5 Things to Consider Before Sending a Wire Transfer

Money makes the world go round. So remittances
play a very important role in keeping the global economy afloat. Wire transfer
is basically a method of transferring electronic funds in foreign countries
from one person or entity to another. A wire transfer is done through cash
transfer at the cash office or from one bank account to another bank
Once you decide the company to use for wiring
money, the rest of the process is very simple. First of all, you should
calculate the fees then make a list of information that you need. After that,
you can just go for the paperwork needed in a wire transfer. At last, keep the
receipt or document of the transfer.

A wire transfer is used in cases of buying an overseas property, for overseas investments, sending overseas tuition fees to
the students, transferring money to friends or family members living abroad,
spending on a destination wedding and paying the mortgage for a home abroad
etc. There are several wire transfer operators to choose from. But in order to
avoid wire transfer frauds, you need to keep in mind some important points.

are the five important things to consider before sending a wire transfer –

In spite of substantial annual growth in the
global market the transfer fees remain high in the remittance market. The
transfer depends on the location of the money transfer as well as the mark-up
on the currency conversion and the additional commissions. These costs
fluctuate from time to time. So, if you are willing to send money overseas
without paying the extra money, then make sure that money transfer service does
not include any hidden costs. Also, you should always know the currency
exchange rates between banks and search to know the real exchange rates that
banks use. Don’t forget to check this rate against what your service provider
or bank quotes in order to understand the percentage of mark-up. You can also
check the Standard Chartered wire transfer policy for
more details.
Time-saving: During an emergency like for paying college fees or medical bills or
finalizing an investment deal, time can be the essence of sending money
internationally. Thanks to the recent advancements in financial technology, you
are able to transfer money in a very short period of time. Even some service
providers let you use a transaction tracker feature so that you can be updated
about the status of your money until your recipient collects it. Thus, try to
search for an international money transfer service which provides both the good
speed and the remittance fee.
If you are making a wire transfer for the
first time then look for a service provider with reliable customer service so that
you can find the answer to all your queries until the transaction is complete.
There are several factors that can delay your transaction like server downtime or KYC issues or regulatory
checks etc. So, you need a service provider who will deal with your concerns
proactively and will start resolving the issues in no time.
of service:
While using international money transfer
services, privacy becomes one of the major concerns for many people. An
unreliable service provider not only risks your money but also can compromise
your personal information, which can cause huge problems in the long run. In
order to avoid such problems, you can first make the small trial transaction,
which may help you to understand all the variables that are involved as well as
you will be able to check the quality of service. 
favourable transfer fees and exchange rates may help you to make the most of
your money transfers convenient. Hence, you should try to find a service a provider who provides the flexibility to choose a medium of your convenience.
Also, go for a service provider who lets you transfer money instantly through
cash pay-out channels. Even, some companies offer money transfer through mobile
wallet or account credit, which increases the convenience of the beneficiaries.
Furthermore, consider such organizations that offer written procedures along
with multiple-party verification steps as well as approvals that the
authentication of the transaction and makes sure that the account information
is accurate in order to avoid wire transfer frauds.
In recent times wire transfer may be
considered as a little old fashioned but it is still considered as one of the
easiest ways to transfer money overseas. But some people are still not aware of
the wire transfer process. The wire transfer process is generally known as the
most efficient as well as cost-effective service if it has a physical presence
in both sending and receiving ends. So these above-mentioned points will help
you to attempt wire transfer successfully. If you consider the points then you
can even save yourself from wire transfer frauds.

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