According to the World Bank, lower and middle-income countries received $540 billion from prosperous nations in 2020.
But while COVID-19 did cause many financial crises, people sent more money in 2019. Sending money to friends or relatives overseas is just part of life!
Whether you have to send money abroad to family members, friends, or even internet acquaintances you know, a lot of people still seem nervous about how to do it safely.
In this article, we’re going to discuss the five best ways to send money internationally.
- Wire Transfer
Your bank can help you with an international wire transfer, usually by requesting you fill the form out in person.
The bank will verify your identity first. Then, you enter the recipient’s bank details, as well as the person receiving the funds and all of their information.
What’s nice about this option is that you can choose the currency you want to convert your funds to upon remittance.
- Bank to Bank Transfer
While wire transfers and bank-to-bank transfers accomplish the same goal, they are not the same thing.
With a wire transfer, there is no need for two separate bank accounts to be linked. You simply use the recipient’s bank account number and ABA routing number to process the transaction.
Also falling into this category are:
- Automated Clearing House Transactions
- Money orders (postal mail)
- Cashier’s checks
All of these options take advantage of the relationship between you and your bank and are less expensive than the other options.
- Money Transfer Services
The idea of a money transfer service may seem confusing to some, considering that it does work with banks, and yet is not the same thing as a bank transfer.
Western Union, MoneyGram, and Wise are all multinational finance companies that have agent locations around the world. You provide your identification and then pay with cash. Then, you pay the transfer fee and get a receipt.
The recipient can pick up the cash at another agency quickly and easily.
Western Union also offers in-person delivery. Western Union’s history is far more complex than just money transfers. Read about how one of the United States’ oldest companies got started at Britannica.
- Online Money Transfer Services
Using an online stand-alone transfer service is the most popular option these days since most people have several online currency accounts and can easily send money with just a few clicks.
Some of the top brands include:
- Wise
- Paypal
- Venmo
- CashApp
- Skrill
- Google Pay
These companies charge transfer fees but perform the transaction almost instantaneously if the recipient also has an online account with the same company.
If the person wants cash or the money transferred to their bank, the waiting period may take 1-2 business days. The downside is that these online companies don’t have an established bank doing the transaction.
- Prepaid Debit Cards
If you want your receiver to have access to their account, the best option may be a prepaid debit card. You can open the debit card in the recipient’s name and then have a card sent to them.
While you pay for all the transactions, the receiver can now make regular purchases, as if they had their credit card.
While it’s relatively easy to send money overseas these days, you might need a few pointers on how to do it painlessly and without paying for more than you have to.
Learn more about easy and stress-free money transfers at WireSmartly.
Send Money Abroad
Now more than ever we see online technology changing the way we do business and transfer money quickly.
Whether you need to send money abroad in person, or through an online service, or even using prepaid debit cards, there are always solutions that work fast.
Don’t hesitate to reach out and get a quote from one of these companies if you need to send money right away.
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