Do you ever take a moment to stop and think before sending money abroad? If you do it often, you might not even blink when you’re doing it. According to experts like the NYC federal crimes defense attorneys at Robert Tsigler, there are more than a few things you’ll want to keep in mind prior to an international money transfer, lest you want to run afoul of the law.
How Can You Send Money Abroad?
First and foremost, you’ll need to know how you’re going to get that money overseas. You’ve got your bank, of course, which can facilitate the transfer of funds in most situations, but that’s not the only game in town. Your options for moving money abroad also include a variety of money transferring services.
Which should you use? That depends on which you feel most comfortable using. You’ll want to compare factors like safety and security, the speed of transfer, and the overall customer service experience when making your choice.
Is Sending Money Abroad Illegal?
In and of itself, sending money overseas isn’t illegal. It’s important to know the law, however, so that you don’t send it in a way that might be against the rules. After all, criminals are keen to send money from one country to another, and because of that, authorities have to watch transactions for suspicious behavior.
You can avoid pretty much all possible complications, though, by simply learning the laws about money transfer in the country you’re in and the country where your recipient resides. This includes the limits on the amount you can send and any paperwork you’ll need to include to ensure your transfer is legit. Be sure to stay on the up and up so you aren’t flagged for money laundering.
What About Fees And Exchange Rates?
Even with the most simple and straightforward money transferring services, you’re going to have to factor in exchange rates and fees. The exchange rate, as you may already know, is how much of one type of currency is equal to another. 1 US Dollar, for instance, is equivalent to roughly 3.75 Polish zloty, so you’ll be getting a good exchange rate for your cash in such an instance.
The fees you’ll have to take into consideration are what the bank or money transfer service charge you for making the transfer. This might be a flat fee, or it could be a percentage based off of the total amount you’re moving. Either way, be sure to keep this in mind before you send money so you’ll be able to cover the costs.