| Whether you're sending money through your local | | | | in the amount that actually makes it to your recipient. |
| bank or post office, through a money transfer | | | | How does your Recipient access the Cash? |
| service, or through a website that facilitates money | | | | Some methods today are so convenient that the |
| transfers, there are a few key questions that you | | | | recipient can swipe a card at any ATM machine to |
| should ask to help make the best decision for your | | | | access the cash that was sent. Other methods |
| situation. | | | | require the recipient to be present in a bank or in |
| What are the fees? | | | | front of a money transfer agent in order to receive |
| No matter how you choose to send money to | | | | the money. Think about your recipient and finding a |
| foreign countries, there is usually a fee involved. The | | | | method that is most convenient on both ends. The |
| fee can depend on many things, including the amount | | | | banking systems of foreign countries also need to be |
| being sent and the speed at which the funds need to | | | | considered when sending cash, as some are more |
| arrive at their destination. It is common for a fee to | | | | developed than others. |
| be charged for sending the money as well as for | | | | What additional charges should I watch for? |
| receiving the money on the other end. The fee can | | | | The biggest hidden fee that many money senders |
| be flat, and is occasionally based on a percentage of | | | | aren't aware of is charged by their own credit card |
| the amount of money being sent. Fees can also be | | | | company. Several money transfer methods allow for |
| hidden in the way exchange rates are calculated, so | | | | a credit card to be used to send money worldwide. |
| be careful! | | | | What is not always clear is that this is considered a |
| How is the exchange rate determined? | | | | cash advance on your credit card, which can carry |
| Exchange rates are constantly changing, so it's | | | | hefty charges. |
| important to know when the rate will be calculated | | | | These fees can be as high as 4% of the amount of |
| to convert your US dollars to the foreign currency. If | | | | cash that is accessed, making a simple transaction |
| your recipient is expecting a set amount, it's | | | | much more expensive than you might have planned |
| important to understand whether the currency is | | | | for it to be. This can be avoided by using a debit |
| being converted at the time it is sent or at the time | | | | card, which taps into money in your checking account |
| it is received. This can make a substantial difference | | | | directly. |