cross border money transfer

Common Mistakes to Avoid While Making a Cross Border Money Transfer

If you are transferring money abroad for the first time, you might struggle with making international payments. You need to pay attention while remitting cash across the globe, and unforced errors can prolong your transfer process. To help you execute your international transfers efficiently, I have compiled a list of things you should lookout for a while remitting.

Check Your Details

You need to fill out many details while remitting money abroad. You have to constantly fill out some details, like the routing number, a full name, and the sender and receiver’s bank address. When using a software system for transfer, you will also require a specific code of the bank.

Every country has its regulation and technical frameworks, which can make the process of remittance tricky. So, whenever you need to remit money abroad, make sure you double-check the details and then recheck them. Incorrect payment details can lead to delayed payments, which can ruin your business reputation.

Consider All Fees

When you are sending money overseas, you will always have to deal with currency conversion. It is when you deal with what is known as the foreign exchange margin. Many banks usually charge a flat fee for every transfer, but during a large transfer, the amount might increase. Other banks might charge their fee as a percentage that would deduct from the amount transferred.

All these fees can add up to a substantial amount, leading to the recipient receiving less amount. Therefore, you should consider all possible costs and double-check the amount the receiver will receive before transferring the payment.

Remember All the Holidays

Another reason that can delay your payment is because of holidays. All banks are closed on public holidays, so that is one less business day for your payment to be processed. You might plan the transfer according to holidays in your country but never overlook the holidays celebrated in the recipient’s country.

The best thing you can do is consider the holidays and plan your payment around those days. It will help you avoid any unnecessary delays. It can be helpful when you need to transfer the money within a specific date.

Consider Alternatives

If you have always used your bank for remittance, I suggest looking for alternatives for making international payments. Compare all the different service providers to get the best deal. While comparing, always remember to look at the exchange rates. This comparison will be helpful when you are transferring a large sum of money. Noting down services with flat rates and services with a percentage fee will be beneficial for you too.

Conclusion

Today we want everything with a push of a button. Well, why not with remittance? Using banks for remitting money can be a time-consuming process. Online providers can be a lot faster than any traditional bank. ATL money transfer is a user-friendly remittance platform with no hidden costs to enhance your money transfer experience. For more information, visit us at www.atlmoneytransfer.com.

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