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Don’t Make These Mistakes When Sending Money Abroad

Don’t Make These Mistakes When Sending Money Abroad

There are apps that allow you to send money online instantly - but that does not mean that there are not dangers involved. While there can be errors that happen on the side of the app, it is often human error that leads to lost money. So you need to be extra careful when you are sending money overseas. You don't want to be left with no money and the people on the other side not getting it either.

We are here to help you avoid making those different types of mistakes.

Not Having The Right Details 

This is a big one. You do not want to accidentally send your money to the wrong person. Make sure that you have the correct bank account details and double-check that when you are inputting all the information. Also, make sure that the person that you are sending the money to has provided you with the correct information. Taking that little bit of extra time can save you a lot of aggravation in the future, since it can be extremely hard to get your money back if that happens.

Not Checking Exchange Rates

You need to keep an eye on this, since the rates can go up and down very fast. This depends on what the market is like. You should also see what rates different apps provide on transfers at the time that you want to send money. This next step may seem like a waste of time, but you should also read the fine print of your transfer - ask a friend if you are unsure about what it says. There are also the best times of day to send transfers - do some research and see what works for your time zone.

Not Looking For Hidden Fees

This is something that some apps love to do - adding extra fees at the final screen of your transfer on the app. They can include things like third-party fees, receiving fees, and conversion fees. You could see your initial transfer cost go up a good amount when this happens. Take a look around at different apps and see what people are saying about the fees. There are apps that only charge one fee and do not add things at the end. Doing that bit of research could wind up saving you a lot of money.

Not Exchanging The Currency before the Transfer

You should do this before you send your money. This way, you can get the best value for the transfer. Also, if you don't do this, the exchange rate could change before the person you send it to gets the money. That could wind up costing you a good amount of money, and the person getting the money would get less money than what you sent. Neither of you would be very happy when that happens. You especially need to do this if you are making a business payment, since the other side will be expecting an exact amount.

Not Checking Estimated Delivery Times

Here is another thing that can affect business transfers ... possible delays. There are apps that can do instant transfers, but there are others that will have a delay. You want to be sure that the money will get there when it is needed. See what the arrival time is and see about switching your app to one that is more instantaneous.

These are just a few things that you need to be sure to do each time that you are doing a transfer through an app. It takes a bit of time and work, but the result will be happy people on both sides. Want to be happy with your international transfer app? The Ria app can make the whole process easy for you and your bank account.

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