Sending US Dollars International – What You Need To Know

Sending money across borders using an international money transfer, whether for business or personal reasons, can be easy but at the same time a risky affair. With technology improving daily, it is now cheaper, safer and easier to remit cash internationally. Before sending your hard-earned dollars, here are a few things to look out for before doing so.

Check all fees, transaction costs and tax options

Banks and other financial service providers are known to insert hidden charges. These charges add up, especially if you are a regular sender. All the transaction costs should be necessary and justified. Try a specialist money transfer service, as they often come in cheapest.

Find the cheapest exchange rates

That extra penny can mean a huge difference if you are sending a significant amount. Find a reputable information source from the internet and compare rates. The extra dollars saved could cover the fees and transfer costs.

Check the Tax Considerations

The gift tax is a huge consideration when transacting internationally. You would not want to get into the bad books of the IRS. Currently, any amount above $14,000 sent as a gift is subject to gift tax. This amount is cumulative over a year’s period. Money sent to a dependent child is however not subject to taxation.

The United States government continuously monitors large sum transactions to prevent fraud and money laundering. If you are sending large sums, you are better off being compliant to avoid inconveniences with the law.

Risks involved

You run the risk of fraud if you use untrustworthy credit unions, remittance services, and unverified mediums. Online transfers are very risky, as the security is not guaranteed. Beware of scammers; they are everywhere. Form con artists to posers, once the dollars leave the country, it is virtually impossible to pursue a refund.

Money Laundering and Fraud Laws

Regulations on money laundering laws apply to the financial institution being used to transfer funds. On the part of the customer, however, a proven money laundering transaction if convicted, carries a jail term of up to a yea, or a few thousand dollars in fines for misdemeanor cases. A federal money laundering case can carry fines in the region of $500,000 and jail term not exceeding five years. It is important to seek legal advice if you are not sure.

Reasons for sending money abroad

You could be paying school fees, sending money to a dependent or just for personal reasons. Other popular reasons for sending money include paying for mortgages, buying goods or services, you could also be topping up an overseas account, or just paying your bills. Whichever the case might be, always ensure you use a reputable bank or money transfer agent.

Methods of sending money abroad

The most popular methods include banks and genuine financial services. Other options include money remittance companies; examples are, Western Union, MoneyGram, Xpress Money, TransferWise and WorldRemit. It is always helpful to check out your options before going for either one of these, as transaction fees and other charges vary marginally. Another important factor to consider is the global availability of the money remittance service. Most banks will have their transfer service, having been networked with other worldwide banks. MoneyGram and Western Union are the companies with the widest geographical coverage.

From http://www.changecurrency.org/international-money-transfers/sending-us-dollars-international-what-you-need-to-know/

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Sending Money Internationally – What You Should Know

If you have ever sent international money transfers, especially if you do so regularly, you are probably aware of the security concerns and precautions you need to take for a safe transfer. You are also aware that the paperwork is a nightmare. The worst setback is the hidden charges factor. You will be subjected to a list of transaction fees, taxes and a whole lot of other charges. Most currencies, particularly the Euro has with time wiped out the complicated process, and it is now easier to send money abroad. Here’s what you need to know for a swift money transfer.

Know the exchange rate

Finding the best exchange rate can give you value for your euros. Avoid banks if you can, you are better off transacting with a foreign exchange bureau or expert. Even an extra penny can make a huge difference, especially when transacting huge amounts of cash.
Be keen with transaction charges and fees

Banks and money transfer agents are known to hide fees that can add up to significant amounts. Do a quick background research and know the benefits you qualify for. Example, it is free to transfer money in the EU, thanks to Single Euro Payments Area (SEPA). Sending money to a non-European country will cost you an average £40, (48 Euros). The transfer fees will vary with banks, and finding the cheapest transfer agent can make a huge difference.

Market Timing

If the market on an upward trend, it would be best to wait a few more days, but if it is in a free fall, you would better hurry and send the cash as soon as possible. The 0.5 difference can translate to hundreds of euros in the end especially if you send cash regularly.

Take care of your money

Ensure the medium you are using is regulated to avoid fraud and theft. If you are sending a lot of cash, use a bank or a competent money transfer agency.

Methods you can use to send

Any bank, although not their primary business, has a money transfer service. If not, they outsource the service from money transfer companies. Reputable UK-based money remitter TorFX will not disappoint. You can send international money transfers anywhere, with zero commission. Western Union is known for its large network. You can send money to almost every country in the world, with cheap rates and safe transfers. Moneygram is popular for its convenience and cheap rates. It is also a safe and reputable company. US Forex (UFX) is awesome if you are sending money to the US, Canada or Australia.

Risks to watch out for

The risks are minimized if you use banks or money remittance companies. Online money transfer is the riskiest, with over 87% of money transfer fraud cases occurring online. Remember, transferring money in the currency of the receiving bank eliminates the risk of overdrafts in your account. Use a reputable bank or transfer agency to avoid the risk of fraud.

So, whether you are sending an international money transfer to a loved one, or sending school fees abroad, or paying for a mortgage in your home country, it is best to avoid low profile money transfer options. These small service companies promise faster and cheaper money transfer, but they can prove very expensive if your cash does not arrive.

From http://www.changecurrency.org/international-money-transfers/sending-money-internationally-what-you-should-know/

GBP to Euro Currency

For quite a long time, the Euro has become the significant currency across the world. By 2001, all of the key currencies were floated. Other currencies which aren’t listed here are deemed soft currencies. The very first quoted currency is called the base currency which is GBP, then Euro is the currency to be converted to.

The British Pound in the currency used in the United Kingdom. As a trader, the foreign currency exchange market is extremely volatile and it’s tough to forecast the movement of a currency pair if you aren’t acquainted with the fundamental things determining the worth of a currency such as GBP.

From http://www.changecurrency.org/exchange-rates/euro/

Methods You Can Use For Sending Money Overseas

There are a lot of different reasons why people may need to send money overseas. Whether you’re studying abroad or you have family somewhere internationally, you’ll find that at some point financial matters are important. You’ll want to send money across international waters, and that can pose issues. There are several options that you’ll want to explore in this regards, including the following 3 major ways to send currency with ease. Regardless of the reasons, these are some of the most common solutions overall.

Sending Money With Specialists

These days most people use a specialist currency transfer service to send money overseas. It’s fast, secure and really cheap. Infact most services can offer to send money with no commission. They are able to do this because of a thing called spread. This is the difference between the market exchange rate and the actual rate the service quotes you for the transfer. It can be very small, but on a lot of transactions profit soon adds up for the company. Banks normally can’t offer you such a good rate as these services, because they are not specialized. For more information or to get a free quote from one, try our recommendation here.

Wire Transfer

The easiest and often most used option in some countries for international money transfers is the wire transfer. This is something that your bank can do for you, and usually charges a high fee for doing so. This can take up 24 to 48 hours to get to the receivers bank, but it involves communication between 2 banks. You’ll supply your account number and the account number of the bank you want to communicate with, and you’ll send currency fast. This is a digital element, that you don’t have to worry about.

Western Union and Others

Perhaps one of the most compelling of resources is the proverbial golden standard of transferring money to far off destinations. This option is similar to wire transfers, but it reaches a lot more than just banks. If your bank doesn’t offer a wire, then you can go to companies like Western Union and have money delivered to where it needs to go, with currency exchanges done for you. This costs a bit, but you won’t have to worry about conversion issues, or anything like that. Western Union can reach many international offices, and cash out individuals on the other side within 24 to 48 hours. This is a compelling resource, that has been established for quite some time, and delivers to even small communities in third world countries.

The Mail

This is something that is going to scare some, but you’d be surprised how many people send money through the mail. If you’re going to send money this way, you’re limited as to how much. People send checks, cash, and more through the United States Post Office and others. This can cost very little, but can take quite a bit of time. With the sole exception of next day air, and other options. While it may seem unsafe, you will find that you can protect this with insurance, and much more. There are tools you can use with the help of the postal service, so inquire with your local office if need be.

The above are just 4 ways that people send money to family, friends, and for payments across the world. These are not all of the options, but rather just a handful that are most common. Whether you need to send something as an emergency, or you’re buying something outright, this is going to help you out overall. When in doubt ask your bank for international options, and you’ll be able to communicate between banks with relative ease. If you don’t have that, then there are two other main options to consider, but be careful when doing this.

From http://www.changecurrency.org/international-money-transfers/methods-you-can-use-for-sending-money-overseas/

Sending Money Overseas and How To Do It Safely

Sending money overseas is a great thing to do. Millions of people do this, and you may think about using such an electronic transfer for business or other reasons. If you’re going to go that route, you’ll need to consider a few things beforehand. Yes, there are many established ways to get this done, but overall you’ll need to be careful as to how you move forward. Whether you have to pay a bill or you want to help out a family member that is across the world, you’ll need to consider a few simple things.

Safety of The Sending Money Overseas

The major thing that you will need to consider is simple, safety. How safe is the option that you are going to choose? Seriously. Many people don’t think about this at first glance. You’re going to want to look at the reputation that the bank you’re using has, or if you’re going to go with another option, ensure that they are going to make sure that you get the right placement at the other end. Do not just trust any methodology, make sure that you invest some time into looking at how safe something is overall. It’s easy to get lost in the shuffle here, so take time to look at how you’re going to go forward with this.

Money Limits

There are some certain international limits. You can’t send six figures without scrutiny, for instance. You have to make sure that you figure out what the limits are for where you’re sending money, and through what means. You cannot just send a briefcase full of cash to someone, that’s going to bring up a lot of red flags. Consider the limits, and stick to several transfers if you need to do so, or simply go with less overall. Running into limits is no fun, so be careful.

Communication On The Other Side

The next thing that you will need to consider is whether or not you can communicate with individuals that you are sending money to. If you are going to in fact send money overseas, make sure that communication is not just one-sided. You have to call, perhaps use text messaging, or just about anything else to ensure that both sides are going to get through this process. It’s easy to get caught up in the red tape that can be tough to deal with in regards to currency exchanges and more.

Perhaps one last thing to consider, is exchange rates. Just because you send a great deal of money in your home currency to someone else, doesn’t mean that they will receive that amount in their native currency. That can make for some tricky math, so make sure that you take time to consider the rates and focus on getting the numbers right. If you’re converting to a lower currency, then you may be fine, but if there’s a rise, then you’ll need to send more to compensate for that, as well as the fees that may be involved with sending finances across international waters.

From http://www.changecurrency.org/international-money-transfers/sending-money-overseas-and-how-to-do-it-safely/

Services For Sending Money Internationally Fast

There are a lot of different ways that you can approach the notion of sending international money transfers. Whether you’re buying something, support family members, or any reason you can think of, you’re going to need to consider a few things before you send it. There are some people that will attempt to send money in the mail, and while that is a viable option, it is not secure. Plus, in these modern times, there are faster methods to consider. If you’re looking at sending money anywhere, consider the following helpful options that will no doubt give you the best bet.

Online Transfer Options

First and foremost, let’s not forget the number one service for sending money with a low fee structure and its PayPal. This is a solution that you can send money, without worrying about conversion rates outright, and with minimums on large transactions. This can be a bit tough, but as far as sending money in an expedited manner, this is going to pay off greatly. There are several competitors to this option, but chances are you will find that this is safe, easy to use, and fast.

Foreign Exchange Brokers

forexYou could contact a forex broker, and have them help you with sending money abroad. Brokers in this arena will charge a small fee, but the transfer will help with the exchange rate associated with financial manners. They are cheaper than many banks, and they lock rates so that you’re not dealing with fluctuations of any kind. This may take a bit of time, but it’s a fast way to send international money transfers between borders.

Bank Wire Transfers

Sending money across different areas can be done with bank wire transfers. You’ll have to pay for this in many instances, but there are many partnerships that are created across the world. If you find that you’re going to transfer money into a bank partnered with your own, the cost may be diminished, and you’ll see the transfer go through within 24 to 48 hours at most. In some instances, you’ll see the money transfer in the same day.

MoneyGram and Western Union

These are the two major companies that are working with transferring money overseas. You’ll find that when it comes to sending money and wire transfers across the world, these companies can help. This works great if the person you’re sending money to doesn’t have a bank account to collect their money. There’s hundreds of thousands of agents that you can get assistance from within the confines of these two companies, making it easy to transfer money across the world.

At the end of the day, you’re going to find that transferring money overseas, sending money to just about anyone, is easier than ever. It’s safe, convenient, and all you have to do is figure out what method is going to work best for you. If all else fails, you can use postal services, but again, it can take a great deal of time and could end up getting lost along the way.

From http://www.changecurrency.org/international-money-transfers/services-for-sending-money-internationally-fast/

How To NOT Get Scammed Sending Money Oveseas

When you are sending an international money transfer to anyone overseas, you are going to need to be safe. You may have the illusion of safety, but there are a lot of issues at play. When considering this, you’ll want to take a few steps towards ensuring the money you send actually gets to the person you are sending it to. There’s a lot of issues that come into play with international financial elements, so consider a few simple ideas to help you get peace of mind.

Communicate With Others

First and foremost, discuss options with the person you’re going to be sending anything to. This means that they should look on their end for reputable resources, banks, and other options that are known for having good overall security. You don’t want to blindly wire anything to anyone, without being fully aware of the dangers that could come up as a result. You absolutely need to communicate with those that are on the other side of transfer, or they could end up seeing and receiving nothing at all.

Get Insurance

Perhaps the easiest way to move forward here is to make sure that you get insurance. Whether you go through an established means, or you send a package with currency in it, you’ll need to focus on insurance. Make sure that you disclose the amount you have in place, and pay the extra insurance element. It may be marginal, and it may not be needed after the fact, but it will give you peace of mind, and that’s worth every penny. You get this so that you don’t have to necessarily use it, but of course, if you do, at least you’ll get your money back and that’s important. The worst that can happen when sending money overseas is that it gets lost in transmission, or stolen.

Never Send Money To Someone You Don’t Know

money scamIt happens all the time, emails, letters, and more are given to individuals that wire transfer to someone far and away. Whether it’s to pick up lottery winnings, or it’s to help someone with medical bills, there’s a lot of scams going around. Don’t ever send anything to someone you know, or you just met. This is a safety precaution that is going to pay off dividends. Never send international money transfers to anyone you don’t intimately know, and don’t send it to areas that are not safe. Sending finances to places that do not have security measures can prove extremely dangerous.

At the end of the day, you can use common sense in most instances when it comes to transferring money overseas. If you’re not sure as to whether or not it’s safe, don’t do it. Make sure that you take time to invest in solutions that are secure, insured, and have a proven track record of getting to their destination. That way you’ll be able to ensure that you’re not going to lose money when trying to send it to a friend or loved one, it’s simple as that.

From http://www.changecurrency.org/international-money-transfers/how-to-not-get-scammed-sending-money-oveseas/