Do you want to know what one of the most overlooked skills is for an entrepreneur? Knowing how to send money to clients internationally safely and efficiently.
If you ever need to send a sum of money to someone in another country such as Honduras, for example, the last thing you want to have happen is to incur high fees, trust your funds with a service that’s not exactly trustworthy, or worse, lose the funds altogether.
There are many issues that can be easily incurred when transferring money across the globe, ranging from high fees to failing to properly manage a forward contract to any other number of hassles.
Here are the top three tips for sending money to clients internationally:
Tip #1 – Confirm The Credibility Of The Transfer Service
This is imperative but also easy, because it’s simply to do a quick Google search online to find out what the major transfer services are.
Specifically, focus on the track record, the online reviews, and the media exposure of the transfer service you want to go with. The quality of service and the transferring rates are only part of what to look for. The reputation of the money transfer service is even more important.
Tip #2 – Making The Process Easier
The easier it is to transfer money internationally, the better, right? The best way to make the process as streamlined as possible will be to define what your goals are: what is the amount of money you need to transfer, who are you transferring it to, and how much can you afford to pay in fees?
Then, work with your money transfer service to get a free quote and to walk you through the process if this is your first time sending money overseas. There’s no need to hyperventilate over it. Defining your goals and then working over the phone or in person with the service is the right approach.
Tip #3 – Learn How To Avoid Higher FeesÂ
High fees are perhaps the most common problem when it comes to transferring money to people oversees. Not only will you be charged a flat rate or a percentage for the wire transfer, but the transfer service will also take a small margin out of the exchange rate for profit.
While you will have to pay these kinds of fees no matter what, there are three specific things you can do to reduce those fees as much as possible. The first is to research what the fees and rates are for each of the transfer services you are considering.
The second will be to make sure that you receive a guaranteed rate versus an estimated or proposed one. And the third will be to transfer higher sums of money at once, because a 2% fee means less for an amount like $2,000 than it does for a sum like $200.
Sending Money To Clients InternationallyÂ
Thankfully, transferring money to people oversees does not need to be a difficult process, and the more times you do it, the easier and more streamlined the process will become for you.
