Tips For Sending International Wire Transfers

4 March 2022
 Categories: Finance & Money, Blog

There are a variety of ways that money is sent to other countries, and one of the most common ways is with a wire transfer. You might not be used to sending money to people in other countries — or at all — so you might not know what to do when you're preparing to send a wire transfer for the first time. As a beginner to this type of financial transaction, you'll probably find these tips to be incredibly helpful.

Make Sure You Know the Person You're Sending To

First of all, it's important to be sure that you know the person you are sending money to. Some people get scammed and tricked into sending international wire transfers, so you should be sure that you only send money to people and businesses that you know and trust.

Double-Check Your Information

Making a mistake with account numbers or other information when you're sending international wire transfers can cause big problems. The money could be sent to the wrong person, or it might not go through at all. Even if the money still gets sent, there could be errors or delays. Therefore, you should double-check all of your information before sending your international wire transfer.

Be Mindful of Limits

Many banks and other institutions that send international wire transfers have limits to the amount that you can send at one time. They might also have limits as to how much you can send per month or per year. This is designed to help with things like preventing money laundering or fraud. If you're only going to be sending small amounts, then you shouldn't have anything to worry about. If you're going to be sending larger amounts, or if you are going to be sending international wire transfers regularly, then you might want to pay a little more attention to these limits.

Pay Attention to Fees

Of course, you will probably be charged assorted fees for sending an international wire transfer. If you're still looking for a bank to use when sending money, then you should compare these fees before sending. After all, this could save you a significant amount of money on your transaction.

Be Prepared to Wait

In modern days, wire transfers can be sent much more quickly than they used to be. However, if you are sending money to another country, you should be prepared for it to take a few days — or possibly longer — for the person to receive their funds. Be mindful of this by sending the funds as soon as possible and warning the recipient about the possible wait. Someone from the bank should be able to give you an idea of how long you can anticipate the wait to be.

For more information about international wire transfers, contact your local financial institution.