10 Most Common Questions About International Money Transfers

10 Most Common Questions About International Money Transfers

Banking is almost exclusively conducted electronically today, with large sums of money being sent back and forth between accounts and financial institutions at the click of a button.

International banking is no exception. Banks used to be the only option for remitting money overseas, and they charged exorbitant fees and inflated exchange rates in order to make a large profit off of your money transfers. Today though, there are a number of independent international money transfer services that you can visit online or download on your phone that get the job done faster and more affordably. In some cases, you can send money abroad without paying any additional fees at all, and your funds arrive as quickly as within a few minutes.

#1 Is international money transfer safe? 

You always want to be careful when entering your personal information online, such as your bank account, address, and contact info. International wire transfer companies like Remitbee understands the concerns and risks associated with your information or funds being stolen, which is why our transfers are completed with the highest levels of security and encryptions that are next to impossible to break. We guarantee that your personal information and funds are safe when you remit money with us, and never share your personal information without your consent. We are so confident in the safety of our system that we offer a money-back guarantee if something goes wrong with your transactions, which includes the amount you are sending and any fees that you paid.

#2 Is international money transferring expensive?

International money transfers used to be expensive because banks inflated currency exchange rates and tacked on high fees to make a profit. Remitbee keeps fees as low as possible and always offers competitive rates when converting your money. If you are sending more than 500$ CAD through EFT or on Remitbee Wallet, there are no additional fees for your transfer.

#3 Will the recipient have to pay any fees?

Remitbee does not charge any fees for the recipient to pick up funds that have been transferred, but the receiving bank or country may assess a fee. Make sure to check with the bank you are sending the funds to before initiating your transfer.

#4 What are the requirements for an international money transfer? 

There are a few pieces of information that you will need in order to initiate an international money transfer. First, you will need your own name, address, contact info, and bank account information. Then you will need the name, address, and bank account information of the recipient. You will also need to provide a reason for your transfer from a drop-down menu, which includes gifts, family expenses, paying a loan, and more. Finally, you may need to agree on a code word with the recipient to complete the transaction.

#5 Will my bank charge me for using a money transfer service?

Since you are transferring money from your bank account or debit card, some banks may assess a fee for your transfer. Check with your bank before initiating a transfer to see if this is the case. If you are using Remitbee Wallet, you can add money to your Remitbee account and transfer from there, which should enable you to transfer money with low or no fees.

#6 How much can I transfer?

The amount of money you can send on Remitbee depends on your verification level. Level 1, the most basic verification level that is required to use our platform, enables you to send $50 CAD per day and $500 CAD per month. Level 2 verification, which requires additional personal information, enables you to send up to $3,000 CAD per day with a monthly cap of $25,000 CAD. The third verification level enables you to transfer up to $9,000 CAD per day with a monthly limit of $50,000 CAD. Level four is not currently available to the public but will be at some point in the not too distant future and will enable you to send higher amounts daily and monthly.

#7 Can I track my money?

You can track your transaction on the Remitbee app or website by logging in and checking the “Transaction History” page at any time. We will also send an email notification as your transaction progresses through each step of the process.

#8 How long does it take? Do I have to send money during banking hours?

The amount of time it takes for your international money transfer to arrive depends on the country you are sending to. Remitbee has established ‘money in minutes’ services with certain countries like India, but other countries that have been recently added to our service may take one or more business days. While you do not need to initiate your transfer during business hours, delays may be caused as far as when the money posts to your loved ones’ account if the receiving bank is closed. Lacking documentation for verification or incorrect recipient details can also cause delays.

#9 Where can I send money?

You can send money to more than 40 countries with Remitbee’s online money transfer service, including 16 that were recently added at the end of last year. These include Andorra, Australia, Austria, Belgium, China, Cyprus, Czech Republic, Denmark, Estonia, France, Finland, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Luxembourg, Malaysia, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, San Marino, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom and The United States. More countries will be added in early 2021!

#10 What is the best international money transfer service?

There are many options, but we believe that Remitbee is the easiest to use and offers the most affordable rates for sending your money abroad.

Our company was founded by immigrants who understand what you need when you are trying to send money home, and we work tirelessly to expand our coverage area, make sure our technology has the most cutting edge security available and is as easy to use as possible.

Remitbee delivers your money quickly and safely at affordable prices. 

With Remitbee, you can be sure that what you see is what you pay. We never assess hidden fees or hike up our exchange rates and use the most up-to-date encryption technology to ensure complete safety. If we are unable to complete your money transfer, we offer a money-back guarantee that includes any fees that you had to pay. To get started, download our app or visit our website and create a free account. As soon as you verify your identity you can begin sending money back to your home country from anywhere.

Sign up here!