While you have many options for converting and sending money from the United States to Chile, one of the best options will be to use a remittance service, which typically offers smaller fees and exchange rates than other options like bank wire transfers while also being capable of sending the funds to your designated recipient within mere minutes if not seconds.
Here are some things you need to know for using a remittance service for sending money from the United States to Chile:
Have Your Information Ready
In order to complete a transfer to someone in Chile using a remittance service, you will have to have a lot of information ready to go, including but not limited to:
- Your Name
- Your Bank Account Number
- Your Recipient’s Name
- Your Recipient’s Bank Account Number
- Your Recipient’s City and Country
- Your Recipient’s Address
You may need additional information as well, but at the bare minimum you’ll the above information at least.
Be Prepared To Pay To Send
Unfortunately, converting and sending money is not free with a remittance service. Yes, it is cheaper, but it’s not completely free. You’ll have to pay a small percentage based fee of around one to three percent, a margin of the exchange rate, and maybe even taxes from both the United States and Chile.
Fortunately, all of this information should be listed out in the quote that you can receive from the company, which we’ll talk about next.
Get A Quote Before You Send
Always go with a remittance service that will offer you a quote before you send the money. Avoid a remittance service that doesn’t offer you a quote, though this shouldn’t be a problem because most do.
In addition, always make sure that the service includes a guaranteed exchange rate as well. A guaranteed rate means that the exchange rate on the quote will be the same one when you send the money. Otherwise, you could end up having to pay a much higher exchange rate than you should.
Check For Errors
Last but not least, always check for any possible errors before sending the transaction over. You should have around a half hour at least, and sometimes more than that depending on the transaction, to cancel the transaction at no charge after you send it.
But if you find any errors after that time limit is up, you should contact the remittance service company immediately by phone and explain the issue to them. By law, the remittance service will have a ninety day period to look into the matter and notify you of what they find.
Sending Money To Chile
All in all, the above information will be crucial for you to know before converting and sending money to someone abroad in Chile using a remittance service.