January 28, 2021 — 5 min read
Sending money overseas must be a complicated process, right?
It doesn’t have to be!
Money transfers are often quick, easy and smooth, depending on the platform you choose. To make your money transfer experience even more efficient, we’ve created a money transfer checklist to help you prepare for your local or international currency exchange, before that transfer deadline approaches.
This money transfer checklist will not only help you understand the process and what is required of you, but will also help you to get the best rates for your money and get a currency exchange and money transfer service that is as safe, secure, reliable, and fast as possible.
Here are the key things to do before making a currency exchange and a money transfer:
Start by checking the rates with various providers before making a currency exchange and a money transfer. Banks aren’t the only option for checking exchange rates and transferring money abroad. Online money transfer platforms such as Xe support international money transfers, and could offer you better rates and services than financial institutions.
Exchange rates are never constant for too long; they are constantly moving based on several market factors like demand and supply. What seems like a high or low exchange rate right now, may not be the same in a few hours’ time or in the next day or two.
It is important to check the exchange rate just before you make your money transfer. Even if you checked earlier that day, you’ll want to get an accurate snapshot of the rate—and what your transfer would cost—if you were to send money right now.
You can get live exchange rates on the Xe Currency Converter, get your quote, and transfer money to over 130 countries in all major currencies worldwide.
Shopping around for the best prices before your money transfer is a smart and easier way to get the most out of your foreign exchange and transactions. Banks and wire transfer providers may seem like a good option. But their hidden fees, charges, and money transfer speed might end up costing you more than you think.
At Xe, we offer competitive rates with no hidden fees, and we provide various money transfer services customized to your precise needs.
When you’re sending money around the world and providing your (and your recipient’s) personal and banking information, you’re going to want to use the provider
At Xe, your safety is our first priority. You’ll have the benefit of enterprise-grade security to keep your money safe and secured. We are a member of the NASDAQ-listed Euronet Worldwide group and adhere to regulatory measures in every country we do business.
There are several reasons why you may decide to do a money transfer. Regardless of why you’re making the transfer, make sure you enquire from the recipient about the precise time they expect the money. Some money transfers are time-sensitive, while you can do others anytime you want.
For example, money transfers for school fees, mortgage payments, and medical bills etc. are time sensitive. Others such as a gift to a friend, may not be so time sensitive depending on their situation.
Our transfers typically complete within 1-4 business days. Most are done within 24 hours, with some taking just minutes and happening almost in real time. If you know you have a payment coming up, you might want to try using a forward contract to take care of your transfer now and set it to automatically send in the future.
Before you choose any money transfer method or platform, enquire about their customer support. Do they provide a 24-hour customer support service and how many days in a week? Are you required to visit a particular physical location to get the support you want or can you access it regardless of your location? Can you contact trained specialists, or can they only offer general support? These are key things to consider before making a money transfer.
If you opt for an online money transfer platform like Xe, you’ll have access to expert customer support and instant money transfer for 24 hours a day and seven days a week. Regardless of where you are in the world, if you ever need the assistance of the customer support team for any reason, they are just a phone call or an email away.
Time to transfer? Are you sure you have everything you need? Do you even know what you need?
There’s nothing more demoralizing than getting ready to send money and realizing that you don’t have all of the information that you’ll need to provide. And if you’re on a time crunch, having to stop to get this information could cause you some problems.
We encourage you to check out our guide that lists out everything you’ll need. But we’ll give you a quick rundown here too:
The currencies you’re exchanging and the amount
Your recipient’s full name, address, bank name, bank account number, and BIC/SWIFT code)
Your payment information (you can pay by card, bank transfer, or direct debit)
Trust us…having this all at your fingertips before you start the transfer will make things much easier!
Sending money overseas doesn’t need to be complicated at all, and we hope that we’ve helped you understand a little more about what you’ll need to do once the time comes to transfer. Feeling ready? Log in or sign up now to get started.
(Need a checklist for that? We’ve got you covered.)