set their own fees, it’s worth comparing different ones beforehand if the cost of the transfer is your main priority. 

Confirm All the Information

Before you send money using any method, it’s important to confirm that you have all the information you need. Double check the recipient’s details to make sure that your money is going to the right place and to avoid delays. Additionally, it’s important to make sure that if you are going to use an online transfer app or digital wallet, your recipient has also downloaded it and can easily use it to receive the money. If you are using a wire transfer, always double check the details as inputting the wrong ones could lead to delays or even worse, the money going to somebody else, which could take you months to get back. 

Beware of Scams

It’s important to always make sure that you are using a trustworthy provider to send money abroad. Some top signs of transfer scams to look out for include being rushed into making the payment, being asked to wire the money in an unusual way, being asked for any personal information or passwords, being offered a payment or commission to send a large amount of money, or getting a QR code asking you to approve a request to collect. If you’re not sending money through your bank, make sure that the transfer website or app you choose is authorized by a regulatory body like the Customer Financial Protection Bureau. 

With more people than ever sending money abroad to help out friends and family, it has never been more important to keep these tips in mind and make sure that the payment reaches the right person safely.