electronic payments without checking accounts

Posted on: 3 December 2015

Whether you are trying to send money to Brazil or to China, there are a number of things that you should keep in mind in order to ensure that your money wire transfer goes through without a hitch and you save the most money when transferring. 

Know The Different Places You Can Wire Money

Wiring money overseas can be done at a number of different places. One of the most common places to wire money is through your local bank. Usually, in order to wire money through a bank you must have an account with that bank before they will allow you to send a wire transfer. There are also money transfer firms, such as sharemoney.com, that exist solely for the purpose of wiring money. In addition to these two places, foreign exchange brokers also have money wiring services. 

If you opt for a money transferring firm or a foreign exchange broker, ensure that you are working with a regulated company to send money overseas. You want to work with a firm that is regulated in order to help further ensure your money makes it to the recipient properly. 

Be Aware Of Fees

Regardless of where you decide to send your money, you are going to have to pay a fee to complete the transfer. Before wiring your money, talk to the different money transferring services about their fees. Banks tend to have higher fees for transferring, anywhere from $45-$60, while the rates tend to be lower at wire transferring firms. If you want the money to be transferred instantly, know that you are going to have to pay a bit more than if you were doing a standard bank transfer. 

Know The Exchange Rates 

Different money send locations are going to have different exchange rates. Different institutions will also adjust the exchange rate in order to make more money off of your transfer. If the exchange rate for the currency you are looking to transfer your money to isn't where you want it to be, you might want to wait a few weeks to see if it changes, as money markets are not static and will change. Shop around for the best exchange rates in order to get the most for your money, keeping in mind the fees for money transfer as you ask each institution their current rate of exchange. 

Know The Best Time To Send

When you are sending money, the best time to send it is during the week and not on weekends. This is due to the fact that during the week the markets are live, and the exchange rate is fluctuating throughout the day. During the weekend, when the markets are not live, the exchange rate that you will get will be an estimate, and not the actual live exchange rates. These estimates tend to be higher, meaning worse for you. 

Keep Regulations in Mind 

When you are sending money to different countries, keep in mind the regulations that govern that country. In many countries, such as India, you are not able to wire money if the money is going to be used for something like gambling. In addition, you should not be wiring money that will be used to help finance illegal ventures at all. If you get caught wiring money for purposes that are against your country's regulations, or the regulations of the country that you are wiring money to, you might be facing prison time. Look up both countries' rules and regulations regarding what that money can legally be spent on. 

The next time you need to send money abroad, keep these things in the forefront of your mind. Keeping these tips in mind will ensure that you get the best rate, as well as stay safe and secure, while sending money abroad.