How To Transfer Money Overseas? Secure Money Transfer Options

Money, a medium of exchange, has indeed transformed humankind and lifestyles. So much so that one can transfer money from one part of the world to another in seconds. We all use money to buy essentials and things we want, including food, clothes, accessories, etc. But have you ever considered making an international payment or transferring money overseas? What was your purpose? Education? Remittances? Business Deals? Or something else? Whatever your purpose or need was, one thing will always affect your overseas money-transferring process: tax. Can tax be avoided? The answer is not that simple, as multiple players are in the process. But we have a solution to make your money-transferring process smooth. Read this article to learn how to transfer money overseas and the best money-transferring platforms available. 

Why Transfer Money Overseas? 

Money is transferred overseas for multiple reasons. Some require money for education, remittances, business transactions, medical expenses, property purchase or house rent, investments, gifts and donations, etc. International money transfer depends on the person and their requirements. It is somewhat complicated, especially for newcomers. The reasons that make international money transferring complicated are: 

• Exchange rates 
• Fees and Hidden Costs 
• Regulatory and Compliance Issues 
• Processing Time 
• Security Risks 

The last factor, security risks, is more daunting than the rest. The potential for online fraud, scams, and data breaches can leave both senders and receivers equally vulnerable to hackers. To navigate these complexities, it is crucial to seek the guidance of a professional who specializes in online money transfer and related activities – and that’s what we’re here for. 

4 Best Ways to Send Money Internationally 

International money transfer is when a sender transfers money directly to a receiver’s bank account or an organization abroad. There are multiple ways to transfer money. Here are four great ways to send money internationally. 

International Money Order 

A money order is an old, easy, and budget-friendly way to transfer money overseas. In this process, the sender deposits the money they want to transfer into their bank account. The receiver can quickly cash it out at any check-cashing location.  

Online Bank Transfer 

It’s a digital world; today, online bank transfer is the most widely used method. Online money transfer requires details like the beneficiary’s SWIFT code/ IBAN of the bank and other essential information. This is a simple cost-friendly way of transferring money internationally. It is secure and fast, where money can be transferred in real-time, but intermediary banks have heavy overhead charges and fees. 

Money Transfer Operators 

Money transfer operators are financial services companies specializing in cross-border money transfers. Traditional money transfer operators offer extensive global networks with physical locations, allowing for cash pick-up options and fast transfers, making them popular for remittances. However, they can be more expensive and may not offer the most competitive exchange rates. Newer fintech money transfer operators, on the other hand, operate primarily through online and mobile platforms. They typically offer user-friendly interfaces and additional features like multi-currency accounts, providing more competitive rates and lower fees.  

Bank Drafts/ Cashier’s Cheque 

Almost every bank has its own bank drafts and cashier’s cheques. These drafts and cheques can be purchased from a bank in the currency used by the receiver. Not only is this process is cheap, it is also safe as it keeps track of the cheque or draft in case it does not reach its destination. However, the process is time-consuming. It can take up to 30 days to be cashed in by the recipient. 

Possible Challenges and Concerns in International Money Transfers 

Navigating the complexities of international money transfers can be challenging. Below are some of the challenges and common concerns that you may encounter in international money transfers. 

High Fees 

When it comes to international money transfers, one of the most common concerns is the high fees associated with such transactions. Traditional banks and many money transfer services often charge substantial fees, these fees may include flat rates, percentage-based charges, or currency conversion fees. 

Slow Processing Times 

Another significant challenge in international money transfers is the often-lengthy processing times. Traditional bank transfers can take several days or even weeks to complete due to the involvement of multiple intermediaries and compliance with international regulations. This delay can be particularly inconvenient when sending money for urgent purposes. Additionally, weekend and holiday periods can further prolong processing times.  

Security Concerns 

Ensuring the security of the transaction is a top priority. There is always a risk of fraud or unauthorized access to funds when transferring money internationally. A common fraudulent tactic involves the fraudster posing as a trusted individual and luring the victim into being able to use a credit card to make a payment with the promise of a fraudulent cash back offer, when in fact a stolen credit card is used to make the payment on the victim’s behalf. The victim confirms the arrival and transfers the funds, while the stolen charges are reversed a few days later, leaving the victim to bear the ultimate financial loss. 

Regulatory Compliance 

Navigating the complex regulatory landscape is another major hurdle in international money transfers. Adhering to regulations in both the sending and receiving countries can be time-consuming and challenging. These regulations can vary widely and often change over time, making it difficult for individuals and businesses to stay compliant. 

Make Risk-free International Payments with EasyTransfer 

University Living users from over 50 countries worldwide have been facing challenges with international payments, such as high exchange rates, slow processing times, and security concerns. Money remitters need a reliable, efficient, and cost-effective solution for their cross-border payment needs. Our partnership with EasyTransfer in 2023 has significantly improved the payment experience for thousands of our users. EasyTransfer offers competitive exchange rates, secure transactions, and fast transfers, with funds arriving usually on the same or next business day. This significantly improves the efficiency of student housing reservations, allowing students to secure their desired properties in the shortest possible time. This effectively prevents the situation where students lose out on their preferred properties due to delayed deposit payments. In collaboration with University Living, EasyTransfer ensures that international payments are smooth and risk-free. 

EasyTransfer is an online cross-border education payment platform for international students. Founded by ex-international students in 2013, EasyTransfer is dedicated to improving international education exchange and student mobility by eliminating financial challenges and allowing international students to live better and spend less in their foreign country of study.EasyTransfer offers a user-friendly online platform that allows students to make payments in their home currency, eliminating the stress of exchange rate calculations. With competitive rates and transparent fees, EasyTransfer help students save money on their transactions. Its partnerships with major financial institutions ensure fast processing times, typically within three business days. EasyTransfer provides personalized, one-to-one customer support in students’ native languages, guiding them through every step of the payment process. The platform supports various payment methods, giving students flexibility in how they pay.  

Many renowned international universities, especially those prioritizing the international student experience, have already established official partnerships with EasyTransfer. These institutions include the University of Manchester, Newcastle University, Roehampton University, Cranfield University, Cardiff Metropolitan University, Bolton University, Lincoln University College (Malaysia), Sofia University, and Bridgeport University, among others. These partnerships are aimed at enhancing the university’s brand image and reputation to attract more prospective international students. 

Conclusion 

The international money transfer process is challenging, especially for starters. However, we discussed the four best ways to transfer money internationally and highlighted the potential challenges that may arise. Our goal is to help make your cross-border payments safer and more accessible. With this information, you’ll be better prepared to choose the right option for your international money transfers.