Companies and individuals alike have a plethora of reasons to transfer money abroad, and the volume of international transactions is growing constantly. However, despite the impression that the world functions as an integrated whole, many things vary greatly depending on the country of your residence and the availability of payment providers. Regardless of whether you’re going to pay your employees on the other side of the globe or buy a vehicle in the neighboring country, here are facts and hacks you should know about before sending your hard-earned bucks abroad.
Be Aware Of The AML Policy
For some years now, the majority of countries insist on the strict following of the international AML policy intended to prevent money laundering, which is a serious offense. Make sure to brush on the local laws, paying special attention to the maximum amount of money you are allowed to transfer. Also, don’t forget to find out if you have a responsibility to report such transactions to respective authorities, because lack of knowledge of laws and procedures is never an excuse.
Your Bank Or E-Wallet?
Generally speaking, you can send money using a bank transfer or one of the popular e-wallets. Well, there is a good reason why more and more individuals and companies take advantage of various electronic payment methods to send or receive funds. As a rule, banks charge heftier fees and cannot brag of lightning-speed processing times. However, when choosing an e-wallet, carefully read all the fine print because some of them have become insatiable when it comes to charges for their services. Also, it is very important to check out conditions for your country of residence because fees may differ dramatically from one country to another.
Look For A Fair Currency Exchange Rate
International money transfers always involve currency exchange and it’s crucial to know whether your payment provider or bank is going to offer you a fair rate. As stated at https://www.oanda.com/foreign-exchange-data-services/en/exchange-rates-api/ by leaders in global currency data and trading, the easiest way to stay on top of the ever-changing market is to integrate a dedicated API that provides real-time rates for dozens of currencies. Naturally, you can also google rates but keep in mind the rates they provide are of informative character only. Anyway, make sure that the exchange rate offered to you by your payment provider is reasonable and not obviously paltry.
Processing Fees And Other Charges
Another important moment, check whether your money transfer is subject to any additional processing fees or specific charges. Set aside enough time to do research and choose the most advantageous option because chances are you will have to do some math. A payment provider with the best exchange rate may charge hefty fees while the one with the lowest charges for processing payments will have an unattractive exchange rate.
The thing is that neither banks nor other payment providers like too much transparency, so their fees are often skillfully hidden in the fine print. Well, you do not necessarily have to spend hours trying to read endless pages of text that is all Greek to the majority of people. You can go a simpler way and ask the representative to tell you the exact amount your recipient will receive. The answer will explain everything and help make the right choice.
Safety And Security
Looking for a reputable payment provider is a no-brainer, however, that doesn’t mean you should stick with your bank because you have been holding an account with them for a great many years. The majority of e-wallets provide an absolutely safe and secure payment environment, protecting all sensitive data and personal details with SSL encryption technology. There is no need to worry that your bank details and credentials may become viral, but, of course, it’s always wise to look for a company with a good reputation and many clients.
Don’t Settle For Slow Processing Times
Even if you are not in a hurry, do not settle for unreasonably slow payment processing that takes several days or more. Thanks to the modern technologies applied in the financial world, the great bulk of transfers are instant. Some payment providers may have different fees depending on the speed, so, if one day doesn’t make any difference, save your money and proceed with the regular transfer time.
Just like with all other things in life, international money transfers seek informed decisions, that’s why always look deep into the matter and don’t leave even the slightest details to chance. Find a secure payment provider that offers the best deals for your country and for your specific situation.
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