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Tips for Sending Money Abroad

Sending money abroad is no longer a difficult thing. What's more, there are now various overseas money transfer services that make the remittance process easier. With the development of technology as it is now, remittance activities are now often carried out by many people.

The remittance process runs like a local interbank transfer process. However, there are several important factors that differentiate this process from local interbank transfers. These factors include many things such as account data of the beneficiary, transfer fees, exchange rates, and remittance service providers.

Well, for those of you who want to transfer money abroad, consider the following tips so that the process of sending money abroad is smoother.

Prepare the Information Needed
Collect the information you need before sending money, such as complete data on the recipient's account, the required transfer code, and also what types of personal data will be asked to send money.

Send Money Abroad - The recipient's account data must be complete and accurate because your money will not arrive if there is the slightest error. For example, some banks in China require you to write the name of the account holder in Hanyu Pinyin, so you need information about the recipient's Hanyu Pinyin writing.

Learn About Transfer Fees
Knowing the cost of sending money is very important because transfer fees abroad tend to be expensive. Usually, each bank or remittance service provider has different service rates. There are several fees you need to pay attention to when sending money overseas:

Fixed Rate Fee

Some remittance service providers (especially banks) charge a flat fee for remittances.

Exchange Rate (Exchange Rate Fee)

The most common type of fee is an exchange rate fee. Sometimes, some remittance service providers will give you an exchange rate fee that is not as good as the base exchange rate and these fees are usually around mid-market prices.

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