Khaled Naser

Would you like to take informed decision and collect all tools you need for successful international money transfer transaction?

Are you looking for ways to send money overseas to your friends, family and employees? Here are some basic guidelines to help you. A well-informed action could save you time, money and harassment.

Transfer money overseas is a simple process. You could do it either at local money transfer company agent, Bank or online. Online transfers are not as popular as physical once.
 
Ways to Send Money

Cash: You pay cash at counter; Receiver picks up cash at local agent location

Pay cash at the money transfer agent counter. You will pay different fees to transfer domestic or transfer money overseas. Your family and friends will be able to pick up the cash at locale agent location counter.
You have choice of paying money using your credit card
Many companies do not accept checks instead you should pay using money order
 
Money Order: Overseas receiver gets a money order either at agent location or mailed to them

When you do not wish to send cash to someone then Money order is a safe approach. Your local post office USPS could be of great help.
Money orders do not expire with time unless specified.
Money orders can be deposited into bank account or cashed at agent locations

Wire Money: Money transferred to receiver’s bank account overseas

Fastest way to transfer money overseas
Not always costly; check with your bank
Make sure that you know overseas receiver and his account number correctly
All banks generally have ability to wire money
There is different charge for domestic and international money transfer
There is no way you could reverse a wired transaction
 

How to Recover Lost Money transferred overseas?

When you transfer money overseas using a money order, you have an option to check whether it is cashed already. Many companies will refund your money in case it has not been cashed with charges.
You can’t recover wired or cash payment money transfers transactions
 

When to transfer money overseas?

Help your family and friend abroad
Regular Support to Family members away from you
Your kids studying aboard
Leisure travelers and tourist
To your employees traveling for business
 

Checklist for your safety
 
Before you choose a transfer money overseas company
Verify reliability and speed of transfer
Check Transaction Cost; domestic as well as international
Check Money Conversion Rate offered by different agents
How to receive money overseas? Write it down and send to your receiver overseas
Verify possibility of canceling the transaction if needed.
Check refund policy and documents needed to claim it.
Time required for receiver to collect money overseas
What are the different ways you could pay at agent location? Check, Credit Card, money order or cash
Tracking mechanism and ability to trace fund flow if required
Verify that receiver knows the location of his local agent
Shop around for better transaction rate, unless you compare three companies you will not be able to find real deal.
Do not hurry. Keep your blood pressure down and peacefully fill all required forms. Read them carefully before handing over at counter.
Try to avoid local money transfer companies. Those might be easier but need not be the safest
Ask your friend for their opinion about company you selected. They probably have first hand experienced. Nothing can replace advise of close friend. Especially when you transfer money overseas.
 

Risks

Small money transfer companies are not FDIC insured. You must check their legal status before handing over your money. Each state in USA has different set of rules for starting a money transfer company. Generally there is a only a surety bond and licensing fees involved to start such company. Be careful with small companies.
Banks are FDIC insured and legal to transfer money overseas
Never transfer money overseas to unknown person. Sending money to stranger is very risky.
Do not get involved into money laundering schemes.
 
 
Foreign Exchange Losses

If you transfer money overseas, it is always a case that you will go through money conversion. It is better to assume a lower money conversion rate than prevailing since these companies generally give it lower.
You pay money for transaction cost as well as for money conversion
 
 
Import/Export Houses

Import and Export business generally transfer money overseas to their business partners using specialized methods of sending money like Letter of Credit, Clean Payment and sometimes credit cards.

Wishing you success