What to Look Out For When Sending Money Internationally: Red Flags and Hidden Fees

We’re so used to using our phones to send money, make connections, and do business that it can become all too easy to stop thinking about what we’re doing. While many of us may scrutinise an email or a document when we are sitting and reading on our laptops, using phones is often a different matter. 

To make sure that you don’t fall victim to a scam or end up paying far more than you should, we’re going to guide you through the red flags you need to know about. Keep reading, and you will learn everything you need to know to make the system work for you. 


Unsolicited links and other approaches 

One of the biggest red flags should be a cold approach from someone claiming to represent an international money transfer service. If you receive a text message or an email inviting you to click a link, delete the message and mark the sender as spam. Legitimate service providers will never contact you out of nowhere and ask you to provide details or click through to a webpage. Yes, they will advertise online, but this is a long way away from sending links and asking for personal and financial information. 


Unprofessional conduct and pressure 

A bank or money transfer service that appears to be trying to apply pressure to you to send money sooner than you feel comfortable with should be another immediate red flag. Banks are duty-bound to explain the risks of things like loans, mortgages, and credit cards, and that means they are most definitely not allowed to pressure sell their services to you. 

The same is true of overly casual language during correspondence, spelling mistakes, and phrasing that just doesn’t sound formal and professional. While there is always a chance you are just communicating with someone who is unprofessional, rather than connecting with a scammer, do you really want to settle for poor service? Finding a better option by resuming your search is always the way to go. 


Constantly changing fees and charges 

If you cannot get a clear and concise explanation of the fees and charges that you will need to pay, you need to make sure that you resume your search. Hidden fees will quickly increase the price of sending and receiving money, especially if they are calculated as a percentage of the total amount you are sending. You may think that a one-off payment and a small increase in the charge are no big deal, but things will quickly mount up. And regardless of how small these additional charges may be, there’s also the principle. Do you really think you should have to settle for service that is poor and confusing?


Lack of clarity on completion times 

Knowing how long it will take for the money to arrive matters for obvious reasons, especially if you’re trying to help a friend or loved one abroad, or you’re trying to keep a client happy. Legitimate international money transfer services will pride themselves on the speed, accuracy, and clarity of their explanations. They will offer live tracking services that you can access quickly and securely, allowing you to provide timely updates to the recipient so that they know exactly what is going on. 


Inaccurate banking information 

A prospective recipient will need to supply you with their international banking information, but how do you know they have provided you with the right details? The first step is to use a smart SWIFT code validator that will ensure nothing is missed or overlooked. By checking that the bank they are proposing the payment is sent to is legitimate, you can build confidence in your approach. A trusted transfer service will also provide a wealth of other security checks and educational tools that will guide you through everything you need to know. Put them to use, and you will soon see that there are plenty of safeguards out there. 


Negative online reviews 

Last but by no means least, go back to basics with a review of the online reviews you can find. If a service provider has a minimal footprint online or if they have a stream of negative reviews, it is always best to avoid them and resume your search. Doing so may take a few extra minutes, but it can save you countless headaches and lost opportunities in the near future. 

We will leave you with a single line of advice that encapsulates everything above: if an offer sounds too good to be true, walk away.