Many individuals and business owners will need to send money to foreign countries from time to time. A few years ago, that was a real pain, especially as it would have meant a trip to the bank. However, thanks to recent advancements in technology, there are now lots of different smartphone apps that are designed to help with the task. With the use of peer to peer marketplaces, money can be transferred in an instant. So, your international clients and debtors will never have to wait for their payment again.
Here are three quick tips you might find useful:
1. Get the details right!
While technology will allow you to send money almost anywhere in the world, if you type in the wrong bank details, significant problems could arise.
2. Transfer in advance
Although the apps will transfer your money in a matter of seconds, it might not clear in the receiver’s bank account for a few days. You should allow for this by transferring in advance wherever possible.
3. Check exchange rates
As exchange rates can fluctuate over the course of a day, it’s vitally important that you check them just before sending your money. That way, you should never make an underpayment.
So long as you follow those three tips and use some basic common sense, transferring funds abroad will be a cinch. Knowing a little more about the process peer to peer marketplaces use could help to alleviate some of your concerns. That is why you might like to take a quick look at this infographic.
Infographic By CurrencyFair