When should I make a money transfer?

This article was originally published on May 12, 2020.

You can send a local or international money transfer any time of day, from anywhere with an internet connection. That’s one of the best parts of using an online transfer service such as Xe. But the question is, when would you need to send a money transfer? If you’ve never sent one before,  you might be curious about the situations that call for money transfers.

Whether you’re paying bills, sending money to loved ones abroad, or making overseas investments, online money transfer could be a great solution for you. Let’s take a look at some of the ideal circumstances to send money transfers.

What’s the best time to send a money transfer?

To start with, what kinds of circumstances call for a money transfer over, say, a wire transfer, or just sending money in the mail? Here are the best times to send a money transfer:

When you want the money to be delivered quickly

If you want to send money to your loved ones, friends, colleagues, family members or make any payment for whatever reasons and you want the money to be delivered quickly, a money transfer is your best bet. At Xe, for example, all money transfers are completed in 1-4 business days, though most complete within 24 hours (and some take just minutes).

Or maybe you’re operating on a deadline. If you want to send money during an emergency such as for the payment of a medical bill, a school fee, or to avoid late bills payments, using a money transfer is the most dependable option.

When you want to get the most for your money

You can send money overseas through the banks, or you can exchange cash in person. However, banks and

When you want to make a secure transaction

When you’re making an important payment or sending money to a loved one abroad, it’s understandable that you’ll want your transaction to be secure and dependable. In these cases, money transfer is a reliable option. Online money transfer platforms such as Xe provide an easy, convenient and secure platform for money transfer to over 130 countries and in all major currencies worldwide.

With a money transfer, you don’t have to worry about losing your money to an agent, a third-party service provider, or while in transit. Rather, all transactions are made on a secured web platform and encrypted for maximum security.

When you want an easy process

If you’ve read our piece detailing the ins and outs of how money transfers operate, you might be feeling overwhelmed. It’s a technical process, so does the mean it’s going to be complicated for you to initiate?

Not at all.

Unlike other methods of sending money, either locally or internationally, an online money transfer doesn’t require walking into a physical bank, waiting in a long line, and filling out endless paperwork just to send the money. You can easily transfer the money from the comfort of your home, office, or anywhere else without moving an inch and the recipient will receive the money directly in his or her bank account.

What sort of situations might call for sending a money transfer?

We’ve just talked through the benefits of online money transfers, and what might drive you to choose money transfer over some of the other options available. Now, we’ll take it a step further. There are several reasons why you may decide to send a money transfer abroad, and we even can tell you what type of money transfer would be the right solution for you.

Sending money to your loved ones  

Money transfer is the fastest way to send money to your loved ones wherever they are in the world. It’s also the easiest way for your loved ones to receive the money you’ve sent to them, since it’ll go straight to their bank account. If you ever have a reason to send money to your spouse, family members, parents, friends, or any significant other anywhere in the world, a money transfer is your best bet.

When you send money overseas with Xe, you can rely on getting some of the most competitive exchange rates in the market. Not only will that allow you to spend less on your transfers, but you’ll be able to give more to the ones you love in the process.

Paying bills

Sending a money transfer is one of the most convenient and easiest methods of paying bills abroad. Since money transfers complete quickly and let you know the expected delivery date before you send, your chances of making a late payment is almost zero (except if you make the transfer after the deadline day). More so, you’ll be able to track all your bill payments easily and plan your budget accordingly.

If you know you’ll be making regular payments on one of your bills, take it one step further and set up Regular Payments Abroad. This service will let you set up recurring payments for months or even years down the line, so you can rest easy knowing that your bills will be taken care of each month.

Buying a property

If you’re working in a foreign country, you may decide to buy a home in your native country, or you might purchase property as an investment, a vacation home, or in preparation for a future overseas move. Regardless of why you’re buying property in another country, money transfer is an easy and convenient method of making payment once you find the right property. 

When you’re transferring large sums of money (which property purchases generally require), your exchange rate will make a huge difference in how much money you need to send in order to make your payment. When you choose Xe over bank transfers, you can ensure that you’ll get a more favorable exchange rate for your payment. If you have some time before you need to make your payment and the rates are currently in your favor, you could also set up a Forward Contract to lock your rate once it comes time to pay.

You also won’t have to bother about the risk of losing your money by sending it through an agent or a third-party. Paying for a property is easier and stress-free with an online money transfer.

Paying overseas tuition fees

Money transfer is a fast and convenient way to pay for overseas tuition fees. If you’re schooling in a foreign country, or have a child who is schooling abroad, you can easily pay their school fees via a money transfer. You can use an online remittance service like Xe for easy payments of school fees in over 130 countries and in various currencies.  

Just like the two scenarios listed above, overseas tuition fees can be high-volume and they come with a deadline. Setting up Regular Payments Abroad can help you to ensure that all of your tuition payments will come in on time and at a great rate.

Putting money in your own account in another country

Yes, you absolutely can transfer to yourself! If you frequently travel between your new home country and your old one, you probably still have a bank account back home. If you want to keep a sum of money in that account and continue to build your savings, you can transfer directly to your own account. 

You can build up your savings from overseas, and you won’t be privy to the potentially unfavorable exchange rates you might get if you waited to exchange through your local bank.

If you’re looking to maximize the amount of money you can put in your account, you could set up a Rate Alert to let you know the best time to transfer. No need to constantly check the markets—we can do that for you.

Exchanging currency

Think about the last time you traveled to another country. Did you have their currency on hand? It’s more likely that you needed to get a supply for your trip. Or maybe you’re planning for an imminent international move,  and you want to have some of the local currency when you arrive.

Exchanging money at your local bank, at an airport kiosk, or at a bank or ATM at your destination are all usable methods, but they’re not the best for one reason: rates. 

Banks and other currency exchange services set their own exchange rates. It’s great for them, but it might not be as great for you. The rate will favor the institution, and you might not get as much bang for your buck when you exchange.

If you choose to get your currency ahead of time with an online money transfer, however, you can trust that you’re getting the fair, honest mid-market rate. What you see is what you get: no hidden service fees anywhere.

Paying for a mortgage

Remember what we said about bills? Here’s another one for you. You may decide to buy a house in your home country while living in a foreign country or working abroad. This could mean paying a mortgage at the end of every month, and sending a money transfer (or Regular Payments abroad) is one of the easiest and most convenient methods of doing so. Since money transfer is done quickly (or even automatically), you can easily pay your mortgages conveniently without bothering about missing payments.

Paying for work to be completed overseas

You may decide to hire a company, a team, or even an individual such as a freelancer anywhere across the world. When you’re ready to make payments, sending a money transfer is most likely the fastest and easiest way to do so. Regardless of the location of whoever you hire and the currency they prefer, you can easily make and receive payments through online money transfer.   

Investing in a foreign country

If you’re living or working in a foreign country, you may decide to make an investment in your home country or in any other country. With a money transfer, you don’t have to bother about traveling to the country you’re interested in before you can invest. 

You can easily send whatever amount of money that is required for the investment and in any currency, to start investing. It’s a stress-free process that will save you lots of time and money. And as said above, if you’re planning to invest in a large amount, we can help you to secure a great rate for your transfer so you can make the most of your investment.

Paying for accommodation during vacations

If you’re planning to go for a vacation in another country, you may decide to pay for an accommodation such as a hotel, before making the trip. One of the easiest and most secure ways to make such payments is via a money transfer. Regardless of the country you’re traveling to and their preferred currency, a money transfer is the perfect payment solution you need.

International money transfers can be a great, useful solution to professional and personal needs alike. When you choose Xe for your international money transfers, you can be sure that you’re choosing the option that will get your money where it needs to go quickly,  securely and at a great exchange rate. Log in or sign up to get started today!