BETTER SAFE THAN SORRY: WHAT TO KEEP IN MIND WHEN TRANSFERRING MONEY INTERNATIONALLY

In today’s digital age, most people are comfortable with online money transfers domestically. Because of the popularity garnered by services like internet banking and digital wallet platforms, transferring funds within your own country is a piece of cake for most. When it comes to making an international Money Transfer,  that is where people lose confidence. There are, of course, understandable reasons. One has to think about the safety of the inter-country transfer, the exchange rates, and the possibility of getting scammed. If you are a young adult and have just started managing your finances, this can be intimidating. But you need not worry because you can get a grasp over the entire process if you know what to look out for. So, to make things easy for you, here is a brief guide that will come in handy the next time you are transferring money internationally. 

The basics:

If you consider yourself a pro in handling your finances online within your country, there is no reason why you should not think the same while making an international money Transfer. The two processes are similar and only a few extra steps are involved. Here is what happens:

• The banks at the two ends of your transaction are a part of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. Even if you are using a money transfer company, it is likely that they will be using the same. SWIFT is known for being a safe and quick route to transfer money.
• You will provide the details of the recipient’s international bank account number and the SWIFT code of their bank.
• Depending on the country you are making the transfer to, an exchange rate will be fixed. After that, you have to make the payment and wait for the transaction to be complete. 

Things you need to be cautious about:

 The primary reason why an international money transfer sounds like a leap of faith, especially to non-corporate senders, is because if anything goes wrong or you get duped, getting immediate redressal seems difficult. This is why, before you initiate an international transaction look out for these things:

• Whether the money transfer service or the recipient bank and bank account are registered and authentic
• Whether there is a hidden charge 
• Whether your service provider will be able to execute the transaction within the time frame required by you as different providers have different transfer times
• Whether the service provider transfers money to the recipient's country

Doing your research before going all in with your hard-earned money is the key to ensuring a safe transfer of funds internationally. 

How comparison websites can help you:

You can make international transfers through banks or money transfer companies. The latter is cheaper and a more popular choice among people. If you choose to go with a money transfer company to carry out an international money transfer, comparison websites will be your messiah. These websites are a one-stop platform and list all major money transfer service providers in one place for you. Here is how they can help:

• Comparison websites list trusted money transfer companies, which means your chances of getting scammed are almost nil.
• You get an idea about the costs and exchange rates charged by the companies in the market. You can look for the cheapest deals.
• You identify the pros and cons of the top services you were considering and compare what they offer to clients.
• They offer detailed reviews about the companies at the click of a mouse. 

A Final Note: 

Hopefully, this guide addressed most of your concerns. There is nothing better than being alert and cautious while transferring funds, especially internationally. Do your market research before deciding on a money transfer company. Relying on a trusted name like Interchange Financial is the best way to start. With their competitive forex rates and efficient money transfer services, you will undoubtedly be in safe hands.