- Express transfers cost more
- Beware of exchange rates
- Know your providers offer
International transfers have different costs depending on the provider and the country where you want to send money. Be careful because some will have hidden fees that get deducted after your transfer is made. Take note of the following when transferring money overseas:
Express transfers cost more
Banks and transfer companies charge fees for your transfer depending on how quickly you want the money to be received. If you need an immediate transfer and you are willing to pay for the service, select express services. Otherwise, select normal services, which come with lower fees.
Beware of exchange rates
Some vendors and banks offering fee-free transfers may be inflating the exchange rate to cover their profit. Check the exchange rate on different sites before confirming with any provider. Facilitate this by using comparison tools to send money.
Know your providers offer
Before sending money with any provider, make sure you know all the fees that will come with your transfer. They should give you information on all the costs involved or at least an estimate. Keep in mind that the estimate may vary from the actual cost. If you believe there has been an error in the charges, contact your transfer provider directly. Federal law allows you to request an investigation made by the company. If they do not solve your problem, you can file a complaint on the CFPB’s online form.