There are a number of reasons you may be considering sending money abroad. Maybe you’re sending money to help your family while you work in another country. Perhaps an international friend needs help and you want to assist. No matter your reason for transferring money internationally, it’s important to keep a few things in mind.
Exchange Rates
When using Ria Money Transfer for any other website, it’s important to consider the exchange rates when you’re sending money. This is especially important if you send a large amount of money. For example, $1 USD is equal to $17.81 MXN. Understanding the exchange rate for foreign currency before sending the money ensures you’re sending enough for your recipient’s needs.
Ways To Send Money
There are several options when you want to send money internationally, so it’s important to check out your options and determine which one best meets your needs. Options include wire transfers, money orders, or bank drafts. When deciding which option works for you, consider how often you’ll be sending money, how fast you want the money to get to the recipient, and how much you’re willing to pay in fees.
Your Rights When Sending Money
You have rights when you transfer money to another country. Understanding what they are ensures you have a good experience. Federal protection of your rights includes ensuring the money is delivered to the intended person. Before you pay, you should receive information about the exchange rate, how much money you’re transferring, how much the person will receive, whether you’re paying any fees and whether the company collects any taxes. You also have the right to cancel the transfer within 30 minutes of sending it. Finally, if you do have a problem, you can report it within 180 days to have it investigated.
Fees and Hidden Charges
Most places charge a fee to send money internationally and some even have hidden charges. It’s important to look over the fine print to determine how much you’ll need to pay to complete your transfer. If you see charges that you aren’t sure about, ask the company what the fees are for. Keep in mind that some fees are pulled from the money you’re sending, so you need to be sure that you have enough to cover what you want to send to the recipient as well as the fees.
Company Reputation
Of course, it’s important to check out the reputation of the company or bank you’re using to complete your international money transfer. Ask friends and family which companies they recommend or do online searches for reviews to determine which ones have the best reputations. This helps to ensure your transfer is completed without any problems. Be sure to check for licenses, insurance, and anything else that will make you feel more comfortable completing your transfer.
Whether you’re transferring a few bucks or sending hundreds of dollars to your family every month, it’s important to know what to expect when you send an international money transfer. This way, you won’t have any financial surprises and can feel confident in your transfer.
