As international travel and business become more frequent, there’s a greater need to send money online around the world. There are many ways to do this safely. However, you have to take certain precautions to ensure that your transactions are safe.
You should also take steps to make sure you’re not overpaying in transaction fees or exchange rates. Here are some of the tips to keep in mind when sending money online.
Make Sure the Transaction is Secure
When sending money online, especially to other countries, you want to makes sure that the transaction is secure. Make sure you’re using a service that’s licensed, regulated and insured.
For this reason, it’s usually best to use payment methods or financial institutions that are established and well known, especially if you are transferring money to the Philippines.
If you aren’t sure about a service, do some research before using it. You don’t want to take a chance on sending money through a fraudulent or unsafe platform.
Keep Track of Currency Values
The relative values of different currencies is always fluctuating. One way to reduce the cost of sending money to different countries is to time the market. This is only possible, of course, if you have some flexibility about when to send money.
Sometimes, however, even a week or even a day can make a real difference. Sometimes world events affect the value of a currency. You can track currency values on sites such as CNBC and Bloomberg. You can also find apps to do this as well as add-ons such as the Chrome Currency Converter.
Get the Best Possible Rate on Fees
Many online payments involve some sort of transaction fee. This depends on which service you use and where you’re sending the money. If you’re sending funds within the EU, you won’t have to worry about fees.
Most banks, however, will charge a fee when sending money from the UK to a country outside the EU. Foreign transfer specialists will often let you set up an account where you pay a monthly or annual fee.
This is economical if you send money online on a regular basis. However you choose to send money, make sure you compare fees and find the lowest possible rate.
Compare Exchange Rates
As mentioned above, exchange rates between currencies are always changing. Beyond this, you’ll get a different exchange rate depending on which bank or service you use to send money. In general, banks offer the least favorable rates.
A foreign exchange expert will provide lower exchange rates. This is especially helpful if you’re transferring a large sum. Some of the leading exchange services include Currencies TorFX and MoneyCorp.
Consult With an Expert
The above tips will help you ensure that your online transactions are safe and that you get the best rates. If you have to send or receive money on a regular basis, however, it’s best to seek professional advice.
An Independent Financial Advisor can advise you and provide you with advice that matches your needs and circumstances. Always choose an IFA who is objective and has the proper accreditation. They will provide expert advice on financial matters such as sending money online.