The 4 quick and essential things to seek in an international money transfer provider

If you are one of the 7.6 million Aussie immigrant population who sends money to friends and family on a regular basis, then you’re probably familiar with international money transfers (IMTs). But you don’t have to be an immigrant to send money overseas.

There are many reasons why you could send money abroad:

• Helping with a medical emergency
  
• Paying tuition fees
  
• Purchasing land or property
  
• Investing in an international business
  
• Giving a gift to someone
  
• Retiring somewhere abroad

When sending money overseas, most people opt to use an IMT service. This could be through your bank, a foreign currency transfer specialist or a standard wire. 

Related: Should I use PayPal or an international money transfer provider?

With so many IMT service options providers out there, if you’re new to sending money internationally it can be a bit intimidating to pick one without worrying about the risk of getting scammed. International money transfer provider WorldRemit, who has been operating since 2009, has outlined its 4 key recommendations for anyone looking to choose an overseas money transfer service

1. Check that they are government regulated: When looking at IMT companies make sure they are regulated and authorised by the Australian Securities and Investments Commission (ASIC). To check if a company is ASIC approved you can search the business on the ASIC hub. All the IMT providers on Mozo are ASIC approved. 
   
2. Do they provide customer support?: If you ever run into any issues it is always good to have easy access to a customer support team. If the IMT provider you’re looking at doesn’t provide any support, maybe give them a pass.
   
3. Have they got good reviews?: Just like you check reviews for a product before you buy it, you should do the same for money transfer providers. Reviews can also give you a good insight on how good the customer support is…or how bad. 
   
4. Will it be fast and simple to use?: Sending money overseas should not be complicated. Most IMT services are easy to use and you could be making your first transfer soon after you sign up.

If you don’t know where to start when searching for IMT specialists check out the IMT winners of the Mozo Expert Choice Awards. If you want to learn more about sending money overseas check out our IMT guides.