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Sending money abroad to friends and family used to be a matter of contacting your local bank and hoping for the best, or contacting a local agent in the foreign country. Both approaches have been used for many years, and there are many instances of them saving the day. The real issue, however, is when things go wrong for seemingly no reason.
In this guide, we’re going to shine a light on the hidden risks that the traditional service providers won’t tell you about. Only then will you be able to make an informed decision about how you want to proceed when it’s time to send money abroad.
Excessive transfer fees
No one wants to pay a penny more than they have to for a service, and this certainly applies when you are looking to send money abroad. Fees can consist of a flat rate that is charged irrespective of the size of the transfer, and sometimes a commission that scales in line with the size of the transfer. The outdated approach and clumsy infrastructure used by local banks mean that they will look to recoup some of the time spent organising the transfer by charging you higher fees.
Unfavourable exchange rates
If you’re sending money to the US, you’re going to need to convert your Sterling to USD, but what’s the rate? The problem here is that there is no one definitive exchange rate between any two currencies that the whole world will use at the same time. Local banks and outdated service providers will sometimes look to mark up the exchange rate so that it works in their favour. While you may think that they are trying to help you, what they’re actually doing is hiding an additional fee by keeping some of your money for themselves.
Lengthy processing times
The longer it takes for your money to arrive at the other end, the more likely it is to cause problems. Traditional bank transfers tend to take much longer than using a specialist money transfer service, meaning that you will be putting yourself under much more pressure without even realising it. Risk comes in because if you think the only option is to wait and wait, you may be tempted to turn to a local contact who is unregulated and looking to capitalise on your predicament.
Social-based frauds
In an age where we trust social media and WhatsApp messages far more than letters and emails, cyber criminals are two steps ahead of many of us. They will pose as a loved one and use the emotional pull to try to get us to transfer money without even thinking about it, only to vanish without a trace the moment the transfer has been initiated.
You can combat this by using tools like a SWIFT code UK checker that ensures that your bank is contacting the bank you know your loved one has an account with. If the SWIFT code you’re being asked to use doesn’t match up, you know that you’re being targeted and that you need to walk away.
Unforeseen delays
Stress is something that will build and build when there is a growing element of uncertainty about when the money will arrive. This is perfectly natural, which is why a more modern approach that uses real-time tracking is the only solution. Being able to see the status of the transfer and to understand at what stage things are at can provide real peace of mind. Ideal when you need to keep the recipient updated without having to constantly chase banks for updates.
Limited traceability
One of the old-fashioned ways to send money abroad was to withdraw cash and hand it to a chain of local contacts. While this may seem like a simple thing to do, especially given how many items we entrust with couriers every year, cash is different. It can be stolen, used for criminal activity, diverted, and vanished. None of this is what you want, which is why sticking with a purely digital specialist transfer service is the only way to do things.
How to stay safe online
If you have read this guide and decided that you want to use a specialist money transfer service, you’re heading in the right direction. The key is to find a service provider who is legitimate and who has your best interests at heart, and that means you need to see the whole picture. Avoiding unsolicited approaches, offers that sound too good to be true, and pressure-based selling will help keep you safe online.
Looking for a provider that is transparent, well-established, and has a proven track record with the online reviews to prove it is the way to go here.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
