Avoid These Mistakes When Doing a Money Transfer | Thanks to the internet, gone are the days when you had to visit a bank to transfer money from one account to another. Online money transfers are now more popular than ever, with the number of online money transfer users expected to grow to 13 million by 2023.
However, while this technology is easy to use, you still have to take precautions to make sure you can safely transfer money. Fortunately, we’re here to help.
Keep reading to learn how to avoid common money transfer mistakes so you have peace of mind before planning your next transaction.
Not Comparing Money Transfer Services
There’s no shortage of different online money transfer services, and they all have their own pros and cons. Before your next transaction, take some time to look into a few different companies to compare their fees and services.
Generally speaking, non-bank providers usually charge lower fees than banks, so keep that in mind when researching different options.
Don’t feel like doing the research yourself? No problem! Check out Transferly, which does all the heavy lifting for you by comparing different money transfer companies and finding the best possible rates for you.
Entering the Wrong Recipient Details
Sometimes all it takes is a quick double-check to prevent a mistake with your transfer. This is especially true if you’re doing an international transfer. When preparing your transaction, make sure to verify the following:
- The spelling of the recipient’s name
- Recipient’s address
- Currency, if doing a transfer to a different country
- Recipient’s bank account number
If you accidentally get any of those details wrong, it not only means that your transfer isn’t correct, but it could make it difficult to trace the transfer or recover the funds if they go to the wrong person.
Not Having a Full Understanding of Fees
As we mentioned above, each money transfer service has its own fee structure. So, before using a service for the first time, make sure you know exactly what you have to pay and why.
In most cases, you’ll need to pay a flat transfer fee, but you should be on the lookout for additional hidden fees like the following:
- Receiving fees, charged by the recipient’s bank upon receipt of the funds
- Conversion fees, charged when converting from one currency to another
- Bank fees, charged by the recipient’s bank to process the transaction
Before transferring your money, double-check to make sure you’re comfortable with all associated fees since this will affect the final amount of money that your recipient gets.
Ignoring Exchange Rates
Are you doing an international money transfer? If so, don’t forget about exchange rates, which can change quickly. The amount of the money you will transfer depends on that day’s exchange rate, so pay attention to the rates for a few days to see how they change.
However, don’t just Google the exchange rate to get the information you need. Instead, verify it as the point of the transaction to make sure it’s accurate.
Remember These Money Transfer Tips
After reading through this quick guide on money transfer help, you can avoid the most common mistakes that others have made. As a result, you’ll have peace of mind that your money will get to your recipient with no issues.
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