Whatever the reason — be it sending savings to a bank account in Ukraine or helping relatives, a number of problems may arise.
Looking at ways of money transfers between countries, we can identify a number of common issues and find solutions beforehand:
1. Customs and safety of carrying cash on train or airplane
A lot of people prefer to personally carry cash abroad or with the help of their family, friends or acquaintances. At first thought this way may feel more reliable. But in fact, this choice may lead to a number of complications.
It is highly important to learn and understand customs regulations and import restrictions for cash. For example,
cash of a value equal or greater than 10,000 euro as well as the source of these funds must be declared to
customs. The violation of this rule may lead to a fine.
Whereas the delivery of the money to the recipient by a third person requires a high level of trust between the parties or a certified deal.
2. The need to go to the bank or post office
A reasonable option to send money abroad is to use the bank you already have an account or card with.
To thoroughly understand all the conditions, such as currency exchange fees, bank’s commission and execution time, one may need to go to the branch in person. And though banks now have well-developed mobile apps and customer service, it may be hard to get all necessary information due to the non-standard nature of such transactions.
The time spent on commute, queues and consultations does not usually pay off, as banks often apply extorted commissions for cross-border money transfers.
Another option is to send money by post. In this case you may get a better offer but it is hard to predict when the money will reach the recipient. This information had better be clarified at the post office before the transaction is made.
3. Requirement to disclose personal data
Designated services for money transfers, such as Profee, and other similar money transfer services, are becoming increasingly popular. Usually the sender, and sometimes the recipient, will need to provide an identification document. In some rare cases,depending on the amount to be transferred, the service provider may inquire about the source of funds.
It is important to understand that trustworthy services require such information for the safety of their clients. Money transfer services operate under a special license and in partnership with banks and international payment systems such as Visa and MasterCard. Depending on the license issuing authority, the money transfer service will apply relevant local regulation on personal data. It is best to have the necessary document on hand: proof of identity and source of funds.
4. Freezing of funds and unclear status of the transfer
The source of major concern for any transfer is when the money is stuck. Recipient does not get the funds; who holds it and for what reason is unclear.
It is desirable that the service you choose has round-the-clock customer support that speaks your native language. Then you can expect timely advice: what the problem is, what is being done and when it will be resolved. Otherwise, the situation is worsened by the uncertainty: can’t reach support, waiting on the line, unclear response of representatives, etc.
It is worth turning to social networks and forums for reviews about the service you plan to use. When problems exist, people share their experience in comments. In such a case, it is best to turn to a service that might be more expensive but provides guarantees.
5. Account blocking
Banks may consider international money transfers, especially of significant amounts, suspicious and block your account and card.
In this case, it is recommended that you immediately get in touch with your bank or financial institution. Most often the problem can be solved on the spot, if you confirm that the account does indeed belong to you, including by naming your latest actions or transactions and confirming that you indeed initiated the specific transfer. Rarely you will be asked to provide supporting documents.
Got any questions?
Profee team will be happy to consult you about international money transfers.