3 Do's and 3 Don'ts – International Money Transfers

Interesting full length videos about Stock Trends, Trading Market, and How to Transfer Large Funds Internationally, 3 Do's and 3 Don'ts – International Money Transfers.

In this video, I am going to explain the 3 Do’s and 3 Don’ts of international money transfers.

For smaller amounts see Peer to Peer (P2P) – Two of the biggest and best are TransferWise & CurrencyFair – https://bit.ly/2LrE6Uy

For larger amounts (above $7000 USD) OFX is a great place to start. Here we compare OFX with TransferWise – https://bit.ly/2WV9mAI

Here are the don’ts.

At number 1, don’t use a bank.

Even if you already use a money transfer service, in the last few years a new generation of services have made things even better. They are easy to sign up, fast, safe and save you lots of money. The key is to know what is available.

At number 2, don’t be blinded by promises of “no fees” or “fee free”. The reality is there are four main fees and often the fixed fee highlighted is the smallest cost. I will talk more about fees in a moment.

At number 3, don’t forget to check the exchange rate you get offered before you transact. The exchange rate you get should not be more than 2.5% over the interbank rate.

Now for the dos.

At number 1, choose a service designed for the amounts you will be sending.

Below $7000 US dollars or 4500 Pounds it is hard to beat a peer-to-peer service which have easy online signup, fast transfers and very low fees.

However above $7000, we found that services who don’t rely on a peer network tend to become better as their fee structure becomes more competitive. Knowledgable phone support also becomes very important as amounts increase.

The number 2 do is, know the real fees.

Here are the 4 main ones:

Most people are unaware that fees can be charged by the two banks at either end. Now you may think that a money transfer service is powerless to reduce these fees, but they can by having local bank accounts in your sending and receiving countries.

The other two main fees are usually made up of a fixed transfer fee and the exchange rate offered.

At number 3, choose a service with excellent reviews.

We analysed thousands of reviews from the best money transfer services and we found two of the biggest challenges people face is; getting signed up and in some isolated situations the money getting lost temporarily. These situations are rare but can occur. The key here is to choose a service with great customer support so you can get any issues sorted out easily.

I hope you found these helpful.

Below this video is more information.

If you are watching this on YouTube, please hit that like button or the dislike button so I know if I should make more videos or not.

Happy Transfers! 😀

How to Transfer Large Funds Internationally, 3 Do's and 3 Don'ts – International Money Transfers.

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3 Do's and 3 Don'ts – International Money Transfers, Get more complete videos about How to Transfer Large Funds Internationally.

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