How To Transfer Funds Offshore With Minimal Fuss

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You may need to transfer money offshore to a friend or family member, but you need to know how to send the money without any fuss or headaches. There are some tips below that will make transferring money easy. You need to let the recipient know that you are transferring money to them, and you need to plan the transfer to ensure that the money can be picked up easily.

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Find A Location/Office

When you are searching for Western Union locations, you need to find one that is close to the recipient. You will designate that location as the place where the money will be delivered, and you need a receipt that states you chose that location. If the recipient has several different locations to choose from, you must ask them which one they prefer.

You also need to check the hours for the Western Union locations that you have found. Some locations offer extended hours because they are in an urban locale. However, there are remote offices that may only be open for a few hours a day. You do not want to send your recipient to an office that is not open when they get there.

Check The Exchange Rate

You need to know the exchange rate for the currency that you are sending. There are times when the exchange rate will favor the recipient, but there are other times when the exchange favors you. You must make sure that you have sent the exact amount of money that is needed. If you have no checked the exchange rate before committing to the transfer, you may send less than is needed. You have put your friend in a bad situation, and you will need to send more money/pay another fee.

What Are The Fees?

You need to know how much you will pay just to send the money. When you are paying fees to send money, you must ask the company if they charge a percentage fee or a flat fee. The company may charge a percentage of the transfer because the amount is so high. If you are paying a flat fee, you need to include that fee in your budget for the transfer.

Once the money has been sent, you must make sure that the recipient does not need to pay more just to get their money. If there is a fee due when the recipient picks up the money, you can account for that money when you send the transfer. The recipient can simply leave that amount with the teller, and there is no trouble with fees.

How Long Does The Transfer Take?

Most transfers are almost instant, but you need to ask what transfer times are from your office to the overseas office. Some companies may take a business day or more to send the money, and some will move quite quickly. If you send the recipient to the office to pick up the money too soon, they may have a hard time getting back to that office in the future.

If you are sending a bank transfer, you must ask both banks how long their transfers take. Sometimes, you are sending money from a bank that transfers money quickly, but the other bank may take much longer to credit the recipient’s account.

Can You Send US Dollars Or A foreign Currency?

There are times when you may need to send US dollars instead of the currency of the country where your recipient lives. If you are sending US dollars, you must make it clear that you want your recipient to receive US currency. Some people prefer to get US currency because their business partner and local vendors accept US dollars. You can even choose which bills you want your recipient to get.

How Often Do You Need To Send Money?

You can set up an account with the transfer company so that you can save your transfer information. You may need to send the same amount of money to the same people every month. Because of this, you should have an account that saves your transfer history. You can simply repeat the transfer with no trouble, and you can even set up an automatic transfer so long as the company has a way to fund each transfer.

Conclusion

Sending money overseas is much easier when you are working with a transfer company that can do most of the work for you. The company will work with you to send the right amount of money, the proper currency, and ensure that your recipient gets the money. You should check the exchange rates before you send your money, and you need to work with the transfer company to find a location where your friend or family member can pick up their cash.

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Summary
Title
How To Transfer Funds Offshore With Minimal Fuss
Description
You may need to transfer money offshore to a friend or family member, but you need to know how to send the money without any fuss or headaches.

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