People are sending money overseas for different reasons. If you are away from your country, there will be times that you will need to use different ways to international money transfer.
In these modern times, we live in a world where different innovations are available for people’s convenience. Electronic funds are now a way of life which helps people have an easy and fast money transfer. There are just some fees associated with money transfer services.
When you send money, you are looking for a safe, reliable and fast money transfer service that helps you deliver the money to the right recipient.
Here are some considerations that you should keep in mind to know which money transfer service best suits you:
- Is it a one off transaction or a recurring one?
- How quickly do you need the money to get to the recipient?
- Is the money transfer service safe?
- Where your funds originated – bank account, moneylender loan, credit card, digital wallet or cash.
- How much money do you want to send?
- How much is the cost of the transfer?
- What is the current exchange rate between currencies?
This article lets you discover different ways to send money in other countries:
1. Bank-to-Bank Transfers
Most banks offer money transfer services and with this type of service you may be able to send money coming from your account to an international account of the recipient with the same banking institution. This type of money transfer will require you providing the account number and routing numbers.
The benefit of bank-to-bank transfer can be cheap or even free, depending on the bank’s rules and how quick the recipient receives the money.
Some drawbacks in this process is you will need to be in the same banking institution for the transfer to work. Also, if the recipient is a stranger, they could be hesitant to give you their bank account information and routing number.
2. Western Union
Western Union is one of the oldest ways to send money internationally outside of a bank. An established institution that has assisted millions of people on their money transfers, they have proven to be the most secure and flexible money transfer institutions. It may take usually 4 to 5 days before your recipient receives the money but it is guaranteed safe and they only charge small fees and a little bit of mark up on the exchange rate. No matter where you are in the world, there will always be a Western Union branch where you can send money internationally. This makes it easier for people to send money without travelling miles away for your current location. And the recipient can receive the money at any branch of Westen Union.
PayPal has helped individuals and businesses in different countries to send money with a credit card or bank account linked to their PayPal account. Using PayPal has relatively low fees if you are transferring or receiving small amounts.
A faster and secure way to send money online. And also can be used for online purchases.
A UK based money transfer company which allows you to send money from one country to another without high fees and hidden charges. Transferwise works fast and lets you receive or send the money in real-time, no need to wait for 2 to 3 business days. A safe, reputable company that is highly trusted by businesses and individuals. One disadvantage of Transferwise is it is only supporting a limited number of countries and you can only send to a bank account not to an office address.
A money transfer service that supports more than 80 countries via its website and mobile app. It is one of the cheapest money transfer providers and has no limit on how much you can transfer. Like other money transfer services, OFX makes monet off the exchange rate markup for less than 1% compared to other providers. They have a reliable customer service where you can call if you have problems in your account. It might take two to four business days, a little bit longer compared to other money transfer providers.
This money transfer service works similar to Western Union in terms of accessibility. MoneyGram has 300,000 pick up locations all over the world. This is best to use in urgent money transfers for emergency situations or if the recipient needs to receive cash instead of money transferred to their account.
Once you decide on which is the best money transfer service that works for you, always remember to never throw away the receipts or any proof of transfers. Having records of your transactions can help you in case something goes wrong in the transaction. Also if you are sending money internationally, to make sure the money will be received at the given date. If not, you will need to contact the money transfer service to check on the transaction. This is why keeping the receipt is important. So assess your situation first and make considerations before you decide on the money transfer service you will use. You can also seek help from renowned international money transfer service comparison sites like CompareRemit to get real-time exchange rates on money transfers by the world’s leading money transfer companies.