If you’ve never sent money to family or friends outside of your country, you might be wondering how to go about sending money to other areas of the world. Fortunately, there are now many apps that help you send money internationally easily. Whether you choose to use an app or bank to send money, below are some key points to consider so your funds can transfer easily.
Consider Looking at Reviews
First and foremost, it’s important to look at reviews when choosing an app or financial institution to send money through. Whether you’re using a more established transfer place like Western Union, Moneygram, or an app, looking at reviews allows you to understand the benefits, pros, and cons of working with a specific branch or app.
It’s important to understand that specific locations, such as Western Unions, are franchised, meaning they have different business owners that might have different business practices. That’s why it’s important to research ahead of time whether or not that specific business location is trusted or has good customer service.
In addition, if you’re looking for an app to use to send money internationally, you can also look at reviews from people that have the app installed. These reviews will let you know how to send money with the app, if they experienced any issues while using the app, and other relevant information.
Check for Pick-Up Locations
If you’re using an app or another financial institution, make sure that their pick-up locations are located near your loved one. Many apps have pick-up locations even though you might still be able to send money online. Other franchises also have pick-up locations around the world, such as MoneyGram or Western Union.
When checking for pick-up locations, make sure your loved one will be safe to bring their funds with them. If you’re not sure about whether or not the institution or app you’re using has pick-up locations nearby, ask their customer service team or select your specific city. This allows you to check if your loved one has the option of a pick-up, or if a completely online transfer would be better.
Have IBAN on Hand
When sending money through banks, you will need to provide specific information such as the amount of money you’re transferring, the reason for the transfer, and your details such as name and address. You will also need to provide details of the person you are transferring funds to, including their name and relevant information.
Most importantly, you will need to have their IBAN, or International Bank Account Number on hand. This is a number that is unique to each individual’s bank account, and will provide you with the best information needed to successfully make a transfer.
Having your loved one’s IBAN is just one of the many important pieces of information you’ll need. You’ll also need their BIC, which is the SWIFT network’s identification number given to an individual branch or bank. By giving this information to the bank initiating the wire service, they will know where to send the money and to which specific branch. This is highly important so your transfer is successful and is sent to the right bank near your family or friends.
Keep Track of your Funds
After making your transfer, you should keep track of all your funds to ensure that it is getting to your loved one on time. You can ask for more information about your funds when making the transfer, but you can also use a tracking number or pin provided by an app. Using this pin allows you to check your funds in real-time from anywhere you are by using a mobile app!
