Nowadays it is so much easier to buy and sell goods to people or businesses on the other side of the world because of the advances in technology and transportation services. While it is easy to send goods or money overseas it is important to understand how to make an international payment.
Follow these easy steps, outlined by professional River Cohen, and your money will be cleared in no time:
1) Confirm how much money you are intending to spend
It is important to research the complete cost of buying or selling a good. That includes any taxes, shipping charges, foreign transaction fees, etc.
2) Learn more about your bank or financial institution’s transfer policies
A lot of banks will let you send payments overseas for an additional fee. That fee will be different for each financial institution. Sometimes a bank may set a limit for how many international transactions you can make in a given month or year. Again, contact your bank for more information. Once the bank as agreed to send your money overseas, ask how long the transfer will take.
Paypal (if that is your preferred way to send money) always all of its users to send money to any country with an added 2.9% transaction fee. It takes minutes to set up an account and verify ownership of your bank or financial institution. All verified users can send up to $10,000 per transfer. There is no limit on a number of transfers you can make. The funds usually take 3-4 days to be cleared, but it is not unusual for it to take up to a week around holidays.
Western Union will transfer funds to any country around the world. Customers can see exactly how much they will be charged in transfer fees using the transfer site on the institution’s website. Typically the transfer fees are between eight and twelve percent. All rates are based on the current exchange rates.
3) Pick the one that works best for your situation
Consider the pricing and terms of each financial institution. Also, make sure that they will hit the area that you are targeting. Make sure that the transfer option you are choosing is the most secure and that the money will not get lost mid-transport. If you choose to send it through a bank you will need the intended receiver’s recipient’s name, address, bank account number, international banking number, and routing number. Paypal only requires the other person’s Paypal email address.
4) Notify the intended receiver their money is on the way
After all funds have been cleared and sent, it is time to warn the intended receiver that their money is on the way. Let them know when the money should be delivered.