Avoid These Mistakes When Sending Money Abroad

by Darwin on July 26, 2016

Whatever your reasons for sending money abroad, there are a number of mistakes you must avoid to save on the costs. Whether it’s business or personal related, and whatever currencies you’re using, there are various pitfalls that people end up in. Using CurrencyFair is a safe way to transfer finances abroad, but there are a number of common mistakes to avoid in order to make it as safe as possible.

Ignoring Hidden Fees

Looking just at the upfront fees and not taking into account tansaction and other fees is a regular mistake. For one off payments it can have a minimal effect, but if you’re transferring money abroad on a weekly or monthly basis then it can soon add up. When deciding who to transfer with, check the transaction, commission and other hidden fees to get a real sense of the overall cost.

Going with the First Option

As with almost everything, shopping around is key to get the best possible rate when transferring money abroad. Exchange rates and fees differ between banks and other financial services that allow you to send international transfers. A simple online search will take minutes but can save you plenty of money, especially if you regularly transfer money.

Not Converting to Foreign Currency

Especially for businesses, not converting to foreign currency is a major drawback. When sending money to a foreign bank, if it arrives in the wrong currency then a lot of places will send it straight back. This can result in higher fees being charged and a lot of time and money wasted. Plus, if it’s going to a client or supplier then they will find it very unprofessional.

Playing it Safe

Haggling is an underused practice when transferring money, but it can be a great way to save a lot of money. The worst that can happen is a bank will say no if you try and get a reduced rate. However, many places will want your business and be happy to give you a better deal, especially when transferring a lot of money at one time or in regular instalments.

Leaving it Late

Leaving it late is a mistake for a number of reasons. Your options will be limited, so will probably end up settling for one of the first choices. This will usually be at a higher rate. You could also have missed out on an earlier time when the exchange rate was better. Avoid these mistakes to get the best deal when transferring money abroad.  



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