Sending money abroad: a short guide

Whether you are supporting family, paying university fees for a child studying overseas or settling an invoice with a supplier, sending money abroad is part of life for many of our customers. The process is simple, but the total cost is often less obvious than it looks. Here is what to check.

1. The fee is only part of the cost

Every international transfer has two costs: the transfer fee you see, and the exchange rate you receive. A transfer with a low fee but a poor exchange rate can cost more than one with a higher fee and a better rate. Always compare the amount the recipient will actually receive.

At Lanternvale Bank, an international transfer costs JOD 15 at a branch and JOD 7 in the app, and the app shows the exact exchange rate and the final amount before you confirm.

2. Get the recipient details exactly right

Most delays happen because of a small mistake in the details. Before you send, confirm the following with the recipient.

• Full name exactly as it appears on the recipient's bank account
• The recipient's international account number and bank code
• The name of the recipient's bank and the country
• The purpose of the payment, which some countries require

Save frequent recipients in the app so you only enter these details once.

3. Know how long it takes

Transfers to many nearby countries arrive within one working day. Transfers to more distant countries, or those passing through intermediary banks, can take two to four working days. Weekends and public holidays in either country add time. If a payment is due on a specific date, send it a few days early.

4. Watch for intermediary charges

Some transfers pass through one or more other banks on the way, and those banks may deduct a charge. When you send, you can usually choose who pays these charges: you, the recipient or shared. If the recipient needs an exact amount, such as a tuition invoice, choose to pay all charges yourself.

5. Consider a foreign currency account

If you send or receive money in the same currency regularly, a Foreign Currency Account lets you hold USD, EUR, GBP or AED. You can convert when the rate suits you and send from that balance, rather than converting each time.

6. Stay alert to fraud

Be cautious if someone you have never met asks you to send money urgently, if a supplier suddenly changes their bank details by email, or if an offer seems too good to be true. Call the person on a number you already know before sending. A transfer that has been sent is often very difficult to recover.

In short

Compare the recipient amount, not just the fee. Check the details twice. Send early when timing matters. And use the app to keep costs down and track every payment.

Lanternvale Bank is fictional and this article is written for software testing. Fees are examples only.