It wasn’t that long ago that sending money to foreign countries had very few options and could be a significant hassle. Now that you can do it online, there’s a lot more options to send money long distances that you can use, whether you’re in the US or another country. But maybe you’re new to using online transfer services, and you fear the worst about them. Perhaps you question the reliability of a service, or maybe you want to make sure you’re getting the best transfer deal. If you’re considering transferring money online, you can take comfort in knowing the most common myths have been debunked.
Myth 1: Online International Money Transfers Still Take Days Or Weeks To Complete
Online money transfer services really can send money instantaneously, and in some cases, your recipient can receive them within minutes. Now it does depend on how you choose to send your funds and how your recipient wants them received. For example, if you’re going to send your money from your bank account to theirs, it certainly could take several days to complete. But if you transfer money internationally using a debit card, credit card, or using a balance already in an app, your recipient can usually receive it very quickly.
Myth 2: Transfer Agencies Charge All Kinds Of Hidden Fees
Indeed, using online money transfer services for international transfers is undoubtedly going to involve fees. Still, reputable companies that do this are entirely upfront about all the fees they charge. Furthermore, many of them have listings on foreign exchange rates and whether there are fees. They will also state if your recipient is going to be charged local taxes when they receive your funds. Usually, when you enter in the amount you want to send, you’ll see all the fees and rates listed before you hit the transfer button.
Myth 3: Your Private Information Is At Grave Risk
There are certain common-sense steps that you should always follow when you transfer money internationally to be sure your finances are protected. Still, for the most part, your financial information is safe. Money transfer service companies prioritize user privacy and take great care to protect your personal information and payment details. They do not share them with anyone who doesn’t have the legal authority to ask for them. There are even cancellation mechanisms you can use if you fear something has gone amiss. You usually have to act before your recipient has received the funds.
Myth 4: You Won’t Have Much Live Support For Transferring Money
Understandably, you may have questions or need a little assistance while using a transfer website or app. There are several ways to get live assistance. Many money transfer companies have a live chat app you can use when you need help navigating or getting answers to transfer issues. In some cases, you can also begin a transfer online but complete it at a local agent location. In doing so, you can get in-person assistance for your needs.
The bottom line is that most international money transfer companies have built reliable ways to send money that are safe and ensure that only the person you’ve designated as the recipient gets it. Using these services is often very straightforward and only requires entering basic information in a few fields.