Money transfers, especially international ones, can be made for a variety of reasons. You can send money to your family based in a different country, or you may send money to offshore freelancers or contractors.
However, domestic and international regulators have been very keen on watching money transfers in order to prevent the flow of dirty money, or such money that has been made through illegal activities. In order to make sure that you are on the right track when sending money, here are some things that you should know before transferring money:
There are many different money transfer options available for you whether sending locally or internationally. You may do so through your bank, or through a wide array of money transfer service providers out there.
It will be best to read up on a couple of money transfer options so you can choose which one works for you. For example, googling “How to send money to Palawan Express Online” will help you understand how you will be able to use one of the Philippines’ domestic money transfer services so that you understand how it works, and if it is the right service provider for you.
It is best to check out a couple of options before making a decision as to which one to use.
You should ensure the identity of the person you’re sending money to. There’s no problem if you know the person personally, but it’s a different scenario if you’re transacting with someone you don’t know. You should be vigilant enough in verifying who you’re dealing with so that you can avoid being associated with people who may be engaged in illegal activities.
Aside from that, make sure that you are sending money to the right person. It will be quite a hassle if you mistakenly send money to the wrong recipient.
There are many ways for which your recipient will receive the money you have sent. Money can be credited to the recipients’ bank account or mobile wallet, and can be picked up in a partner establishment, or can even be sent directly to your recipient’s address. Make sure that you check out the options that work for both you as the sender, and for the recipient.
Not all money transfers are instant. While there are options for your remittance to be available right after sending, there are also some that can take a few hours. To as much as a couple of business days. Of course, the fees involved also depend on the speed of the availability of funds, so be sure to choose that works for both of you.
Different money transfer services have different service charges, and make use of different exchange rates. Always be aware of what exchange rate your chosen provider is using, and check out what alternative options are using so that you can choose which one gives the best value for your remittance.
Also, check for who pays the transfer fees. There are some fund transfer services that have no charge for the sender but charges the recipient. Make sure that you and the recipient of your money are aligned as to who pays the costs.
There are many things to consider when sending money, whether that be on a domestic or cross-border sense. In any case, make sure that you are aware of the 5 areas of money transfer above so that you will be able to send money with ease, and your recipient will also be able to claim their funds easily.
