I
f you are considering sending an international money transfer, it is important to understand the entire process before you proceed. Making sure your money gets sent to the right place is crucial. Sending an instant money transfer can be done internationally or locally, and knowing the difference between the two and what is needed for each will help you save time and possibly fees.
Check Exchange Rates
The first thing to understand about money transfers are exchange rates as they are commonly missed during this process. When sending money to a country that uses different currency, check the exchange rates and make sure you know how much the receiver will be getting. Also, make sure that you and the receiver understand what the money will be converted to after it is sent to avoid any communication issues. For example, some may expect to be getting Euros, but you are sending Pounds.
Required Information for Money Transfers
So what do you need to have a successful money transfer? Depending on where you send it and the method used you may need an IBAN, or International Bank Account Number, instead of using your average bank account number. Some banks require this before you send money internationally, while some might send it through depending on the type of transaction. Be sure to check what your bank will request of you.
If you are thinking about using an international money transfer or an instant money transfer, you now should know the basics and be on your way to a successful transaction. Remember, if you have any questions you can always ask the bank or the mediator you are using as they will know the answers to additional questions.
