Money transfers are a common way to pay bills, buy property, move money to different accounts, and send money to friends and family. However, sending money to a different country can introduce several complexities. Luckily, skilled companies such as Ria Money Transfer can help you move money to other countries quickly and efficiently. Before sending money to a business or family member in another country, it’s important to know what expenses could arise and about the overall process.
Things To Consider When Sending Money Abroad
When you need to transfer money abroad, several companies and apps can help you accomplish this goal. When you need to send money to a different country, here are some considerations to keep in mind when selecting a money transfer service.
- Exchange Rate: an important part of international money transfer is the exchange rate. Different transfer services use different methods when accounting for the exchange rate and when they send funds. Some will use a mid-market rate with any additional fees and others will use a slightly higher rate but won’t charge any additional fees because they include these costs in the adjusted exchange rate. Always check the numbers before sending money.
- Accessibility: you want to ensure that when you’re sending money to a business, friend, or family member they can easily access it. There are different methods of transferring money, such as to a bank account or cash pick-up at a business location owned by the money transfer company. You’ll want to choose a service provider that provides the collection method that is most accessible to whomever you are sending funds to. If using cash pick-up, you’ll want to check for physical locations in the city and country you are sending money. Ria Money Transfer owns over 500,000 locations in 160 countries, making them very accessible worldwide.
- Associated Fees: when sending money to a different country and converting it to a different currency will incur fees. These fees can differ depending on the service provider you are using to move the funds. Some transfer service providers charge a flat fee, while others base it on a percentage of what you are sending. Also, fees can differ depending on which country you are sending money to. Be sure to review these fees to ensure you are getting the best deal.
- Set-Up: when selecting a transfer service it’s important to know how the set-up process will work, concerning identity verification as this can vary between companies. Some will not allow you to use their services, others will allow you to transfer within a certain limit during the approval process, and some companies offer full use of their services but may impose other limits. If you need to send money within a certain timeframe, it’s important to find a service provider that will allow you to do so.
- Ease Of Use and Customer Service: customer service can often be an overlooked part of working with a company as you don’t need it until issues arise. You can go for years without needing help, but when something does go wrong you want to know you have customer service you can reach out to. When selecting an intentional money transfer service provider, look at when their customer support is available and the ways they have for you to reach them. For example, you may prefer a phone call instead of email, so be sure to find a service provider that offers call-in support.
Many service providers help people send money around the world every day. You’ll want to find a service provider that provides the best rates, fees, accessibility, and help when you need it. As everyone’s situation is unique, what works for someone else may not work for you. With some research, you’ll find a transfer service that best fits your needs and unique situation.