If you’ve never sent an international money transfer before, you might find that you feel a little overwhelmed by all the options that you have. You want to be sure that you’re using a safe company, one that charges reasonable fees, and one that gets the money to your friend or family member as soon as possible. To ensure your transaction is as seamless as possible, it’s a good idea to keep a few tips for sending an international wire transfer in mind.
Ensure You Aren’t Falling For a Scam
If you’re sending money to someone you already know in person, you likely don’t need to worry about falling for a scam. However, if you’re sending money to an internet friend that and haven’t made real-world contact with them, it’s a good idea to look for signs of a scam before sending a Ria international money transfer. Common ones include fake check scams and romance scams. Some people will even call you pretending to be a friend or family member who is dealing with an emergency. The best idea is to avoid sending money to people you don’t know in person and to call friends or family members if you suspect someone is using their name in a scam.
Know Your Rights
You have rights when sending money internationally. According to the Consumer Financial Protection Bureau, you have several federal protections. This includes the right to ensure your money is received by the correct recipient, the right to cancel a transfer within 30 minutes without having to pay extra costs, and the right to report a problem and have it investigated within 180 days of your transaction. If you do report a problem, the company has 90 days to look into it and report its findings.
You also have a right to information before you send money internationally. This includes learning about any applicable exchange rates, how much your recipient will get, whether there are any other fees, and if there are taxes for the company to collect.
Understand How To Fix a Mistake
If you think there was a mistake during your transfer, you have 180 days to report it (however, the sooner you report it, the better). The remittance transfer provider is responsible for correcting a range of mistakes. This includes sending the incorrect amount to the recipient, bookkeeping errors, sending money to the wrong recipient, or failure to deliver the funds by the promised date.
If you do need to report a problem or fix a mistake, there is certain information that you should provide. Include as much information as possible. Common pieces are your name and telephone number, the name and telephone number of the recipient, how much the transfer was, and what error you think occurred. Other information you might want to provide includes your email address, the email address of the recipient, confirmation numbers, transfer dates, or any other information that you can think of.
By understanding what to expect during your international wire transfer, you can help to ensure a positive experience. Avoid scams, know what information to provide, and understand what to do if there is a mistake. This way, you and your recipient will have an easy transaction.