How Can I Send Money Abroad?

The ebb and flow of immigration is mirrored in the economic world too, with some of those who move for financial reasons then sending money back to the country they hail from.

People who need to transfer cash to another country have a number of choices, each with their negatives and positives.

•    International bank – many high street banks offer money transfers, but charges may be high. This can be done usually in the branch or sometimes online. In order for this transaction to be completed, the Bank Identifier Code (BIC) of the sender and recipient is needed, along with both parties' International Bank Account Number (IBAN).

•    Recently immigrated people may also consider asking their bank if they offer a specialised account for transferring money abroad.

•    There are also firms that specialise in this type of operation with offices in countries around the world. They usually have rules regarding identification and the amounts that can be sent.

•    There are companies that specialise in transferring large amounts and can offer aid if the money is to be used to purchase property.

•    Some Post Offices and travel agents can also offer a money transfer service, which may be a third-party organisation operating through their branches.

•    Over the internet - Some bidding portals can have their own transferring operations, so if this is the prime reason for needing to arrange a deposit, they may be worth looking at. In these cases, a fee can often be charged at both ends, meaning the cost of the transfer is split between sender and recipient.

It is important to remember that many of these methods of transfer can be infiltrated by scammers, especially those using the internet. It is vital to use reputable companies to avoid this sort of fraud. If the company being used is regulated by the Financial Services Authority then this can help in the event that your money is stolen.

Whatever method you choose to send money abroad it is important to look carefully at the small print and make sure you are aware of all the charges to be applied.

If you would like to know more about money transfers why not ask AnswerBank Business and Finance.