We’ve previously gone over why you should choose money transfer over other methods of sending money, and we’ve discussed how to start your transfer. But one question we haven’t answered is, “When should I make a money transfer?”
Everyone’s circumstances are different, and whether it’s the right time to make a money transfer will depend on you and your needs. But what we can share with you are some of the circumstances in which money transfer is the safest, fastest, and most convenient option for sending money internationally.
Sending Money to Loved Ones at Home (or Abroad)
Whether you’ve moved abroad for school or work or your loved ones have relocated to another country, there could come a time when you’ll want to send money to one another (particularly if you’re supporting your family or you have a dependent abroad). You could take the low-tech route and send money through snail mail, but not only will you have to wait quite some time for it to be delivered, there’s also the potential of it being lost or tampered with in transit.
For these types of situations, money transfer is ideal because you can trust that the money will reach your recipient quickly, and be completely secure during the trip.
Putting Money in Your Own Account in Another Country
Yes, you absolutely can transfer to yourself! If you frequently travel between your new home country and your old one, you probably still have a bank account back home. If you want to keep a sum of money in that account and continue to build your savings, you can transfer directly to your own account. You can build up your savings from overseas, and you won’t be privy to the potentially unfavorable exchange rates you might get if you waited to exchange through your local bank.
If you’re looking to maximize the amount of money you can put in your account, you could set up a Rate Alert to let you know the best time to transfer. No need to constantly check the markets—we can do that for you.
Making International Payments
You might be making payments to another country. You could be an employer paying employees located overseas, you could be making investments, or you could be making payments for educational fees, medical bills, mortgages, or pensions. Regardless of why you need to be making the payments, using an online money transfer provider to make your payments will ensure that your payments always arrive safe and sound by their deadline.
Additionally, if you’re in a situation where you need to make these international payments on a regular basis (for paychecks or mortgage payments, for example), you can set up a recurring series of payments through Regular Payments Abroad. For just a one-time setup, you can rest assured knowing that your payments are queued up and ready to go.
Think about the last time you traveled to another country. Did you have their currency on hand? It’s more likely that you needed to get a supply for your trip. Exchanging money at your local bank, at an airport kiosk, or at a bank or ATM at your destination are all usable methods, but they’re not the best for one reason: rates.
Banks and other currency exchange services set their own exchange rates. It’s great for them, but it might not be as great for you. The rate will favor the institution, and you might not get as much bang for your buck when you exchange.
If you choose to get your currency ahead of time with an online money transfer, however, you can trust that you’re getting the fair, honest mid-market rate. What you see is what you get: no hidden service fees anywhere.
If you need to take the money you have and exchange it to another currency, an international money transfer is the best option for several reasons:
- You can trust that your money will arrive at its destination safe and sound, with your information completely secure;
- Your money will arrive at its destination quickly, within a few business days (but often sooner), and you’ll know exactly when it will arrive so you can plan for any payment deadlines;
- It’s easy to do online from anywhere, and can be initiated 24 hours a day, 7 days a week.
At Xe, we facilitate money transfers to over 130 countries in every major global currency. Need to make a transfer soon? Get started today.