What 2 Do When?

WHAT TO DO WHEN Sending Money Overseas Backfires?

Yesterday, I got up a 4 a.m. to help a friend in dire need. She needed money for an operation, and had no place else to turn to.

I volunteered to loan her the money to make a difference, but what I found when trying to send the money overseas was truly a nightmare
and hope to give you folks an idea of what to do when you’re placed in the same position.

First thing is, make sure you know what the current rate exchange is on the American dollar versus wherever you’re sending the money.
For example, if you’re sending money to the United Kingdom, know that the rate exchange isn’t in favor of the United States. You’ll be
paying allot more to an individual in England. Make sure you’re aware of this BEFORE you send the money.

Two, make sure you call your bank and find out what the difference is with your Credit Card. Know that because you’re spending limit may
be higher than $10,000, it’s the limit you’re concerned with. No, indeed! It’s the Advance Cash your card allows you to spend. For example,
on the Discover card, depending on which one you’re using, Business vs. Personal, you may have a spending limit of $25,000, but for
Cash Advance, the amount may only be $3,495. Discuss this with your individual Credit Card holder, i.e., the Bank (Chase).

Three, make sure when you want to send the money how much that particular company is going to charge you for using their services
and most importantly, how soon the money is available for pick-up. Yup, there’s many a slip between cup and lip. Make sure if you need
the money immediately to reach its destination the next day, or two days from the day you send it, that it ACTUALLY is there for your
friend to pick up. Some companies hold the money for more than 3 days. Check it out.

Fourth, wire transfers are nice. You need to be there in person to wire the transfer. Some banks won’t do wire transfers on Saturday.
Make sure you know the times and days available to you.

Fifth, many banks and other companies charge handling fees. For example, PayPal it’s 2.9 percent plus .30. If the amount you’re wiring
is over $1,000, you might to consider another avenue. After trying 3 to 4 companies, the handling fee went from $9 to $245. Yup, make
sure you know what you’re doing.

Sixth, some companies take (after receiving permission from you) the money directly from your personal or business bank account.
They’ll ask for your checking routing and account number. Make sure you know what they are.

Seventh, you will need to provide your social security number, ID to prove who you are. I used my Passport, but you can use your
Driver’s license and other forms of ID.

Eight, you might be told that you transfer didn’t go through because they believe you’re a Terrorist, hacker, or someone out to
steal your identity. You might want to give a heads-up if you’re using a Credit Card. (best with VISA. Sometimes, they’ll take Discover.
It depends).

Nine, afterwards, take a long nap. Highly recommended.

Until next time… .