Sending money internationally is much easier today than it has been in the past. However, not all options for sending money are secure, reliable or offer immediate access to the funds in international locations.
There are some important factors to consider when planning to send money internationally. It is essential to consider the costs, the security of the transaction and how easy it is for both the sender as well as the recipient in the foreign country.
There may also be problems occur when you send money internationally. Being aware of what problems are possible is another aspect of being a wise consumer and choosing the most efficient and secure method possible.
Funds Not Immediately Available
Working directly with a local agent of a money transfer service with an agent in the destination location for the funds is the best option. Bringing the transfer in cash to the local agent allows for immediate pickup at the other end.
Some agents now allow a bank transfer to be used to set up the money transfer. This always results in a delay, sometimes by as much as three business days. Always ask about this before making a choice.
Incorrect MTCN or Transfer Amount
When using a money transfer service, the sender needs to provide the receiver with the MTCN or Money Transfer Control Number as well as the exact amount of the transfer. If this number and amount is incorrect, the funds are not provided until the issue is corrected and the numbers match.
Problems With Large Transfers
Know the limits with any method used to send money internationally. The limits can also vary in international countries. Generally, an agent for a money transfer service cannot complete a transfer in a single transaction for over $2,5000, with many countries limiting these transfers to a few hundred dollars.
Make sure to talk to the local agent and verify the transaction before getting started. Working with an international money transfer service can provide many of these common problems.