Money transfers are usually straightforward, but small errors can lead to delays or extra costs. Here are some of the most common mistakes people make during international money transfers and our top tips on how to avoid them.
1. Entering Incorrect Details
When transferring money, details like the recipient’s name, account number, and bank information need to be precise. Even one incorrect digit can prevent the transfer from reaching the right person or delay it significantly.
How to avoid it: Double-check all details before hitting send. Some transfer platforms offer a confirmation step, so use this opportunity to verify everything. With OrbitRemit, you can set up and save recipients so you won’t have to go through the trouble of entering their details every time.
2. Insufficient Funds
If there aren’t enough funds in your account to cover both the transfer amount and/or transfer fee, then the transfer is very unlikely to be successful. This oversight can delay the transfer and sometimes incur additional fees from your bank or service provider.
How to avoid it: Ensure your account balance covers the transfer amount plus any applicable fees before you make the transfer. OrbitRemit will display the whole amount you need to pay before you make the transfer. Take advantage of this transparency to avoid surprises, and double check your account balance before hitting send.
3. Ignoring Transfer Timing
Exchange rates can fluctuate throughout the day, which may impact the amount your recipient receives. Timing can also affect how long a transfer takes, especially if you’re sending it during weekends or bank holidays.
How to avoid it: Check exchange rates and schedule transfers when rates are favourable. You can use OrbitRemit’s rate alerts to notify you when your desired send and receive currencies hit a certain rate. Additionally, be aware of bank holidays in both your country and the recipient’s country to avoid delays.
4. Falling Victim to Scams
Scammers often pose as legitimate companies or even acquaintances to trick people into transferring money. It’s crucial to be cautious with unsolicited requests, especially if the requestor pressures you to act quickly.
How to avoid it: Verify the identity of anyone requesting money and avoid sharing sensitive information over unsecured communication channels. Reputable money transfer services, like OrbitRemit, offer safe and secure transfers, so choose a platform you can trust.
5. Selecting the Wrong Transfer Method
Different transfer methods can vary in speed and cost. For example, choosing a bank transfer over a wallet service can be slower and sometimes more expensive, especially for international transactions.
How to avoid it: Research the transfer methods available and choose the best one for your needs. E-wallets, such as GCash, and other digital platforms can be quick and cost-effective options.
6. Using the Bank When You Could Use OrbitRemit!
Banks are often the default option, but they have higher fees and less favourable exchange rates than online money transfer options. OrbitRemit is specifically designed for international transfers with better rates and lower fees than the banks.
How to avoid it: Instead of going directly to your bank, consider using OrbitRemit. You’ll get a secure, reliable transfer process with better rates and faster service.
Making a money transfer can be easy and stress-free when you’re mindful of these common mistakes. By choosing a trusted platform like OrbitRemit, you can avoid the hassle and keep your transfers efficient, secure, and affordable. Sign up today to keep your money safe and make every dollar count!