Tag Archives: Money

Sending money overseas – what you need to know

transfer-moneyMany people live in one country but take a job in another country. International money transfers allow these folks to send money to loved ones back home as well as make overseas payments. You can make an international money transfer either through a bank or a wire transfer company.

Like other financial transactions, sending money overseas will cost you a bit extra in fees. Use the financial tools available to help you compare money transfer providers at MoneySupermarket.

  • The International Money Transfer Process

Bank wire transfers are commonly used to electronically move funds from one bank account to another. This process is pretty simple once you have all of the required information.

All wire transfers involve a sending party and a receiving party. The sending party is required to have the recipient’s bank name and address, the receiving party’s bank account number and either an International Bank Account Number (IBAN) or a Bank Identifier Code (BIC) to get the funds to the correct receiving party.

Once you give the sending bank all of this information, it will send a message to the receiving facility using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) telling them to release the transferred funds to the receiving party.

Bear in mind that although international money transfers are fast, the funds typically don’t appear in the recipient’s bank account instantaneously. It can take several hours or several days for the process to be completed.

However, once your overseas payment arrives in the receiving account as “cleared funds,” the receiving party has immediate access to the transferred money. The receiving party has to confirm that they received the bank wire transfer.

  • Online International Money Transfers

Some wire transfer companies offer the convenient option of sending the transfer online. In order to use an online service, you will need to sign up for an account with the company. Once you have established an account, you will be able to send money internationally.

Keep in mind that the receiving party will still have to go into the receiving facility and pick up the money in person. In addition, the amount of money you can transfer online is limited by law to help prevent fraud and money laundering schemes.

  • Fees

Banks and money transfer companies have the legal right to charge a fee for their services. The amount of the service fee varies according to the facility. Banks usually collect payment for the transfer service from both the sending party and the receiving party.

The sending facility usually collects a fee separate from the funds that are being transferred, while the receiving facility deducts their fees from the funds being transferred. This means that the receiving party will receive a lower amount than what the sending party actually transferred.

  • International Wire Transfer Tips

Before calling your bank to start the wire transfer process, be sure that you receive wire transfer instructions from the bank that will be receiving the funds. Contact the receiving bank’s account manager or the person who handles any wire transfers and tell this person how much you plan to transfer and into which account.

10 Ways to Save Some Money

Everyone can use a little extra money in the bank, but it seems that saving money is difficult due to high expenses. Despite the challenges, it is possible to save money with a few simple options.

Use Comparison Sites

Comparison sites make it easier to compare prices for insurances and other major expenses. Price comparison life insurance is particularly useful because it brings down the premium costs. Price comparison life insurance sites allow consumers to compare numerous websites within a few minutes.

Get a Part Time Job

Taking on a weekend job can easily put extra cash in the bank, even if it is only one or two days in the week.

Use Coupons

Coupons are available in a wide range of stores, including the classic grocery store coupons. Making use of coupons or coupons codes can reduce spending and put more money in the bank.

Buy Generic Products

The grocery store products or generic store brands are often much less expensive than the brand name options without changing the taste or cleaning affect.

Buy with Cash

Buying with cash helps curb impulsive spending by having only a set amount of money on hand. Take credit and debit cards out of the purse or wallet to prevent temptation.

Cook at Home

Not only is cooking at home less expensive than eating out, it is also much healthier because it is possible to avoid adding any extra oils or use preservatives.

Making a Shopping List

Before going shopping for groceries or other needs, making a list and then sticking to the items on the list will cut back on unnecessary extras. Before grocery shopping, eat a snack for the best results.

Work on Reducing Credit Card Debt

Credit cards are very high interest. Taking the time to get the debt as low as possible or eliminate it completely will result in more cash in the bank as well as less unnecessary spending. That 15 to 20 percent interest adds up quickly.

Borrow Books and DVDs from the Library

The library offers free books and DVDs for families to take home for a few days to a few weeks, depending on the particular library and the item. By checking out and borrowing these items, it is possible to avoid buying them and dramatically cut home entertainment costs.

Invest in a Filter

Instead of buying bottled water, which adds up quickly even with just one bottle a day, buying a filter will ultimately save a small fortune. A filter has a slightly higher initial cost, but allows several gallons of clean water before it needs changing.

Saving money is not as hard as it might seem. It just requires careful planning, comparison shopping and minimizing unnecessary costs.

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