TOP 10 REASON WHY PEOPLE SEND MONEY ABROAD

An international money transfer is a service that allows you to send money Aboard for whatever reason; this can be carried out using your normal retail bank account international FX brokers and peer-to-peer companies.

People  Send money Aboard for many different reasons, in this article we have put together the top 10 reasons why people Send money Abroad

Top 10 Reasons Why People Send money Abroad

Buying Overseas Property or a Holiday Home Abroad

1. Paying for Overseas Tuition Feesfor Child or Grandchild
2. Overseas Investments or Divestments
3. Sending Money to Friends or Family Who Live Overseas
4. Paying for Accommodation/luxury Holidays Overseas
5. Supporting a Family Member Who is Travelling Overseas
6. Paying for your Wedding Abroad
7. Overseas Mortgage Payments
8. Paying For Work to be Completed Overseas
9. Paying For Bills Overseas

 

If using your bank, while you Send money Aboard ,will have to pay a fee whether you are transferring a large amount of money, or regularly transferring smaller amounts of money to foreign bank accounts.

If you also take into account exchange rates, the costs can really add up. We recommend and help you find ways that you can reduce these fees and achieve superior exchange rates to save you money, while still offering a safe and secure way of transferring money to an overseas bank account

Tips to Transfer Money Abroad Quickly, Cheaply and Safely

You may find that you need to transfer money abroad on a one-time basis or monthly and even weekly.

 

Tips For Transferring Money Abroad

Whatever your requirements, you may want to investigate and explore the best ways to transfer money abroad, especially if you have never done so before.

Today, we’re sharing a few tips for transferring money abroad safely, quickly and at the lowest cost.

 

Being aware of how to transfer money abroad involves a few key components:

• Affordability
• Safety and security
• Reliability
• Knowledge and common sense

1) What To Consider Before we Transfer Money Abroad

When you know a little bit about the ins and outs of sending money abroad, you can rest easy knowing that you’ll save a bit of cash and time, and have peace of mind as well.

There are some things you need to know before transferring money abroad.

2)Be Aware of Exchange Rates

Most people don’t know that the biggest fee when sending money internationally tends to be the exchange rate itself

Banks know this and that’s why they slap on an extra 3 – 6 per cent ‘spread’ on top of the 0% exchange rate they get to use. So you, as an everyday person, have to pay an extra 3 – 6% exchange rate just for the privilege of sending your money somewhere – and that’s before the fixed sending or receival fee they may charge on top.

3)Be Aware of Those Fees

Of course, you’ll need to be aware of transfer fees. Transfer fees can be quietly added on to your transaction from the sender and also to the recipient.

4)Be Safe and Secure

If you transfer money abroad then be safe and secure. Check to see what body regulates and oversees the company. In this way, you can then rest assured that you, your recipient, and your money are all safe and sound. Make sure you can easily contact the customer service team and not be diverted to a large automated call center in some unreachable part of the world.

Source: currencyfair.com/blog/tips-transferring-money-abroad/