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How can you safely send a large amount of money abroad?

How can you safely send a large amount of money abroad?

There’s no denying that we sometimes need to transfer money abroad to someone we love. Sometimes the money transfer can be simple, other times it can be very complicated. So you have to wonder, what options do you have if you want to safely send a large amount of money abroad? Here are the things to keep in mind.

Understand the key factors that impact your money transfer

First, you have the exchange rate, sometimes it can be very high. If the exchange rate has a variation of 1-2% or more, that can lead to some additional costs. On top of that, you also have commissions or extra fees that some companies will require, so that’s also something to consider. Payment fees for both withdrawal and deposits can be a major factor too.

Using a bank for transferring money internationally

Banks are actually the worst if you want to send money internationally. Most of the time they have fees that will eat up to 4% of the total amount, sometimes even more than that. Which is why you may want to avoid them unless it’s the only option. It’s important to scour multiple banks to see which one of them actually offers you the better value. In the end, there are better options like transfer wire. Some people use bank transfers because they are dependable, but there’s plenty of paperwork to do and that can end up pushing the process quite a lot.

Online payment processors

These are basically online banks and they will also require quite a lot of money for the transfer. You can circumvent that if you say that you are sharing with family, but even so, the fees are pretty high. However, most online payment processors are known for being safe, so you don’t really have to worry about major issues. That alone can be a great option for safely sending money abroad, so it’s something to keep in mind.

FX providers

FX providers are very good at this, and they do have a secure system that you can use. They are actually one of the best options to use because they help you prevent losses. The exchange rate might not be the best all the time with them, but it’s definitely worth the effort. You just have to take that into consideration, and if you do it right, the payoff can be incredible in the long run.

In the end, it’s very important to pick wisely when you are transferring money internationally. It’s not an easy thing to do, and it certainly has its fair share of challenges. But with the right option you can easily acquire amazing results. Yes, it will take a little bit of time to study all the options, yet it’s worth it. FX providers tend to be the better option most of the time, but take it on a case by case basis. This way you will be able to obtain the return you always wanted!