6 Things to Consider Before Making an International Money Transfer

Depending on what you’re trying to transfer, where you’re transferring to, and what your time frame is, you may have different needs for your transfer.

Xe Consumer

March 13, 2020 4 min read

Not all transfers are created equal. Depending on what you’re trying to transfer, where you’re transferring to, and what your time frame is, you may have different needs for your transfer.

Making a money transfer is a quick, simple process. You can make this process even easier for yourself by taking a moment to consider the details and whether they’ll have any impact on your transfer. If you know this, you’ll be able to select the best money transfer company and make the right transfer for your objectives.

Ready to transfer? Make sure to ask yourself the following questions.

1. Where are you transferring money, and in what currencies?

Be aware: not all transfer providers are created equal. Make sure that your facilitator of choice can make a money transfer to your chosen location and in your currencies.

If you are making a transfer to a smaller currency, your transfer could potentially take longer to complete than a transfer between major world currencies.

What should I do? Double-check with your money transfer provider to ensure that they can make a transfer in your chosen currency to your destination of choice.

2. What’s the current transfer rate?

The currency values and your rate will make a big difference in how much money you’ll need to transfer. Even if you just checked the rates yesterday, the motion of the markets and current world events could have a major impact on your chosen currencies and give you a different rate today.

What should I do? Plug your currencies into the Currency Converter to get a glimpse of the current rate for your transfer.

Are you looking for a particular rate? Set a rate alertto notify you when your ideal rate is live.

3. How much money are you transferring?

Not all transfers are limitless. MoneyTransfers.com advises you to research your provider carefully, as many money transfer operators limit the amount you can transfer at once. If that is the case, you would need to separate the amount into multiple transfers or look for a provider that allows you to send the full amount.

What should I do? Confirm that your provider will allow you to transfer the amount that you want. An international money transfer with Xe will not set any limit to your transfer amount.

4. Do you know how much you’ll be paying in transfer fees?

When you ship a physical package overseas, it’s normal to pay a shipping fee. Money transfer is the same way, even if there isn’t any physical money motion.

When you provide the information for your Xe transfer, any transfer fee will be clearly indicated before you have confirmed your transfer. Make sure to look for that and take note of it. This is the only fee you’ll see—you don’t need to worry about surprise fees.

What should I do? Look over your transfer details carefully, and make sure you understand how much your transfer fee is.

5. Are you on a time limit?

Most international money transfers will complete within the day, but make sure you confirm when your transfer will finish. This will also be indicated to you after you’ve entered your details, before you’ve initiated your transfer.

What should I do? Read over your transfer details carefully. You should have already done this, but it never hurts to double-check!

6. Do you trust your money transfer provider?

When entering sensitive personal and financial information and transferring money overseas, you want to be sure that you can trust the party that will be handling your money and information. Carefully research your money transfer operator and make sure that you’re transferring through an institution with established transfer experience and strong security measures.

What should I do? Make sure to run your money transfer through a secure, trusted facilitator. Always research before making your transfer!

A money transfer doesn’t need to be a complicated process. As long as you know what you're transferring and what the objective is for your transfer, you'll be on track to making the best decisions for your personal transfer.

Ready to start the transfer process? Take a look at our guide to everything you'll need to make a transfer.

Money Transfer