While traveling abroad there are many reasons travelers might feel unsafe or uneasy on their journey. Some of these are warranted fears but some are situations that can be handled minus the stress, tears and panic. Money is an important factor when traveling and there are many issues that can arise, such as lost or stolen wallets/credit cards, being overcharged, and complications with online payments or identity theft. Transferring money internationally is something that has become a necessity in our society; whether it is transferring from your own accounts back home, transferring money to a friend or family member in need or exchanging invoices or payments for online business transactions. This list is designed to address frequently faced issues while transferring money internationally in hopes that you will be aware of these problems and know how to deal with them if they arise.
Determining what service to use
Many agencies, banks and online companies are designed for transferring money internationally. Every single bank or company has different rates, policies, payment methods, and areas of service. For example Transfast.com is a reliable service, which allows its users to open a free account and transfer money internationally. The company is an American based company so the only currencies it supports are US or CAN dollars.
Getting all parties accurate information
It is essential to have all the information you need to make sure that an international money transfer goes smoothly. Transfast offers a variety of ways to send and receive funds. Funds can be taken directly from your bank account or a US based credit/debit card. Funds can be received by cash pick up (over 10,000 locations), delivery to your doorstep, or direct deposit into another party’s bank account. Make sure you have the receiving party’s current address and all necessary bank account information.
Time or amount limit
Every service that transfers money internationally has rules and regulations when it comes to how long the money takes to process and how much money can be sent at once. This is to protect the user’s money from fraudulent use. If you have an immediate emergency, there are many ways to contact the people at Transfast to see how they can help. They have an email address, toll free 24-hour customer service line and also an online Live Chat feature on their website.
Fees and exchange rates
Fees and exchange rates fluctuate every single day and you need to compare the fees and exchange rates of the companies, banks or services on the day you are trying to send the money. Just because the banks fee is lower does not mean it is a better deal. Make sure you check the exchange rate as well to see what the margin is. This goes back to determining a reliable and trustworthy service to use. Make sure no matter who you use or if you are sending or receiving keep all receipts and documentation to prove that you did or did not receive the money. This is the only way to prove that you received the online transaction. Transferring money from the US to Europe and Prague is known for being extremely expensive due to fees and poor exchange rates, but choosing a quality company should give you a piece of mind that no matter what country you are dealing with, they will give you a fair deal.