While you are traveling, living, or studying abroad, you still have financial responsibilities. If you need to transfer money internationally, you can.
Here are quick and easy ways to transfer money internationally.
Pick Your Provider
There are several ways to complete an international money transfer, aka remittance. First, you need to pick a service provider. Banks are one choice. The most popular option, however, is a remittance service provider. The most well-known provider has service agents all over the world, which is convenient.
Banks are a good choice for those whose bank has a convenient branch near their international residence. Since you are already a customer of theirs, their fees may be more reasonable. Plus, you can easily track the transaction through your account. Companies that specialize in remittances are more popular because you do not need to be an official customer of theirs.
You simply fill out a form, pay the fee and give them the cash. You receive a confirmation number that you give to the recipient. It depends on how they are going to claim the money. A great option for sending money online is CompareRemit, as you will find different companies from which you can compare exchange rates in real time.
Two ways a recipient receives the funds is through their bank account or in cash. When the form is completed, you give the agent the appropriate instructions. If the funds are going to a bank account, double-check that you have written down the correct credentials. If the recipient is receiving the funds in cash, they will need the confirmation number. So, double-check that the number is correct.
Even though you are a student, you still have financial obligations. If you are studying abroad, you are still expected to pay your tuition and other expenses. Therefore, you may find that you have to wire those funds to the school while you are away.
Your Options
Thanks to technology and the internet, there are combinations of ways to transfer money internationally. As a bonus, the same remittance provider can help you transfer funds to your neighbor, family in a different state or friend in the next city when you return to the United States.
The combination of sending remittance options include:
- Online
- In-person
- By phone
- App
Then, the recipient can receive the funds at:
- Their bank
- To cash
- Mobile Wallet
When this service first got its start, things were different. If you are residing in an area that does not have modern technology advancements, you most likely will be asked to fill out the paper form. Otherwise, you can utilize the internet.
If you opt to use the remittance service to complete an international money transfer, you are asked to create an account. This allows you to complete all transactions online through the website, application or by phone. With an account, you do not have to find a physical location.
Sending a remittance through a reputable service provider offers several benefits. The money is transferred within minutes. The reach is worldwide. On top of everything else, it is convenient because the technology keeps improving. In countries where it is legal, funds can now be transferred to a mobile wallet. You simply need to provide the correct mobile phone number.
For those who follow the digital currency news, transferring funds to a mobile wallet is good news. While this is legal in the United States, you have to double-check if it is recognized as legal in the country where you will be residing first.
Some people travel abroad for work. If you are starting a business or scaling up a business by adding an international branch, you may have to transfer funds to your headquarters in the United States. Remittances allow you to complete these transactions regularly.
Professionals who work in the real estate field also accept money transfers. If you are buying a home or investing in real estate, ask for instructions before starting the transaction. Those who intend to invest in bonds, shares or stocks, may also be able to fund those purchases with a transfer. Once again, you need to double-check that it will be accepted.
Some countries impose transfer limits. So, if you are funding the purchase of assets or business, you need to find out how much you can send per day. In cases where you can only transfer a couple of thousand per day, you would have to work out a schedule with the asset agent beforehand.
Using online remittance services is convenient for those who are working abroad. Sending money back home weekly is not a hassle. With the app, for example, you log into your account and complete the transfer. There is no need to visit a physical location in person anymore. Except in cases where the technology has not caught up, weekly transfers are still completed in minutes. You can always take an extra form with you and fill it out at your residence. Then, when you arrive at the physical location, all you have to do is hand the form to the agent. This saves you some time.
Fees
During your time abroad, you are going to be dealing with exchange rates. When you use a credit card to make purchases, the bank charges you a foreign exchange fee. Plus, the amount you spent in a foreign country is converted into dollars. A downside to using a credit card is that you do not always receive the best exchange rate. The exchange rate also has to be taken into consideration when you fund a remittance. If you have dollars with you, you can always wait until the rate is the most favorable. The same logic applies when you have the foreign currency in hand.
Remittance fees vary. They may be a flat fee per increment. In some cases, you are charged a percentage of the total amount. To avoid surprises, it is a good idea to gather this information before you leave. Some universities have partnerships with financial institutions that offer these kinds of services to their students. Since a school has so many students, they are guaranteeing business to these shops.
In return, those shops agree to offer better than average rates and below-average fees. So, your school can provide you with more guidance. You can stay on top of your finances while you are abroad. Remittance service providers make it easy to send money from anywhere in the world. Click for more info on international money transfer.
