How to send international payments abroad safely

Doing business with clients and business from other countries, and helping friends and family abroad, are some of the reasons you may need to send international payments. Although we all know how to do this safely and securely at home using our local bank and their secure app, the international element complicates things. Different laws, banking regulations, currencies, and exchange rates all need to be factored into the equation.

The key is to break the process down one step at a time so that you can tackle it without getting confused or overwhelmed. The good news for you is that’s exactly what we’re going to do now.

First and foremost, you want to make sure that the personal information (name, address, etc.) that you are being given by the recipient is correct. Get everything in writing rather than over the phone, and then read each piece of information twice so that you make sure you spot any errors. You will also want to make sure that the amount of money and the currencies involved have been clearly described and outlined. If you are unsure about anything, regardless of how small, just ask. It will save you so much time, effort, and potentially money in the long run.

International bank transfers sometimes require an IBAN and a SWIFT code. The former is a unique number for their bank account, and the latter is a unique number for their bank. You can see how to find SWIFT code information thanks to a number of trusted online tools, many of which are provided by international money transfer specialists. Making sure that the recipient’s bank details are correct will ensure that the money is sent to the correct account and that any avoidable delays and extra costs are avoided. Your recipient should be able to give you their SWIFT code from their bank, but you can always confirm the accuracy of this information with SWIFT code specialists.

Anyone who contacts you out of nowhere and asks you to click a link or send financial information should be treated with caution. Legitimate businesses will never act in this way, as they will have established procedures, and your loved ones will surely contact you in person first. Deleting such messages and marking the sender of them as a spam account will protect you financially and ensure that you only transfer money to the person you intended to.

The most widely used money transfer services will always have a fully integrated tracking tool that allows you to see where the money is in the world and how long it will take. Not only will this provide you with some priceless peace of mind, but it will also allow you to provide the recipient with timely updates. Businesses and clients will appreciate this as they will know that their invoice is being addressed, and friends and relatives will be glad of the update. 

Because this point is so important, we wanted to give it its own section, even though we have already touched on it in this guide. A specialist international money transfer service is the fastest, safest, and most affordable way to move money between countries. Although local banks will advertise such services, in the vast majority of cases they cost more and take longer — two things you certainly don’t want to hear when you’re just looking to get on with it.

Using a specialist service also puts you in contact with experts who will be used to solving problems and providing timely explanations. If you’re looking to move money between two countries with different banking laws, currencies, and time zones, such a service will make things so much easier for you. Just what you want to hear when you’re looking to make sending money internationally as easy as it should be.

The final thing to do before you authorise the transfer is to check that you are clear regarding the fee structure. Money transfer services are businesses that exist to make money by providing a useful service, and the best ones will make their fees and charges 100% transparent. Look for a service provider that shows you the charges as soon as you input the amount you want to send and where you want to send it. This will help you choose a team who have your best interests at heart and that will always be able to justify and explain their fees.

Working through these steps one at a time while taking a moment to check that everything feels right is key. If you feel stressed or hurried into making a decision, the chances are you will make a bad one. Slow down and be intentional, and you will be safe when sending money abroad.