What's the best way to safely transfer money across borders?

1 Exchange rates

One of the most important factors to consider is the exchange rate, which determines how much money you will receive in the destination currency. Exchange rates can fluctuate significantly depending on the market conditions, the time of the day, and the service provider. To get the best deal, you should compare different options and check the mid-market rate, which is the average of the buy and sell rates of the currencies. You should also avoid hidden fees and markups that some providers may charge on top of the exchange rate.

2 Fees and charges

When transferring money, you should be aware of the fees and charges that may apply. These can differ depending on the provider, the amount, the destination, the payment method, and the delivery method. Common fees and charges include transfer fees (which can be a flat rate or a percentage of the amount), currency conversion fees (which can be included in the exchange rate or charged separately), payment fees (charged by the provider or your bank for using a certain payment method), and delivery fees (charged by the provider or recipient's bank for delivering your money). To save money, try to find providers that offer low or no fees and charges, or waive them for certain amounts or customers.

3 Speed and convenience

When selecting a money transfer method, you should consider the speed and convenience it offers. This is affected by the provider's network, payment method, delivery method, and customer service. For instance, having access to more countries and currencies gives you more options for transferring money across borders. Additionally, faster payment methods, such as credit cards or debit cards, can help speed up the process. Furthermore, quicker delivery methods, such as cash pickup locations or mobile wallets, can complete transfers faster. Moreover, having a 24/7 phone line or live chat makes the transfer more convenient. To choose the best method for your needs and preferences, compare different providers and check their speed and convenience features.

5 Personal and financial goals

When transferring money across borders, you should take your personal and financial goals into account. Your budget, frequency, and purpose are all factors that can affect your decision. Consider your income, expenses, savings, needs, preferences, obligations, reasons, expectations, and outcomes when deciding what is best for you. Comparing different providers and checking their alignment with your personal and financial goals can help you find the right method. Remember that transferring money can be a challenge but also an opportunity to accomplish your objectives and support your family. By being mindful of these factors and following these tips, you can safely transfer money across borders.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?