Sending money from a local bank to a foreign recipient requires a certain approach, especially when no familiarity with how things are done. Due to an increasing number of UK international foreign transaction providers, there has been a massive fall in the bank workloads. Globally, lots of providers of money transfers have successfully boycotted banking rates when they send money. A deep and careful look into this guide can help anyone transfer money to various parts worldwide, right from the comfort of their home. However, this process requires certain steps that must be followed for a successful international transfer. Here are a few tips to start with.
How Can I Transfer Money Internationally Between Banks?
International money transfer comes with no difficulties. However, to start with, an international transfer is based on three major ways. They include:
- Online international money transfers: An international recipient can receive money sent directly through this method
- Online services: You can send money to an individual in a foreign country through an online money transfer. This method supports both local and foreign transfer in as much you have a functioning internet connection. You may not, however, utilize your bank directly using this method to transfer money internationally.
- Physically: In this type, you will need to visit the bank as the name says. You will have to input certain receivers' info. Although certain inconveniences are associated with this type of transfer, it is a viable option to credit your recipient.
Transferring money internationally to the receiver
While certain banks mandate users to visit their office in person before executing the international transfer, some permit users to execute foreign transactions on their smartphones or other supported devices. However, verification of bank operation is required, regardless of your bank, since each bank operates differently. The below steps are all you need for a successful international transfer from your local bank.
1. Proceed to your bank's site
Visit your bank's address online to initiate an international transfer. Once you arrive there, you will be given various sections and click on the wire transfer section. Most bank's homepages are designed with a toolbar that shows proceed. By clicking on it, you can then proceed to the next phase, where you will fill in certain details of the receiver.
- Online transfer limit verification
If not all, most banks demand their customers to set a limit to their online transfer. It is pertinent to know that you may be required to contact your bank's customer care for service approval, especially if you exceed the daily transferrable amount.
It is important to correctly fill in the banking recipient's details. Some essential details of the receiver you will be required to provide include the location and address, account type, name, and other related information. Most importantly, you will be asked to give the account number of the receiver. In most cases, the receiver's financial institution's swift code is mandatory.
- Currency and value to send
Money transfer is designed to independently detect currency for the recipient's country. This is done by reading the recipient's provided details. Should it not automatically detect the provided details, you must select a currency and the transfer value.
Most banks will not allow international money sending for free, especially with first-time users. Averagely, a financial institution will impose a fee of up to 60USD. The receiving bank may also charge as low as 15USD to $25USD.
Upon completing the international transfer form, your financial institution will inform you about the transfer duration time and any other delays that might happen. Fortunately, some senders are provided with a deadline before even filling out the form. However, you can still track the progress of your transfer with the assistance of your financial institution.
Using an Online transfers Service
With several online money transfer firms, competition keeps rising, and it can be confusing to know the ideal firm to help you send money online. However, most of these firms support international transfers from your local bank to another. Furthermore, many of them are into the direct picking and delivery of money to smartphones. While there are many of these online transfer services, here are some of the best providers for an easy international transfer
An average bank user is familiar with Western Union, and it is considered the world's biggest money trader firm. WU has a huge appearance in the currency exchange world. Users enjoy a cheap but quality service to transfer money internationally. In terms of coverage and pay-in and payout methods, it is cost-friendly.
Here comes another online money transfer service that offers users easy service to send money internationally. Established as an online payment firm in the UK, WorldRemit provides users with easy transfer and remittance services in over a hundred countries. The good side is that you can send money in over seventy available different currencies. WorldRemit also offers less expensive cash transfer services.
While users enjoy an unbeatable service with OFX, they also enjoy online excellent phone support. This money firm allows users to perform huge international transactions. Money above $7000 will also allow users to enjoy a reasonable rate.
This money firm allows users have a better international money transfer experience. Thankfully, you may not even need to visit the bank as you enjoy an error-free transfer to a foreign recipient. Wise provides users with an easy-to-use app and a couple of numbers to access customer care services anytime.
Based in the US, you can send money to more than eighty counties of the world with Remity. The money firm supports transfers to different countries, including a variety of pay-in and payout methods. It also supports quick cash pickup and delivery services, and users are charged low for using their services.
Sending an International Money Transfer in Person at Your Bank
As explained earlier, this method requires physical presence at the financial institution. You are required to get a teller to fill in the necessary information before you can process and transfer money to a foreign recipient. Certain information required includes a valid means of identification such as a driver's license, international passports, and other supported means of identity. You will also need the receiver's account number to facilitate the process. The following steps will direct you when sending money outside of your home country.
· Walk up to any bank official to let him know you wish to send money to an international receiver
· Present any means of identification as stipulated by the financial institution
· Before final submission, ensure to vet and cross-check the details provided
· You can pay using cash deposits or a bank account
· You will generate a receipt which you should keep safe as proof of payment
You should, however, be informed that charges may vary in some banks when you send money to an international recipient in person. It is, however, important to make inquiries from the teller before you begin.
Comparing international money transfer providers to your bank
You should consider the following when comparing international money transfers to your bank
· Transfer options: Not every provider offers continuous transfer. Certain providers support the arrangements of forwarding contacts while limiting orders to a certain rate of exchange. This is why it is important to decide on a provider that offers a wide range of customer services to solve transfer-related issues when choosing providers.
· Transfer processing time: It may take more time to process transfers from a bank account than the time required to process cash. You should, however, be familiar with this and not just choose a provider that takes a longer time to process transfers.
· Transfer routes: You may encounter problems if you do not know if your provider and the country you are sending money to are supported. Always find out if your provider supports the choice of currency and destination country
· Charges: Always remember to examine the transaction fees. Fees may be different between multiple providers. This may, however, depend on the location or country of the receiver. However, when you examine the transfer fees, you may not encounter problems.
· Compare currency rates: It is important to weigh and contrast currency rates between several money providers. This will help to know the right provider to choose whenever you are transferring money internationally. Currency rates comparison explains that the higher the currency rate in a local country, the better it will assist you in carrying out foreign money transfers.
Transferring money to a foreign receiver can be done in several ways. However, each of these methods comes with its advantages and downturns. You should, however, find out the best method that suits your needs, including the charges accrued to each of the methods.
While most of these methods offer convenience to send money to another country, you should always figure out the most ideal. Should you doubt how a specific method works, you should avoid using it to avoid encountering problems during and after transactions.