International monetary system and remittances

Are you looking for a reliable method to send money to an expat family member or friend on a regular basis? Do you need to send a large amount of money overseas for the purchases made by you in the real estate sector or for your children’s education fees? This world of funds transfer can be quite difficult for you to understand and penetrate and many people wonder how to send money overseas. Many times deciding between choosing a bank or a money transfer company and how to send money overseas can be a challenging task for the people who need to remit the money back home. Also, the fluctuations in the rate of exchange pose a great challenge for the people who are not quite well versed with the procedures of how to send money overseas.

There are various different ways of sending money overseas. In this article we will discuss everything you need to know about transferring the money to an overseas nation. So if you have very little or no idea about how to send money overseas read this post to the end.

The mediums through which you can send money abroad can be any one amongst the banks, forex brokers, and the firms which deal with the money transfer.

The decision to choose how you should exchange your money should be taken based on the following factors:

  • The amount of money you need to send
  • The costs involved in sending the funds
  • How often do you need to transfer the funds
  • The modes by which the recipient can receive the funds
  • Is there any urgent need of the money to the one whom you are sending it?

You should follow the following steps to choose the right way of transferring the funds:

  1. Analyse the options available to you

You can opt for banks, forex brokers, and money transfer firms such as the Western Union, MoneyGram, Instarem, etc. when thinking how to send money overseas. Generally people consider the banks as the most safest and convenient way of money transfer. The firms which transfer money are considered to be the fastest means of transfer. The only drawback is that it is quite costly if you have to transfer little amount of money. Forex brokers are the other option available to you but they should be used when large amount of funds have to be transferred overseas.

  1. Analyse the costs involved

When you are making a decision on how to send money overseas you should calculate all the costs that would be involved in transferring the funds. The costs of money transfer can be split in three parts:

  • Rates of foreign exchange
  • The extra charges taken by the firm transferring the funds
  • The extra charges on the receiver’s end to get the money from the firm, if any.

Get the price quotations from all the probable sources and then choose the one best suited to you.

  1. Analyse the company details

Once you are sure enough about how to send money overseas, you should approach that company and find out if that particular firm can handle the amount of funds you want to transfer within the stipulated time. Also, make sure that the firm you are hiring is authorised by the financial authority of the nation. Always keep the entire paperwork safe with you. You’ll need it in case of any disputes or discrepancy with the firm involved.

Last but not the least; be safe and protected from the fraudsters. Hope this post helps you understand how to send money overseas.