What You Need Before Sending Money Abroad

‍Most banks and fintechs will ask for the following when processing an international transfer:

The beneficiary name must match the account title exactly.
IBAN (International Bank Account Number) is a standardized format for global transfers.
The SWIFT/BIC code identifies the recipient's bank within the global network.
Bank names and addresses are sometimes required for compliance.
Some countries require disclosure of transfer purposes, such as tuition, rent, or salary.

Tip: Mistakes in these fields = rejections, delays, or rerouted funds. Always confirm with therecipient before sending.


‍How to Transfer Money Internationally

1. Bank Transfers
The process can be initiated through online banking, in-branch, or by phone.
Pros: Safe and widely accessible.
Cons: 3- to 5-day delays, high fees, and padded FX rates.

2. Online Money Transfer Services (PayPal, Wise, Revolut)
Open an account, input recipient information, and fund it using a bank or credit card.
Advantages: Near-real-time transfers and reduced fees.
One disadvantage is that there are transfer restrictions and the establishment of anaccount is required.

3. Forex Companies
Sign up, provide recipient information, secure the FX rate, and authorize the transfer.
Advantages: Outstanding exchange rates and personalized assistance.
Cons: Substantial paperwork at the outset; delayed onboarding.
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4. Money Transfer Operators (MTOS: Western Union, MoneyGram)
The recipient can pick up the cash or have it credited to their account. The process can becompleted online or at an agent location.
Benefits: Near-instant transfers and the broadest reach.
Cons: Poorer FX rates and higher fees.
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Essential Tips for Overseas Transfers

Compare the rates and fees. A 3% foreign exchange fee, compared to 0.5%, can savehundreds of dollars on $10,000.
To avoid delays, plan ahead of time and avoid making transfers on weekends or holidays.
Keep an eye out for hidden fees, as intermediary banks may charge them during thetransaction.
To maintain security, use multi-factor authentication and licensed providers, and avoiduntrustworthy services.
Keep the documentation. Keep track of your receipts and confirmation numbers.
Confirm the recipient's details. One wrong digit equals a failed or misrouted payment.
Understand transfer limits, as some services limit daily or monthly amounts.
Please be aware of regulations, as compliance rules differ by country; kindly declare thepurpose if required.


Best Practices for Smooth Transfers

Use alerts and apps to track FX rates and schedule transfers at favorable times.
Diversify your investment methods by using online apps for small amounts and forexspecialists for larger ones.
Educate recipients. Share the estimated arrival time and reference number so that they knowwhat to expect.
Keep in mind that exchange rates fluctuate throughout the day, so use alerts to optimizetiming.
Check local rules. Nigeria, for example, limits certain FX outflows; always ensure compliance.


FAQs

How long does an international transfer take?
Banks: 3–5 business days.
Online services: <24 hours.
MTOS: minutes.

Are there transfer limits?
Yes, it varies by provider, country, and regulation. Some fintech companies limit transfers to$10,000 each, whereas banks may accept larger amounts.

Can I cancel a transfer?
Depends on the provider. If the transaction has already been processed, cancellation may beimpossible. Always check the terms.