Blog • 26 August, 2019

7 things to think about before sending money abroad

Making a money transfer should be straightforward. But before you go ahead, there are a few im-portant things to think about.

Are you sending funds overseas or domestically, which currencies are you using, and how urgent is it? Read on to find out seven things you need to know before taking the leap.

1. Transfer fees

If you’re sending money overseas then it’s possible your bank or forex bureau will charge you a transfer fee. The size and scale of that fee can vary across different banks. How can you find out what your transfer fee is likely to set you back? It could be in your account terms and conditions, or you can find it out by asking your cashier. Save yourself time and effort by using Paysend - you’ll pay a simple fixed fee of only £1, $2 or €1.5 to transfer money to accounts in over 70 coun-tries.

2. Exchange Rates

Exchange rates can vary hugely and it’s important to check with online comparison tools like the MoneySavingExpert travel money tool to make sure you’re getting the best deal. Remember that if you’re not being charged a transaction fee it doesn’t necessarily mean that you’re getting a good rate. Sometimes the rate will be hiked up to make up for the lack of transaction fees. The best rate (unless you’re a bank) will be the mid market rate. With Paysend you’ll always get the midmarket rate, so you’ll have the best possible return on your transfer. With Paysend you can be sure that your money will go further.

3. Customer Service

Knowing there’s someone who can support you during your transfer can save you stress. Many exchange bureaus can be lacking in this department, and being kept on hold by your bank can be a source of serious frustration. Some transfer services won’t tell you when your payment will be pro-cessed, and if you’re trying to send money outside of office hours it’s likely you’ll have to wait. With Paysend you’ll have access to round the clock support. Our team are available 24/7 to help you every step of the way.

4. Convenience: Sending money from your sofa

Do you have time to head out to a bank or exchange bureau during your lunch break? Maybe you’d rather use an online platform that you can access via smartphone or from your tablet. Either way, you should use a transfer service that suits your needs. Paysend is ideal for people who’d rather use a simple app (or login via desktop) and pay an affordable flat fee for their transfer. Paysend offers transfers that are speedy, convenient and reliable.

5. Security

Is the service you’re considering safe? Remember that not all international transfer services have the same standards of safety, security and reliability. If the service you’re looking at isn’t FCA regu-lated then it could be a cause for concern. Paysend is FCA regulated, meaning that you can be sure that your transfer is secure, as well as being subject to stringent regulations. Paysend’s inter-national transfers offer all the security of a high street bank but without the hassle.

6. Research

If in doubt, check it out. The best way to find out if a transfer company is legit is to simply do some research. Ask around and read some online reviews. Trustpilot and App Store reviews are a great place to get an idea of the standard of service and any possible issues. Paysend currently has a 9.4/10 rating on Trustpilot based on over 4,000 reviews, and a 4.8 star rating on the App Store.

7. Try it for free

A good way of testing a service is to find out if there are any free trials or promos. Start with a small amount before sending the full transfer. Paysend offers a promo code WELCOME to new users to let them try out the service for free.

Download the Paysend app on Google Play or the App store (or logon via a laptop or tablet). Enter the amount, provide your card details, and let Paysend do the rest.