You will from time to time need to transfer money to other countries; making online payments, sending money to individuals and businesses, purchasing online courses, among other needs. It is important you understand the options available to help you settle on the best way to transfer money internationally. That is why we have reviewed ten different methods for you to choose the one which works for you.
How to choose the best money transfer options
No flat-rate charges exist for sending money across different platforms. Some payment options are affordable when sending large amounts of money. Some are great for small amounts, just like others depend on the country of destination. You should compare and settle for the most affordable.
The urgency of the cash you are transferring is important. While some options can last from 3 – 5 working days, others take barely minutes to complete transactions. Faster means of payments are more generally convenient.
You should be wary of fraudsters when transferring money through different payment options. Use a platform that keeps your payment details safe and is not prone to hacking or infiltration from unauthorized parties. Let’s say a case where a platform allows you to shop online with checking account. You must keep your computers and details away from any suspicious party and not key your details on suspicious sites.
The only way the receiver will get the money is when they can reach the platform easily be it online or with agents.
The 10 Best Way To Transfer Money Internationally
A bank wire transfer enables you to send money either online or in a bank from your bank account to another bank account. To use a bank wire transfer, you will fill a form where you will include the receiver’s details including; name, transit number, account number, and branch number. It is most suited for business and individual who prefer to receive money directly in the bank accounts. The receiver waits for around 3 -5 business days for the money to reflect in their accounts. Bank of America advises using local currency in exchange for faster access, but if not sure of the recipient’s local currency, you can use the American Dollar as the default currency.
Western Union is the most widespread money transfer service provider worldwide with a presence in over 200 countries and over 550,000 agents. The cost and speeds of transferring money are some of the reasons for success. The speed of delivery determines the cost of the transfer. It also provides for lower transfer fees in the developing world and premium charges for the developed nations. The receiver can easily access the cash within minutes after sending.
PayPal is undoubtedly one of the best ways to transfer money internationally for individuals and businesses alike. The service allows you to transfer money to several countries even without a bank account. Otherwise, you can also link your account for verification using cards. Creating a PayPal account is easy and straightforward.
PayPal is a fast means of transferring money. It takes less than a day, even though the speeds can also depend on amount, destination and currency of transfer. It has neither a minimum or maximum transfer limits, only that you need to provide additional information when transferring large amounts. PayPal charges transaction fees you need to be aware of.
If at all cost is an issue when it comes to sending money, then OFX is your best bet at transferring money internationally affordably. This online money transfer service provider allows you to transfer money in over 80 countries across the world. It is easily accessible via the mobile app and the website and allows you to send only amounts over $1000.
OFX has no limitations on the amount you can transfer, even though both you and the receiver must have bank accounts. It follows the standard banks processing and working hours such that you cannot easily get same-day delivery.
This is also for those who are looking for a cheaper way to transfer money internationally. It provides some of the best exchange rates among the transfer options and is easily accessible in more than 70 countries globally. The receiver must have a bank account, while you can use a variety of options in a transfer like using cards or from a bank account.
Transfer wise’ website and the mobile app comes with a cost calculator which is important in helping you determine how much you can send.
Owned by PayPal, Xoom is one of the fastest means to transfer money internationally. It is a web-based transfer option and completes transactions within minutes. It is accessible in over 70 countries and provides for different delivery options; you can either send money for picking at specific locations or deposit the money into bank accounts.
The daily amount you send using Xoom is determined by the personal information you have provided. With basic information, you can send up to $2,999 in a day, while for verified users who have linked debit cards or credit cards can send up to $25000 a day. The least amount you can transfer is $10.
One of the issues with Xoom is that it costs a little higher to transfer money as compared to these other options irrespective of the option you use.
Money is the best way to transfer money internationally if you are looking to use an established system. It is widespread over the world with presence in over 200 countries and over 350,000 agents worldwide. It provides a range of money transfer options including phone reloads and cash deliveries.
MoneyGram is a fast means of money transfer that typically takes minutes to complete, even though some destination might take up to a day for bank transfers. The only downside that comes with it, is the cost of the transfer. It is one of the most expensive, and it allows a lower monthly maximum limit of $6,000.
8. Money Order
Even though not the preferred option for many businesses and individuals, a money order is a decent international money transfer option. This is where you indicate money to prepay to the receiver. You will most likely need to visit a post office or bank individually to make transfers due to the limited number of online service providers.
This is a means that guarantees the receiver of money when they render you the services or products.
Created in 2010, by former bankers and expats, with a need for faster and fair international transfer rates, Currency fair is one of the most reliable ways to transfer money internationally. It is fast, secure and with competitive transfer rates. It provides diverse money transfer options like the traditional models used in the other payment options like Western Union and OFX, as well as P2P market funds exchange.
It is easy to register and complete transactions on the site. Currency allows for money transfer using the networking of local accounts and completed via trust accounts.
Some banks allow their users to transfer money internationally between banks directly to the other users if they have accounts with the bank. It is advisable that both the receiver and sender have accounts operating in similar currencies to help to avoid exchange rates costs.
Some banks will allow you to securely send money with checking account number and other details.
You should confirm the accuracy of the receiver’s account details to avoid erroneous transactions.
Transferring money internationally between banks and individual is a work on progress. From the times when it would take days, until the present when different payment platforms have leveraged technology to transfer money in minutes. The success of a payment method will depend on speed, cost and accessibly. You must also look that you input correct receiver details when sending cash. This will save you from fraud by not revealing sensitive information to non-trustworthy third parties your details.