Mistakes While Making International Money Transfers?
In the past, you had to rely on cash for paying and transferring
amount. Now the world has changed. In this modern age, it has
become very easy for us to transfer money. You know how?
Transferring money from one corner of the world to another has
become a matter of seconds through the online banking system.
Online banking has revolutionized the system of money
We can send money from one account to another, within the
country or outside the country using the internet in a blink. A
few swipes of cards and clicks on your PC and you can transfer
the money to your family or friends living abroad or in other cities.
From paying bills to saving money, all we need is a device and
internet. However, wait! Is it that smooth and simple? Of course,
no. People make mistakes all the time, and that is very normal.
In the case of transferring money online, we witness many people
who make very little mistakes that can cost them huge money.
Making errors during international money transfer is the most
The question arises, how can we avoid making mistakes while
making international money transfers?
In this article, we will get to know what mistakes to avoid while
transferring money online:
When you open an online banking portal, you see 3 payment options
for an online
money transfer which are
· Credit Card
· Debit Card
Well, never select the Credit card option. One to one payment applications
charges around 3% of the total amount when you go with transfer through
credit card. However, the amount of transfer service through a debit card is
But, this is not always the case. Some of the money transfer services like
Moneygram and Western Union do not charge extra amount if you are using
a credit card. But still, your credit card issuer could charge you.
You will have to pay a cash advance fee that is fixed by the bank
(credit card provider) and then you will have to pay interest on that amount.
The expensive deal, right?
So, what you must do to avoid transferring the amount is to select the money
transfer from your Debit card
How mainstream, I can never be so careless to make this mistake. Everyone
thinks that unless they do the exact thing. It might be a very obvious thing but
believe me, this is a very common mistake made by efficient and careful people.
Getting the correct account detail is standard for online transactions, but when
it comes to money transfer, it is crucial.
You must double-check all the details before you confirm the online transfer or
transactions. If you add even one extra zero in the amount, then it can be a
very expensive mistake.
Similarly, a single change of digit in the recipient’s account number can transfer
all the money to a random account.
These little mistakes are sometimes irreversible because the transfers do not
have a simple refund process. If you mistakenly transfer the amount to an
unknown person, then you will have to personally contact the account owner.
If that other person is not willing to return your money, then you are in big
However, if the money is not received by the other party yet and you realize your
mistake, then you can cancel the transfer.
There are some money transfer companies which allow you to select the cancel
button, but some do not.
A simple way to avoid all this hassle is to make sure that all the details which you
enter are correct.
Many people choose a saving account instead of the checking account while
funding a transfer with a bank account. Some money transferring application
like PayPal links up to your saving account during money transfer.
Using saving account is not recommended because the saving account allows
just six transfers or withdrawal per month. This includes payment of all bills.
And, if you exceed the limit of transactions, the bank will charge you an extra
amount on further withdrawals. So, you should not add another transaction
(money transfer) to the saving account
Also note that if you consecutively make more than 6 transfers/transactions
through your saving account every month, your account status will change to
This is another common mistake. Many people lose money when they
send one payment twice. This can either be a technical error or memory
mistake by a human.
Many times, the money transfer companies notify you if you make an
exact money transfer request twice in a row. If you are sending the
money online to another account and within the 24 hours, you send
the same amount to the same person, the system will ask you to
review the order.
So, any guesses on how to avoid this mistake? Always check your
transfer history before sending money online.
If your money transferring request is showing an error, then contact
your bank. Do not make excessive requests at once if you see an
Many times, the system is down at the time you make money transfer,
and once it is fixed, your money transfer request proceeds automatically.
If you have to transfer the money to the business partners or contractors,
then using a personal account is not recommended. In this case, you can
set up a personal account and one business account.
If you start sending money to the business contractors or companies using
the personal account, the bank will detect the activity. Eventually, you will
have to sign up for a business account.
Some banks charge extra amount for a business account, but others will
offer you friendly offers for business payments. The IRS and third party
service encourage you to keep the personal and business transactions
If you do not want to pay the extra money for the business transfers,
then look for a money transfer company that offers easy money transfer
without cutting charges.
The advanced technology has enabled you to send or receive money at
your fingertips, but it is not free. Making errors is common, but you should
at least try to avoid the most common mistakes
to avoid stress in the future.
And again, do not forget to double-check every digit or alphabet carefully
while transferring the amount.