Sending money abroad for the first time can be a complex procedure, especially if you are sending it to a location which is outside of the EU. There are several things that you need to be mindful of and points that you need to consider before you seek out a method of transfer. After all, you need to ensure that your money is safe and that it arrives into the hands of the person or the company you are sending it to.
Rules, regulations and limitations…
The first thing you should do is seek to discover as to whether there are any transfer limits and other rules and regulations imposed in the country you are sending your UK money transfer to. The money transfer business which you select in order to process the transaction should be able to help you out with this and advise you on the different limits imposed. After all, if you exceed the legal daily allowance in a certain country then your transfer will be declined. There are some countries with very low transfer limits, for instance; you are not allowed to send more than £660 to Sri Lanka within a 24 hour period. Moreover, there is a low limit in India and Bangladesh too; £1750 and £1960 respectively.
A trustworthy and credible money transfer company…
You will also need to ensure that you find a money transfer business that you can trust in order to send your transaction via. This is something which is especially important when sending to places such as Africa which are susceptible to money laundering and terrorist financing. You need to know that your money will be safe in the hands of the company in question. Therefore you should ensure that they have had a lot of years’ experience and that they have a credible reputation. Moreover, they should abide by all of the anti-money laundering rules and have some form of accreditation on their website in order to prove that they are honest and genuine.
If it seems too simple, then it’s not right…
Sending money abroad is more complex because of security levels, and the different rules and regulations mentioned earlier. You also need to take your own security precautions, for example, using a site that tools scam websites and hiding your IP with a VPN. You can read this on what is VPN? If you’re unsure. If you were to send a money transfer to another UK bank account then you could merely go online now, enter the amount you want to send, enter the details of the recipient and click ‘ok’ and it will be done. However, this is not the procedure which you should expect when sending a transfer abroad. It may take a little bit of effort on your part, but you need to ensure the necessary steps are carried out. Thus, you should be expected to produce your identification documents and fill out a form or two. Moreover, you should expect a receipt containing the full details of your transfer. After all, you want to make sure the money gets to the recipient, but you also want to make sure it does so in the correct and legal manner.
All in all, if you need to send money from the UK to a foreign bank account for the first time, then you need to seek out reputable money transfer business with agents which can help you to do so. They will be able to advise you regarding the process involved, as well as ensure your money is sent safely.
