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3 Key Things to Consider When Transferring Money Abroad

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Remitting money online without physically going to the branch is the way to go these days. Many parts of the world are at a standstill due to the COVID-19 pandemic. Therefore, it is important to understand the most practical method to send money abroad for friends and family in need, or even to cover professional ventures based overseas via remittance.

What is the process?

  • Remittance – sending and/or receiving money to and from abroad for personal or business payments.

While straightforward enough, even someone seasoned in making online transactions should explore the various remittance services based on the following factors noted below prior to making an international money transfer.

Image credit: Alistair Macrober | Unsplash

1. Security

  • How safe is your money going through a transfer?

The SWIFT network provided by many banks and other financial institutions is a vast messaging network to quickly, accurately, and securely send and receive information such as money transfer instructions. There are many external remittance service providers available in the market. However the money transfer performed via these channels is at your own discretion. It is important to keep track of the remittance, and to ensure customer support service is readily available when using these channels.

2. Exchange Rate

  • Will the value of the local currency be affected drastically by currency exchange fluctuations?

As remittance agents and service providers, some companies have the ability to promote cheap exchange rates, but take note! These companies will compensate it with exorbitant high fees depending on the amount sent. You may need to look at more than just the exchange rate when utilizing these services. You should also understand the additional charges and hidden fees imposed.

3. Convenience

laptop user on roof
Image credit: Avi Richards | Unsplash
  • Is the recipient able to access the funds conveniently?

The key factor considered when utilizing any services is the ease to access funds. Not every community is equipped with a good infrastructure such as the internet connection, which is needed when performing a transaction. Service providers with multiple touchpoints or branches are preferable.

CIMB offers Remittance services to over 200 countries worldwide for Outward Telegraphic Transfer, and Inward Telegraphic Transfer. CIMB’s wide global network will help you to have a peace of mind of having to know the technicalities of how remittance works.

CIMB’s Foreign Telegraphic Transfer (FTT) is authenticated and encrypted to ensure the safety and security of your transactions via SWIFT technology. This will ensure customers’ smooth transactions when performing their transactions online via CIMB Clicks from the safety and comforts of their home.

For more info, check out our previous article on Remittance here.

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