The Worst Advice You Can Hear About Sending Money Overseas from the US

Table of Contents

• The Worst Advice about Sending Money Overseas from the US
• Sending money through your bank is always the best option
• Use a prepaid debit card
• You should always go with the cheapest option
• You don't need to worry about taxes when sending money overseas
• The best way to send money overseas is through a wire transfer
• You should get traveler's checks
• Just carry the cash with you when you travel
• Don't wait until the last minute
• Why Is Using Your Credit Card the Worst Idea When Sending Money Overseas?
• The exchange rate will almost always be unfavorable
• You will be charged a foreign transaction fee
• You may be hit with cash-advance fees
• How Much Does It Cost to Transfer Money from the US?
• What Is the Best Way to Send Money Overseas from the US?
• How Can You Protect Yourself from Money Transfer Scams?
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

When it comes to sending money overseas, there are a lot of different opinions out there. Some people will tell you that the only way to do it is by using a specific service or by going through a certain bank. Others will tell you that it's not safe to send money overseas at all.

In this article, we're going to debunk some of the worst advice that you can hear about sending money overseas from the United States.

The Worst Advice about Sending Money Overseas from the US

Sending money overseas from the United States can be a complicated and costly process. There are several factors to consider, including exchange rates, fees, and local laws and regulations. Unfortunately, there is a lot of bad advice out there about sending money overseas. Here are some of the worst pieces of advice you may hear:

Sending money through your bank is always the best option

Banks might be the most well-known way to send money abroad, but that doesn't mean it's the best way. It's probably the worst advice you can hear about sending money from the US overseas. Banks typically charge high fees for international transfers, and their exchange rates aren't very favorable either.

The good news is that there are much better options out there that can save you a lot of money on fees and get you a better exchange rate. Foreign exchange brokers and peer-to-peer money transfer services such as Wise (formerly TransferWise) are usually much cheaper than banks, and they also give you a more transparent and fair exchange rate. If you are looking to send money overseas from the US, definitely do your research and compare different providers before making a decision. This will help you save a lot of money in the long run.

Banks tend to offer lower exchange rates and charge higher fees for international money transfers. Explore all options before you decide to use a bank for sending money abroad.

Use a prepaid debit card

This is also a bad idea for the same reasons as using a credit card. You will be charged fees for using a prepaid debit card and the exchange rate will probably not be in your favor.

You should always go with the cheapest option

The problem with this piece of advice is that it ignores the fact that there are other important factors to consider when sending money overseas, such as speed and convenience. Sometimes, paying a bit more for a better service is worth it.

You don't need to worry about taxes when sending money overseas

This is one of the worst pieces of advice you can hear. Taxes are a very real concern when sending money internationally, and you could end up owing a lot of money if you're not careful. Make sure to do your research and talk to an accountant before sending any money overseas.

The best way to send money overseas is through a wire transfer

Wire transfers can be expensive, and it may take a few business days till the recipient will receive the funds. Again, using a specialist international money transfer service is usually a better option.

International wire transfers can be a slow and expensive option. Compare with other options to ensure you use an optimal way to send money overseas.

You should get traveler's checks

This is probably the worst advice you can hear when it comes to sending money overseas from the United States. Traveler's checks are a pain to cash, and you'll likely get hit with all sorts of fees. You're better off using a credit card, debit card, or prepaid travel card.

If you absolutely must use traveler's checks, make sure to get them in small denominations (no more than USD 50 per check). And be prepared to pay a fee to cash them. The best place to cash traveler's checks is at a bank or large hotel, but even then, you'll likely pay a fee. Unless you're positive that traveler's checks are your only option, don't bother with them. There are much better (and cheaper) ways to send money abroad.

Traveler's checks come with hefty fees and are not easy to cash overseas.

Just carry the cash with you when you travel

This is probably the worst piece of advice you could ever follow. Carrying large amounts of cash with you when you travel is incredibly dangerous. If you lose that cash, you're out of luck. And if you get mugged or robbed, you could end up in a very dangerous situation. It's just not worth the risk.

Don't wait until the last minute

This is probably the most common piece of advice that people will give you when sending money overseas from the US. The thinking behind it is that you'll get a better exchange rate if you wait until closer to the date of your transaction. However, this isn't always the case.

First, let's look at what an exchange rate is. An exchange rate is simply the value of one currency in terms of another currency. The foreign exchange market, or Forex, is where currencies are traded and their rates are determined. The Forex is a global, decentralized market with no central location or Exchange Traded Funds (ETFs). This means that exchange rates can fluctuate rapidly and unexpectedly due to a variety of factors such as political and economic news, central bank intervention, and even natural disasters.

If exchange rates can fluctuate so much, how can you know when the best time to send your money is? The answer is that you can't. Even if you could predict the future movements of the Forex market, by the time you've made your transaction, the exchange rate could have changed again.

Exchange rates constantly fluctuate, so make sure to monitor them to time your transfers as best as possible.

Why Is Using Your Credit Card the Worst Idea When Sending Money Overseas?

There are several reasons why you should not use a credit card to pay for your international money transfer. Below, we list the primary reasons to stay away from credit cards as a payment method for sending money overseas.

The exchange rate will almost always be unfavorable

When you make a purchase in a foreign currency with your credit card, the bank will typically use their exchange rate, which is almost always worse than the current market rate. For example, if the current market rate for EUR/USD is 0.90, the bank may only offer you an exchange rate of 0.85.

You will be charged a foreign transaction fee

In addition to the unfavorable exchange rate, your credit card company will also charge you a foreign transaction fee, typically around 3%. If you are sending USD 1,000 overseas, you could be paying USD 30 in fees just to use your credit card.

You may be hit with cash-advance fees

Some credit cards will treat a money transfer as a "cash advance" and charge you additional fees for this service. These fees can range from a few dollars to upwards of USD 50 depending on your credit card company's policies.

Using a credit card for money transfers is generally a bad idea due to bad exchange rates and high fees.

How Much Does It Cost to Transfer Money from the US?

The average cost of an international money transfer from the US varies anywhere from 0 to up to 10s of Dollars. Such a variation exists since the fees can vary greatly depending on the specific bank or service you use, as well as the amount you are sending overseas. You may be able to find a cheaper option if you shop around and compare rates.

In addition to the transfer fee, you will also need to pay any applicable currency exchange fees. These fees can sometimes be hidden in the fine print, so it's important to read all the terms and conditions before making a transfer.

As a general rule, it's best to avoid using your regular bank for sending money overseas. The fees are typically much higher than what you would pay with a specialist provider. In some cases, banks will also add on additional charges for transactions like currency conversion.

Consider using money transfer companies that specialize in sending money overseas to get the best exchange rates and deals.

What Is the Best Way to Send Money Overseas from the US?

This is a question that we get asked a lot, and unfortunately, there is no easy answer. The best way to send money overseas from the US depends on a number of factors, including where you are sending the money, how much you are sending, and what type of transfer you need.

That said, there are a few general tips that we can give you to help you make the most of your money transfer. First and foremost, always use a reputable and regulated money transfer service. There are a lot of scams out there, so it's important to do your research and choose a company that you can trust.

Second, try to avoid making bank transfers if possible. Banks typically charge high fees for international money transfers, and the exchange rates they offer are often not very competitive.

If you are sending a large amount of money, you may want to consider using a service that allows you to lock in an exchange rate in advance. This can help you avoid losing money if the market moves against you.

Finally, remember to always compare fees and exchange rates before making a transfer. There is no one-size-fits-all solution when it comes to sending money overseas, but by following these tips, you can be sure that you're getting the best deal possible.

Sending money overseas is complicated. Follow some of the above best practices to make the most of your hard earned money.

How Can You Protect Yourself from Money Transfer Scams?

When sending money overseas, there are a few key things you can do to protect yourself from scams. First, make sure you are using a reputable and well-known money transfer service. Many companies offer these services, so do your research to find one that is trustworthy.

Second, be sure to send money only to people or businesses that you know and trust. If you are unsure about who someone is, do not send them any money.

Finally, always keep your personal information safe and secure. When creating an account with a money transfer service, be sure to use a strong password and never share your login information with anyone else. By following these simple tips, you can help protect yourself from becoming the victim of a money transfer scam.

Follow security best practice to ensure your money and information are safe at all times.

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.