When it comes to an international money transfer, banks usually pop up on your mind as the first or even the only option available. However, now you can find different methods, and due to technological advances, many are manageable online. It means you can send or receive money from one country to another no matter where you are — a hotel room, an office overseas, any fancy resort, or your home.
In this article, you will find some features to observe while evaluating your options for international money transfers and the main methods available. Check it out!
What to look at before an international money transfer?
Before making any international money transfer, it’s worth analyzing some factors that can affect it, such as exchange rates, fees, hidden fees, safety, and the speed of transactions. For one process or another, it might not assemble much difference.
However, multiple operations can be costly, depending on your chosen option. And you may end up paying more than you should for large or regular payments.
Every transfer service offers a different exchange rate based on the mid-market rate. It marks the midpoint between the buy and the sell prices for two currencies and changes daily.
So a good practice for entrepreneurs, companies, and business travelers is to check those values among the services available and compare them to the standard exchange rate. You can find it using the currency converter from Google or through websites.
Fees for international transfers can be high and vary from one service to another. Also, be aware of hidden fees that can go unnoticed. They are often passed to the customers without clarity because banks and other services don’t tell them. It’s worth checking all the providers available before a transaction to get the best deal. Some holidays may affect it too, so pay attention when you schedule any payment.
Safety is primordial when it comes not only to business but to everything we do. Check if the service you choose is under the regulations of the countries where it operates and if it meets all risk and compliance assessments.
It’s also important to check the standards to protect your money against laundering or scam. Each option has its benefits and drawbacks. The best for you is the one that offers an attractive cost-benefit and fulfills your needs.
From when you manage a transaction to when the money reaches an account overseas, time can be crucial if you have a payment schedule to follow. Each method offers different deadlines. Some can be a bit slower, while others (usually the web platforms) can deliver any amount within one business day. Besides, whenever possible, you can check and wait for a better exchange rate to save money and time.
Quality of support
Finally, don’t forget to consider the quality of the support. International money transfers may require some help as any other service. Besides rates and fees, you need a provider with a team at your disposal for quick responses. So keep this in mind and look at their levels of customer service in case something goes wrong or you need an extra hand to manage payments to another country.
What are the options to manage international money transfers?
Traditional methods to send money internationally include bank transfers, money orders, and the post office service. Due to the technological advances, more options are available, such as PayPal and other web platforms specialized in foreign exchange — including Husky.
It helps connect people, friends, families, employees, and companies. Meanwhile, sending and receiving money gets simpler, faster, and cheaper.
It’s probably one of the first options that popped up in your mind. Bank transfers still are the most common method of managing international money transfers. After all, it sounds easier and safer to make transactions within your bank. However, it’s not always the most cost-effective or convenient approach.
There are two ways of dealing with this: in person or online. No matter the choice, the costs include IOF, exchange rate, transfer fee, and other additional fees. Most of the time, they are not clear enough about them. Besides, transfers abroad can take several days or even weeks, depending on where your family, friends, or employees are.
Still popular among international transfers, a money order is another option available. To proceed with this method, first, you need to look for a bank, retail store, post office, or any financial institution authorized to trade in the foreign exchange market. There you can buy a money order to manage payments overseas.
It works like a prepaid check, wherein you fill out information such as name, address, account number, and the purpose of the transaction. In general, the maximum limit for a transfer is around 1000 USD. As soon as you purchase this document, the money is withdrawn. Plus, only the designated person or company can access it.
Post offices are also authorized to manage international remittances. They work like a middleman between you and your beneficiary. The money is sent via mail by an electronic postal order.
After receiving an Arrival Notice, the beneficiary goes to the indicated agency to collect the amount. However, it’s only possible among countries with an agreement. It’s worth checking details such as limits, rates, and deadlines for each country.
You can pay with PayPal too. The platform allows you to shop for goods and make donations, besides sending and receiving international payments. There are two ways to use this digital system, with or without an account.
While doing transfers online, you can link your bank account, credit card, or debit card, whichever works better for you. Pay attention to the fees charged for each one — up to 5%, plus currency conversion.
When it comes to popularity, web platforms are in high demand lately. They offer a simple, fast, and easy way of managing international money transfers. Free of bureaucracy, low and transparent fees and quick transactions are some benefits that turn this option into one of the most cost-effective. From here, you can count on Husky to give you a multi-currency account to deal with a single payment or high volumes.
All the process — from your registry to the transaction — is online, including the support whenever you need it. Husky charges 2% of the amount — or 1% with a coupon — and the IOF (0.38% or 1.1%). No hidden fees. That’s it. You can store funds in different currencies in a single account. And it arrives within one business day from one corner of the world to the other, no matter where you are. It’s an easy, fair, and fast international money transfer.
Entrepreneurs and companies overseas are already using Husky to pay their employees in Brazil. Do you want to save time and money? So get in touch and learn more!