Every year, millions of households around the world send money to friends, family members and others abroad. The good news is that the costs for doing this have been going down steadily for the past few years. Additionally, thanks to new regulations, it is now required for all fees, exchange rates and other factors to be disclosed to customers before they send the funds.
Unfortunately, there is also bad news. With the demand going up to transfer and send money abroad, the options have also increased. As a result, it is quite complicated to determine what option is best.
In this article you can learn about what to look for when choosing a method for an overseas money transfer. When you are informed, you will be able to make a decision based on facts, rather than guessing what option is best.
Cash to Cash
There are quite a few walk-in services that offer you the opportunity to transfer money directly to someone, regardless of where they are around the world. All you have to do is hand over the cash, which will then be converted to the proper currency for the destination country. Once the transaction is complete and you pay the associated fee, the cash will be sent to the recipient. In some countries, there are even delivery services that take the money directly to them.
Bank Accounts
There are some services that will also allow you to take money out of your bank account and send it to the other person’s bank. In most cases, these transfers can be arranged online or over the phone, all by just providing the routing and account numbers for the receiving and sending banks. If there is only one person who has an account, then you can use it for a portion of the transaction, regardless of if it is to fund the actual transfer or to receive the money that has been sent. Keep in mind, if there is a third party sender that has to access your account information to send the money, then the process may be slowed down somewhat.
You also have the option to use a bank wire transfer. This will allow you to move funds from one account to another; however, the fees associated with this method are often higher than other options that are available. Make sure that you fully understand the fees before you move forward with the transaction.
Debit and Credit Cards
There are some transfer services that allow you to use a credit or debit card to help and speed up the amount of time that it takes to send money compared to using the services of a bank. When you use a credit or debit card, it may cost a bit more than when you use your bank account or cash. You may also face an additional credit card fee from the issuer of the card depending on if the transaction is processes as a cash advance or as an actual purchase.
When you know the options that are available, you will be able to choose a method of sending money internationally that works for you. Keep in mind though, the fees associated with this process can often be high, so it is a good idea to shop around and find the best possible deals for your particular needs. When you do this, you will be able to find affordable, quality services that meet your needs and the needs of the other person. Don’t settle for subpar services when there are plenty of quality ways to send money overseas.
