Our world today is a modern global economy. As a result, the need for safe and effective international transfers has grown significantly. Fortunately, due to the rapid developments in technology, there are many ways you could send money overseas. The best part is that today, you can perform all your financial transactions from the tap of a button on your phone.
If you are a business owner who regularly engages in cross-border transactions, ensuring the efficiency of your transactions is a must. This is because the efficiency of your transactions can impact the overall success of your business. Therefore, choosing a service provider is a crucial decision impacting cost, security, and efficiency.
In this post, we’ll provide valuable insights and key points in maximizing efficiency in international money transfers. Without further delay, let’s get into it.
What is International Money Transfer?
In the simplest terms, an international transfer involves sending money between two countries. It could be from one individual or a business to another and it usually involves using an electronic method.
Usually, international transfers can take place through banks or specific providers like Western Union/MoneyGram. However, third-party money transfer service providers like Changera are preferred for performing cross-border transactions. This is because these service providers are known to be fast, safe, convenient, and have a global reach.
Maximizing Efficiency in International Money Transfers
Cross-border transfers can be complex and expensive. If you’re not careful, you can get lost in the steps and make mistakes that’ll cost you time and money. Nevertheless, if you have a road map to help you navigate the process, sending money abroad can be a walk in the park.
The following are tips that will help you maximize efficiency whenever you have to perform an international money transfer.
Cross-Check Recipient’s Details
One of the most devastating things that can happen when sending money abroad is sending money to the wrong account. Sending money to the wrong account can be costly and time-consuming. This is because your transfer provider may need help to trace and reclaim your money once it has been sent out to the wrong receiver. Hence, you need to double-check the recipient’s details before confirming any transfer. The following are some of the common details you’ll need to check out:
- Recipient’s full name, account name, account type, account number (check this twice!), and home address
- The recipient’s bank SWIFT code or Bank Identification (BIC) code.
- The amount of the transfer
If you realize you’ve made a mistake after starting the transfer, you should notify your service provider immediately.
Confirm Exchange Rates and Transfer Fees
Transfer fees and exchange rates are crucial factors that end up deciding how much you pay when making an international transfer. Exchange rates fluctuate regularly, and this can impact how much you spend on international transfers. It’s important to keep an eye on the rates so that you can make your transfer at the best possible time. In this case, this will be when the exchange rate is favorable to your currency. You can sign up for the daily exchange rate notifications that some money transfer providers send to help users determine the best time to send money.
Furthermore, some service providers charge extra fees in addition to their normal service fee. Ensure that you check the total fees before confirming a transfer. The good thing is that Changera doesn’t charge extra fees or have hidden charges.
Be Careful About Scammers
Scammers are all too common wherever money is involved, and international remittances are no exception. If you have concerns about the safety and security of a payment platform, don’t worry, your concerns are valid. However, you don’t need to worry. Changera’s bank-grade security ensures the security of your data electronically. All data and cards are encrypted to prevent unauthorized access to sensitive information and protect you from fraudulent transactions.
The following are telltale signs of a transfer service with fraudulent activities:
- pressure you into making a transfer (no legitimate provider will do this)
- ask for your bank PIN or similarly confidential information over the phone, usually using the excuse that they are offering you guidance
- offer a commission for sending large amounts of money
- ask you to send money through unusual means
Having these security checks can save you from falling victim to cyberattacks and fraudulent transactions.
Also, you can take these proactive measures to help protect your money as it travels overseas.
- Only transfer money to people you know and trust.
- Never give out any confidential information on unsolicited messages or phone calls.
- Avoid sending large amounts of money all at once.
- Ensure that your chosen financial service provider is trustworthy. For instance, you can search for third-party reviews that prove the provider’s legitimacy and reliability.
- If you send money digitally, make sure that the device you use has malware protection to provide an extra layer of security against hackers and scammers.
Send Money Overseas with Changera
It is important to do your research to ensure that you cover all the steps necessary to complete international transfers successfully. Fortunately, there are reliable transfer service providers that make sending money overseas easier and more efficient.
Changera is a global payment platform that offers online money transfers and digital payments. Changera has made it incredibly easier to transfer money quickly and securely across Africa as well as other parts of the world. Best of all, there are no hidden fees and you can always be sure of secure transactions.
Maximize your chances at successful international transfers by downloading the Changera mobile app from the Google Play Store or the App Store today.
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