It used to be that friends and family lived in close proximity to one another. When someone needed help, you just handed them a little cash. In today’s globalized world, you probably have more friends and family who are scattered around the world than living down the street.
This can make life interesting, and it can make life more difficult. When friends and family fall on hard times, or if you just want to send a little cash for a special celebration, you have to get creative, and all that creativity can make you nervous. After all, you want your money to make it to its final destination!
If you’re living in the United States and want to send money home, or if family wants to send money to you, make sure you follow these peace of mind tips that will make you feel better about sending your cash back and forth
1. Choose the Right Money Transfer Service
Start by choosing the right money transfer service. They aren’t all created equal.
Many charge outlandish fees, but not all do, and with more options than ever before, you don’t have to settle for the first money transfer service you find. For example, Remitly doesn’t charge fees when you send at least $1,000 and funds could be available in just 4 hours.
2. Always Check Exchange Rates Before You Send
Exchange rates fluctuate all the time. You want to transfer as much money as you can, which means doing your research to make sure you’re getting a good exchange rate.
You may not know what you’re looking for at first, but the more you send money, the more you’ll start to see some patterns. You’ll also get a feel for good rates and bad rates that will help you determine the best times to send money.
3. Track Your Money as it is Being Sent
The person sending the money should track it as it’s being sent, and the person receiving the funds should keep their eye on it as well. Especially since unforeseen circumstances can slow down the transfer, or the transfer may be cancelled by the person sending the cash.
4. Be on the Lookout for Scams
Unfortunately, scams aren’t uncommon in the money transfer business. A few include:
- Family emergency scams from someone claiming to be a member of your family
- Apartment rental scams that target people looking for a place to live
- Advance fee loans that require you to pay to apply for credit
- Online sellers that claim you must pay by transferring money
To avoid being scammed, only send money directly to people you already know using a transfer service. Confirm the person is who they say they are by asking questions they would only know the answers to.
You don’t have to feel nervous about sending money overseas. With these tips, you can feel good knowing that you’re supporting your friends and family, whether they’re in the U.S. or India.