Avoid These Mistakes When Making International Money Transfer

Avoid These Mistakes When Making International Money Transfer

Whether you are sending money to a family who lives abroad, or you are an online business owner and need to pay overseas suppliers, you know that any transfer error could delay you or cause you problems.

So, how can you avoid common international money transfer mistakes to get the most out of sending your money abroad?

 

Double Check the Details of the Recipient.

Most international payments require a bank account and full name and bank address for both the sender and the recipient. The program system that facilitates bank transfers (SWIFT) also requires the specific code of the recipient bank.

 

To send an international money transfer, you will need to ensure that the following are properly submitted:

  • The recipient's full name, account name, and home address
  • The currency you want to exchange
  • The recipient's bank account (this account number may be in the format IBAN - the international bank account number)
  • SWIFT code or Bank Identifier Code (BIC) of the recipient's bank.

 

Sometimes, it can be difficult to collect all of this information, especially since each country has its own regulations.

 

Once you've gathered all these details, check them and check them again. Incorrect information can delay payment - meaning shipping delay, supplier disruption, and business interruption.

In SHiFT, we make sure that all information provided by the receiver is complete before starting the transfer procedures, so that the transfer process is not subject to any delays or other problems.

 

Consider ALL Fees (Some are Hidden).

When making an international money transfer, a service provider usually charges a fixed fee, this is usually known as a transaction, service, or transfer fee.

However, there are other fees that may apply later on to your international money transfer, including:

- Receipt fee. These are account fees charged by the recipient's bank or financial institution and may include administrative fees and delivery fees to process the transaction.

- Currency exchange fees. These fees may be paid in advance or may be deducted from your remitted funds if converted into local currency by the external bank.

 

The good news is that by transferring through SHiFT, there are no hidden or undisclosed fees. You can clearly know all the costs of the remittance procedures before completing the transfer easily through:

https://www.shift-sg.com/price-inquiry

 

Take Holidays Into Account.

If a bank is closed on a holiday, it will take a day to transfer your funds until your payment is processed.

Holidays celebrated in your country may not be in the country of the recipient.

You can contact our service providers in SHiFT to confirm vacations and holidays in the country you want to send money to.

 

Check the Estimated Delivery Time to Avoid Delayed Transfers.

If you want to send your money abroad at a certain time - either for a business transaction or for a family - it is imperative that you be sure how long it will take to make the transfer.

Actual delivery time depends on a combination of factors, such as:

  • Money transfer service provider.
  • The payment method you are using.
  • The currency your money is being transferred into (foreign currencies may take longer).
  • Time difference between countries.
  • Weekend or public holidays (such as Christmas period).

 

By transferring via SHiFT, we are working on sending your money instantly on the same day all round the world. In case that there is any delay in the transfer, SHiFT service providers will contact you to inform you.

See New Alternatives.

If you are used to sending money via a specific transfer provider, you may hesitate to look for alternatives. But it may be in your best interest to find alternatives to making international payments.

There are a lot of money transfer service providers, as the technology is constantly improving.

When comparing providers, be sure to look at the smallest difference in percentages, which can save you a lot, especially if you are sending in large payments.

 

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SHiFT allows you to send your money within one business day to more than 200 countries around the world. Our services allow you to make easy and on-time payments.

 

REFERENCES:

https://www.comparethemarket.com.au/blog/money/international-money-transfer-mistakes/

https://remitr.com/blog/mistakes-to-avoid-when-making-international-business-payments/