Sending Money Internationally 101: All the Basics You Need to Know

Table of Contents

• About Sending Money Internationally
• Choosing an International Money Transfer Service
• Getting the Best Exchange Rate
• Avoiding Common Mistakes
• The Different Methods for Sending Money Internationally
• Sending Money Via Wire Transfers
• Sending Money Through a Bank
• Sending Money Using an International Money Transfer Service
• Sending Money Via PayPal
• International Money Orders
• Foreign Currency Drafts
• Sending Cash
• Things to Keep in Mind
• The Bottom Line
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

In today's globalized economy, it's more important than ever to be able to send money internationally. Whether you're a business owner who needs to pay suppliers in another country, or you're a family member who wants to help out a loved one abroad, Sending Money Internationally can be tricky. There are a lot of options available, and it can be hard to know which one is the best for your needs.

In this article, we will walk you through all the basics you need to know about Sending Money Internationally.

About Sending Money Internationally

First, let's start with the most important question: why do you need to send money internationally?

There are a few reasons why you might need to send money abroad. Maybe you're working overseas and need to send money back home. Or maybe you have family or friends who live outside of your country and you want to send them money.

Whatever the reason, if you need to send money internationally, here are a few things you should keep in mind.

• Sending money is quick and easy
• Choose the payment method that works best for you
• Get started with just a few clicks
• Send money to any country in the world

Choosing an International Money Transfer Service

When it comes to finding the right international money transfer service for your needs, there are a few key factors you need to take into account. First and foremost, you'll want to make sure that the service you choose is reliable and trustworthy - after all, you're sending your hard-earned money overseas, so you'll want to be sure it arrives safely at its destination.

You'll also want to compare Transfer Fees and Exchange Rates between different providers, as these can vary significantly. You can check all of those fees with RemitFinder. And finally, consider what other features and services might be important to you - such as the ability to send money online or via a mobile app, or 24/7 customer support.

There are many factors at play when choosing the right money transfer company - exchange rates, fees, speed, and so on.

Getting the Best Exchange Rate

One of the most important things to consider when Sending Money Internationally is getting the best possible Exchange Rate. After all, even a small difference in the rate can make a big difference to the amount of money you receive (or spend) on your transaction.

There are a few different ways to get the best exchange rate:

• Use a site like RemitFinder to find the best remittance exchange rates quickly and easily.
• Use an international money transfer service that offers competitive exchange rates.
• Check the mid-market rate before you send - this is the 'true' exchange rate, and you'll be able to see how much better (or worse) off you are with your chosen provider.
• Consider using a forward contract - if you need to send money at a later date, you can lock in today's exchange rate for up to 12 months in advance.
• Use a limit order - this allows you to set your exchange rate, and your transaction will only go through if the market rate reaches your desired level.

Avoiding Common Mistakes

While Sending Money Internationally is generally safe and easy, there are a few common mistakes that can trip you up - and end up costing you time and money. Here are some of the most common mistakes people make when Sending Money Internationally, and how to avoid them:

• Not shopping around for the best deal: As we mentioned above, it's important to compare Transfer Fees and Exchange Rates between different providers before making a decision. Don't just go with the first provider you come across - take the time to shop around and find the best deal for you. With a site like RemitFinder you can find the most up-to-date information available quickly and easily.
• Sending money without knowing the Exchange Rate: Always check the current Exchange Rate before Sending Money Internationally, so that you know how much your recipient will receive. The last thing you want is for your money to be worth less than you thought it would be.
• Not using a limit order: A limit order can help you avoid costly mistakes by allowing you to set your exchange rate. That way, if the market rate moves against you, your transaction will simply not go through.

Avoid some common money sending pitfalls to ensure you make the most of your money.

The Different Methods for Sending Money Internationally

There are a few ways of sending money internationally, and the best method depends on the amount of money you're sending, how quickly you need it to arrive, and what your relationship is with the recipient.

The most common methods are wire transfers, international money orders, and foreign currency drafts. Sending cash is also an option, but it's not recommended because it can be lost or stolen.

Here are the details of each method:

Sending Money Via Wire Transfers

A wire transfer is an electronic transfer of funds from one bank to another. Wire transfers can be done online, by phone, or in-person at a bank branch. The sender will need the recipient's bank account number and routing number. The recipient can then pick up the funds at their bank or have them deposited into their account. Wire transfers are usually fast, but they can take a few days to process. And there may be fees charged by both the sending and receiving banks.

• Safe and secure - wire transfers are one of the most secure ways to send money
• Fast - funds are typically transferred within a few days
• Convenient - can be done online, by phone, or in-person
• Expensive - usually fees are charged by both sending or receiving banks

Sending Money Through a Bank

When it comes to sending money internationally, one option is to go through your bank. This can be a good choice if you already have an existing relationship with the bank and feel comfortable using their services. Additionally, banks typically have lower fees for international transfers. However, they also tend to take longer to process the transaction.

Sending Money Using an International Money Transfer Service

If you're looking for the most convenient way to send money internationally, using an international money transfer service is probably your best bet. These services are typically faster than banks and can be a good choice if you need to send money urgently. However, they often have higher fees.

Another thing to keep in mind is that international money transfer services typically have a limit on how much money you can send in one transaction. For example, Western Union allows you to send up to USD 5000 per transaction, while MoneyGram has a limit of USD 1000.

Sending Money Via PayPal

A final option for sending money internationally is to use PayPal. This method can be convenient as it's a service that many people are already familiar with. Additionally, PayPal typically has lower fees than international money transfer services. However, it's important to note that not all countries support PayPal transfers.

• PayPal is a familiar, trusted service
• Lower fees than many international money transfer services
• Available in many countries - but there are exceptions
• Quick and easy to use

International Money Orders

An international money order is similar to a regular money order, but it can be used to send funds internationally.

To get an international money order, you'll need to go to a post office or bank. You'll need the name and address of the recipient, as well as the amount you want to send. The recipient can then cash the money order at their bank or post office.

Foreign Currency Drafts

A foreign currency draft is a cheque that's written in a foreign currency. Foreign currency drafts can be used to pay for goods or services overseas.

To get a foreign currency draft, you'll need to go to a bank and order one. You'll need the name and address of the recipient, as well as the amount you want to send. The draft will be made payable to the recipient in the foreign currency. The recipient can then take the foreign currency draft to their bank to cash it or deposit it into their account.

Sending Cash

Sending cash is not recommended because it can be lost or stolen. If you do decide to send cash, we recommend sending it by registered mail so that you have a record of when and where you sent it. When sending cash, be sure to include your name and address so that the recipient can return the money if it's lost or stolen.

There are numerous ways to send money internationally. Compare pros and cons of each option to pick the best one for your needs.

Things to Keep in Mind

With the globalization of the economy, it's becoming more and more common for people to need to send money internationally. Whether you're paying rent to a roommate in another country or sending money to family overseas, there are a few things to keep in mind about how to send money internationally.

• Make sure that you use a reputable company. There are a lot of scams out there, so do your research and only use companies that have good reviews.
• It can be expensive, so make sure to compare rates between different companies before choosing one. Some companies will also charge extra fees, so be sure to read the fine print.
• You will need to provide some personal information, such as your name and address. Make sure that you are comfortable with giving this information out before proceeding.
• It can take a few days, so be patient and don't expect the money to arrive immediately.

The Bottom Line

When it comes to choosing the best method for you, be sure to consider factors like fees, speed, and convenience. With a little bit of research, you should be able to find the perfect solution for your needs.

Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

RemitFinder is an online service that helps you track remit exchange rates. By checking and comparing the latest remit exchange rates, you can get the best exchange rate for your money transfers. RemitFinder, thus, helps you to get the best return for your hard-earned money.

Find the cheapest rate to transfer your hard-earned money - visit our site or download the app on Google Play or Apple App Store now.