10 things to remember while transferring money online
Online money transfers can be a great way to send funds to family, friends, and business associates. However, we find that there are some common mistakes people make that can cause transfers to be expensive, slow, or lost. The next time you decide to use an online service for money transfers, you need to make sure you remember to do these ten things.
Look at Exchange Rates
When sending money internationally, be sure to look at the currency exchange rates before sending funds. Many websites claim to be completely fee-free, but they may use abnormally high exchange rates to charge you hidden fees. Always compare a site’s exchange rate to more official rates to see if it is worth using the service.
Make Sure the Receiver Can Get the Funds Easily
Nothing is more inconvenient than sending funds online and realizing that you picked a service without any locations near the user. If the person getting the money needs to pick up cash or money order, make sure the business has a store near you. This will keep you from having to redo transfers.
Double Check the Receiver’s Address
A simple mistake like spelling a name wrong can mean your money gets sent to a completely random person, and you may have no way of getting the money back. Because simple errors can cause huge problems, you always need to double-check and make sure you are putting in the right address, bank account number, or name for the receiver.
Vet the Sites You Pick
An unfortunate reality of using the internet is that the potential for fraud may be high. Therefore, it is important that you do not just start throwing money at a random website. You need to make sure that the money transfer service is entirely legal and legitimate. Well established sites that have been around for years and follow all legal requirements will be more trustworthy.
Pay Attention to the Transfer Time Frame
If you are on a tight schedule, you need to remember to carefully look at the site’s transfer time frame. Some services may state the total number of days it takes for them to send money, while others may count the length of time in business days. When you are sending money near a holiday or weekend, you will need to realize that this may slightly extend your transfer time in some situations.
Research Multiple Options
There are plenty of options for transferring money online, so you should take a little time to find the choice that works best for you. For example, some sites charge a higher fee when transferring large amounts of money while others charge the same rate regardless of amount. Looking at these details will help you find the most favorable options.
Send the Right Amount of Funds
It might seem a little obvious, but you do need to remember to make sure you are sending the right amount of money. We know it can be very easy to mix up the amount you have to send or create a typo when entering the amount of money you want to spend. Having to send multiple transfers if you come up short can be frustrating because you will have to pay fees twice.
Always Verify New Instructions
There are a lot of money transfer scams that involve calling or emailing you and telling you to send money to a new account or address. Never accept these instructions at face value. If you are told that your transfer recipient should be changed, directly call or email the recipient through a trusted contact method to see if they really want you to change the sending address.
Pay Attention to Supported Countries When Picking a Service
Before you settle on a money transfer service, you need to check that it supports the country you are sending funds too. Many services may not mention that the nation you want to transfer money to is not an option up front. Remembering to see if a site supports the country you need before you begin can save a lot of time in the long run.
Choose the Most Favorable Transfer Payment Method
How you pay for the funds you are sending makes a big difference when transferring money online. Check with the service you are using to see what the associated fees are for paying with a card, check, cash, or bank transfer. You may find that you can save big just by using a different method of putting funds in someone’s account.
These tips will help your online transfer go as smoothly as possible, so you can make sure your money gets to the right location at the right time.