5 Things to Consider Before Sending a Wire Transfer

Money makes the world go round. So remittances play a very important role in keeping the global economy afloat. Wire transfer is basically a method of transferring electronic funds in foreign countries from one person or entity to another. A wire transfer is done through cash transfer at the cash office or from one bank account to another bank account. 

Once you decide the company to use for wiring money, the rest of the process is very simple. First of all, you should calculate the fees then make a list of information that you need. After that, you can just go for the paperwork needed in a wire transfer. At last, keep the receipt or document of the transfer.

A wire transfer is used in cases of buying an overseas property, for overseas investments, sending overseas tuition fees to the students, transferring money to friends or family members living abroad, spending on a destination wedding and paying the mortgage for a home abroad etc. There are several wire transfer operators to choose from. But in order to avoid wire transfer frauds, you need to keep in mind some important points.

Here are the five important things to consider before sending a wire transfer -

Transaction Costs: In spite of substantial annual growth in the global market the transfer fees remain high in the remittance market. The transfer depends on the location of the money transfer as well as the mark-up on the currency conversion and the additional commissions. These costs fluctuate from time to time. So, if you are willing to send money overseas without paying the extra money, then make sure that money transfer service does not include any hidden costs. Also, you should always know the currency exchange rates between banks and search to know the real exchange rates that banks use. Don't forget to check this rate against what your service provider or bank quotes in order to understand the percentage of mark-up. You can also check the Standard Chartered wire transfer policy for more details.

Time-saving: During an emergency like for paying college fees or medical bills or finalizing an investment deal, time can be the essence of sending money internationally. Thanks to the recent advancements in financial technology, you are able to transfer money in a very short period of time. Even some service providers let you use a transaction tracker feature so that you can be updated about the status of your money until your recipient collects it. Thus, try to search for an international money transfer service which provides both the good speed and the remittance fee.

Customer Service: If you are making a wire transfer for the first time then look for a service provider with reliable customer service so that you can find the answer to all your queries until the transaction is complete. There are several factors that can delay your transaction like server downtime or KYC issues or regulatory checks etc. So, you need a service provider who will deal with your concerns proactively and will start resolving the issues in no time.

Reliability of service: While using international money transfer services, privacy becomes one of the major concerns for many people. An unreliable service provider not only risks your money but also can compromise your personal information, which can cause huge problems in the long run. In order to avoid such problems, you can first make the small trial transaction, which may help you to understand all the variables that are involved as well as you will be able to check the quality of service. 

Convenience -  Leveraging favourable transfer fees and exchange rates may help you to make the most of your money transfers convenient. Hence, you should try to find a service a provider who provides the flexibility to choose a medium of your convenience. Also, go for a service provider who lets you transfer money instantly through cash pay-out channels. Even, some companies offer money transfer through mobile wallet or account credit, which increases the convenience of the beneficiaries. Furthermore, consider such organizations that offer written procedures along with multiple-party verification steps as well as approvals that the authentication of the transaction and makes sure that the account information is accurate in order to avoid wire transfer frauds.

In recent times wire transfer may be considered as a little old fashioned but it is still considered as one of the easiest ways to transfer money overseas. But some people are still not aware of the wire transfer process. The wire transfer process is generally known as the most efficient as well as cost-effective service if it has a physical presence in both sending and receiving ends. So these above-mentioned points will help you to attempt wire transfer successfully. If you consider the points then you can even save yourself from wire transfer frauds.
5 Things to Consider Before Sending a Wire Transfer 5 Things to Consider Before Sending a Wire Transfer Reviewed by Pravesh Kumar Maurya on September 09, 2019 Rating: 5

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