Sending money internationally is a lot different compared to sending money within your local region. You should take out time to examine the money transfer options out there with the most cost-effective, reliable, and secured services.
You can speed up your transactions by being strategic about your money transfers, hence protecting your business finances.
Here are some tips to help you execute secure transactions using any payment method;
- Choose the methods that best suit your business requirements
- Look out and compare transfer fees and exchange rates
- Conduct research on fraud and transfer scam
- Plan your payment ahead of time
- Carefully confirm and cross-check all transaction details
- Make sure to get a confirmation receipt from your transfer service provider as proof of payment.
Below is a list of the safest methods to send money internationally;
BANKS
As much as the high street banks are a good option for financial transactions they just might not necessarily be the cheaper or best option when sending money abroad, for some reason they charge outrageously for international transactions.
Some banks charge a fixed fee for sending and receiving money abroad while others charge a percentage of the whole money you are sending. Banks are fond of adding their exchange rate and hidden fee to every transaction which in most cases is higher than the normal market exchange rate and this in turn causes a reduction in the amount sent to the recipient.
WIRE TRANSFER
Wire Transfer is simply a means of exchanging finance using bank-to-bank affiliation or transfer agencies globally. This payment method is simply between the sender and the recipient. The moment the sender instigates the transaction and provides the necessary information needed to execute the transfer (recipient name and bank account), a request signal will be transmitted to the sender’s bank first and then to the recipient’s bank through a payment terminal. Wire Transfer can be used by anybody, it could be for a business transaction, an individual paying for services rendered, etc. Most transactions are completed within some days.
Wire Transfers may not be the best option because They are expensive to use, they are frequently used by scammers and their transactions are irreversible once sent.
MULTI-CURRENCY ACCOUNT
A multi-currency account is an account in a financial technology organization that presents you the opportunity to Send, receive and hold money in different currencies at the same time, and with this, you can choose the exchange rate that is more convenient for you. Several multi-currency bank accounts are easily accessible for intending users, with each presenting unique features and exchange rates, etc. Make sure you take out time to carefully examine them so you can make the right choice.
CURRENCY BROKER (FOREIGN EXCHANGE BROKER)
Currency Broker companies specialize in buying and selling foreign currencies. A currency broker company should be on your consideration list if your need for international money transfer involves a large amount like buying lands, exotic cars, houses, etc. The services rendered differ from one currency broker company to another. you are advised to indulge in an extensive research before choosing which company to work with.
A few tips to consider when choosing a preferred currency broker;
- Ensure the company is regulated
- Delays when trading in the forex market can be disastrous sometimes, it is essential that you choose a broker company that is capable of executing your trades efficiently and fast.
- Some currency brokers add extra value when rendering services, ensure you are being provided the best exchange rate and no hidden fees.
PAYMENT SERVICES & MONEY TRANSFER APPS
There are various money transfer providers on the internet promoting their services with distinct offers. Also, money transfer apps are the trending means of making payments in today’s world, enabling users to carry out financial transactions locally or internationally at their convenience simply by using mobile devices. We have, however, carefully ranked these payment services Read more here
Baelio is a reliable mobile transfer app that allows you to make international payments secure and fast. Baelio offers some of the best exchange rates in the market with zero fees, an advanced tracking system to track your money in real-time, and a user-friendly interface for convenience and ease.
send money with confidence from Canada to Nigeria using the Baelio app available on the PlayStore and Apple store.