The world sure seems like a much smaller place these days. International travel is more common, while purchasing and sending goods overseas is often a part of our day-to-day lives. Despite these changes, though, people can often make mistakes when it comes to sending money to other countries. Here’s how you can avoid some of the most common pitfalls.
Inputting the Wrong Details
First off, it’s no secret that problems can easily arise when we don’t give something our full attention. For instance, many people send money abroad via a bank transfer. If you’re inputting your details for what seems like the thousandth time, it’s easy to take this step for granted and mistype a digit or two incorrectly. Hopefully this incorrect number or sort code isn’t associated with another account, as your bank can simply block the transaction.
However, it’s not unheard of for individuals to mistakenly send money to a stranger’s account, making it much more difficult to get the money back. In some reported cases, it’s taken several months before the bank has been able to even partially refund its customers. Because the law is not clear in these kinds of situations, each case has to be evaluated on its own merits which can lead to long delays.
Dealing with Hidden Fees
When calculating your finances, you may have used sites like XE or Reuters to check the current exchange rate. You may have noticed that this rate is much more favourable than the one your bank is offering. Many banks may also look to charge you a service fee. This could be a percentage of your total transaction or a flat rate. Don’t be afriad to shop around or use specialist tools like CurrencyFair to ensure you’re getting the best rate.
Wherever you end up exchanging your cash, though it’s important to remember that these rates aren’t static. In fact, they’re constantly moving according to the daily market. Don’t depend on the number you saw last month as it will be different today, for better or for worse. While a 1% shift may not seem like a lot, if you’re transferring large amounts of cash these small fluctuations could end up making a big difference.