International money transfer checklist: How it works and what to check before you hit send

Sending money across borders should feel as natural as sharing your love, not like solving a puzzle. Yet many people overlook essential steps that can delay their support reaching family members. Think of this international money transfer checklist as your caring guide, ensuring the funds you've worked so hard to earn reach your loved ones safely, swiftly, and with all your good intentions intact.

Whether you're supporting family back home, paying for a child's education abroad, or handling business transactions, getting the details right matters. Following the right steps not only protects your money but also demonstrates that your care extends beyond just financial support.

Understanding the basics of sending money abroad

International money transfers connect you with loved ones across borders by converting your money from one currency to another. When you send money internationally, your funds travel through a network of financial institutions using systems like SWIFT (Society for Worldwide Interbank Financial Telecommunication).

SWIFT codes help identify specific banks in the global network, ensuring your money reaches the right institution. For European transfers, you'll often need an IBAN (International Bank Account Number) which provides standardized account identification.

The exchange rate determines how much foreign currency your recipient gets for each dollar, euro, or pound you send. These rates change constantly based on global market conditions, directly affecting how much your family receives.

Checklist before starting a transfer

1. Confirm recipient details

Double-check your recipient's full legal name exactly as it appears on their identification documents. Verify their complete bank information, including account number and any country-specific identifiers like IBAN or SWIFT codes.

Even a small typo can cause your transfer to be rejected or delayed, potentially leaving your loved ones waiting for important funds. Many transfer providers cannot easily retrieve funds sent to incorrect accounts.

Key verification points:

• Recipient name: Must match their official ID exactly

• Account number: Verify every digit

• Bank identifier: SWIFT/BIC code for the receiving bank

• Phone number: For mobile money transfers where applicable

2. Confirm amount and currency

Specify exactly how much money you want your loved one to receive and in which currency. Decide whether you want to send in your local currency or directly in the recipient's currency.

Be clear about whether fees will be deducted from the amount you're sending or if you'll pay them separately. This clarity is especially important when your family needs an exact amount for specific purposes like education or healthcare.

3. Review potential fees and exchange rates

Compare the fees charged by different providers before making your decision. These may include:

• Sending (or transfer) fees: What you pay upfront

• Exchange rate margins: The difference between the mid-market rate and what you're offered

• Receiving fees: Sometimes deducted from the final amount

Check the exchange rate offered against independent sources to ensure you're getting a fair rate. Remember that a provider advertising low fees might offer less favorable exchange rates, affecting the total amount your family receives.

4. Ensure compliance and security

Be prepared to provide identification documents to comply with anti-money laundering regulations. These requirements help protect both you and your recipient from fraud.

Verification typically requires:

• Government-issued photo ID: Passport or driver's license

• Proof of address: Utility bill or bank statement

• Source of funds: For larger transfers

Never send money to someone you don't know, especially if they're pressuring you to act quickly. This approach helps protect your money from potential scams.

5. Track timing and delivery

Understand when your loved ones can expect to receive the funds. Delivery times range from minutes to several business days depending on the method and destination.

Get a tracking number for your transfer so you can monitor its progress and share updates with your recipient. This transparency gives both you and your family peace of mind throughout the process.

Managing common roadblocks

Transfer delays sometimes occur due to incorrect recipient information or compliance reviews. If your transfer is delayed, contact customer service with your tracking number ready.

Having all your documentation organized helps resolve issues quickly. Most providers will return your money if a transfer is rejected, though this process can take several days.

Comparing transfer methods for better choices

1. Bank transfers vs. fintech services

Traditional bank transfers integrate with your existing accounts but typically charge much higher fees and offer less competitive exchange rates. Digital money transfer services often provide faster transfers at lower costs, especially for regular support to family abroad.

Mobile apps make sending money more convenient by allowing transfers anytime, anywhere - without visiting a physical location. Many digital providers also offer specialized customer support for international transfers. At Sendwave, we offer 24/7 support with our money transfer mobile app.

2. Factors that influence final costs

Different factors affect how much your transfer ultimately costs:

• Transfer speed: Express transfers typically cost more

• Destination country: Different corridors have varying fee structures

• Payment method: Card payments might incur additional fees

• Transfer amount: Some providers offer better rates for larger amounts

Exchange rate margins vary between providers and can significantly impact how much money reaches your loved ones. Comparing the total amount received rather than just the upfront fee gives you a more accurate picture of value.

Wrapping up your transfer journey

Following this international money transfer checklist helps ensure your support reaches family members securely and efficiently. By confirming details, understanding fees, meeting compliance requirements, and choosing the right method, you show your care extends beyond just sending money.

Different providers excel in different corridors, so the best choice depends on where your loved ones live. Ready to make your next international money transfer simpler and more affordable? Download the Sendwave app to start sending money to your loved ones today!