There are lots of reasons why you may want to send money to somebody abroad. Whether you are living and working in another country and want to send money back home to your family to help them out, you’re supporting a relative who is an international student, or sending money to a friend who’s traveling, the good news is that, thanks to modern technology, international money transfers are now easier and faster than ever before. However, with so many different options available to send money internationally, there are quite a few things to think about before you get started. Keep reading to find out more about some of the main things to consider before deciding how you will send money abroad.
Money Transfer Rates
Ideally, you want to choose an app like Ria international money transfer with reasonable transfer rates. There are a few rates to consider when you send money to another country, including the exchange rate. This is the price of one currency in relation to another and is usually given when you are sending money abroad since the currency you are sending will need to be converted into the currency of the person receiving it. Most providers will use an exchange rate markup to price your transfer. This usually includes the midmarket rate, which banks use to swap currencies, plus a percentage.
How to Pay
It’s also worth looking into how you can pay using the money transfer app. Ideally, you should avoid paying with a credit card. Although this is offered as an option by many providers, it often comes with a higher upfront fee, and you may be faced with additional fees from your credit card such as cash advance fees and interest fees. It’s usually cheaper to transfer directly from your bank account or using a debit card if you can.
Ease of Use
How easy the app is to use is another key factor to think about before you choose a service for sending money abroad. One of the best things about money transfer apps is that they take away the requirement to go to a physical location such as the bank to transfer money, but this is only worth it if you can transfer the cash easily and quickly. It might be worth downloading a few apps first to see if you like the user interface and get an idea for how easy they are to use.
Last but not least, anything involving money online should be as secure as possible. That’s why you should always choose an app with a good reputation for keeping customers and their finances safe. Look for apps that are not only regulated by the relevant financial authorities but also offer additional layers of security such as two-factor authentication to ensure that nobody else can access your account.
Sending money abroad is easier than ever with a range of apps to choose from. But before you pick the right one for you, keep these factors in mind.