4 Ways to Save Time and Money With an International Wire Transfer

There are many reasons why you may need to send money to another country. Perhaps you have a friend or family member located in another country that you want to send money to. Or maybe you are working with a company in another country, and you want to send money to them.  

Either way, you need a means of sending money from the United States to another country, which is where an international wire transfer comes into play. You can use means and methods to save money and time when transferring money to someone in another country.  

Look at Different Transfer Services 

When it comes to transferring money, you will want to compare various transfer services. When you compare transfer service, you are going to want to look at what the current exchange rate is between your country and the country you want to send money to with each transfer service; you are going to want to use the exchange rate that allows the recipient to get the most possible money in their native currency.  

You are also going to want to look at their transfer fees, as that money will reduce the total you are transferring. Finally, you will want to investigate how reliable they are at transferring money. This will help you find the best international wire transfer service. 

Find Out What the Transfer Limits Are 

Next, you need to determine the transfer limits. Many transfer services will only let you transfer a certain amount of money in a single transaction. If you are trying to transfer a significant sum of money, you will want to look at a service that offers larger transfer limits. This will impact the number of transfer fees you end up paying and how many transfers you need to make. 

Go For Larger Transfers

When it comes to transferring money, you will want to try to limit the number of transactions that you have to make. Ideally, you will want to send the money to your recipient in as few transactions as possible. That will save you money on transfer fees and be fewer transactions for you to coordinate.  

Avoid Expediting Things 

Give yourself enough time to send the transfer without having to pay any expedition fees. Paying to expedite the transfer is often just a waste of money unless you need to get the money to the recipient within a few hours. Otherwise, going with standard transmission will get your transfer there quickly and save you money as well.  

When it comes to transferring money internationally, look closely at the transfer service you consider using. Compare currency exchange rates, transfer fees, and transfer limits to find the right service to work with. Go for a single large transfer over multiple smaller transfers to save money, and when possible, use the standard transmission method instead of paying to expedite things.