In sending money abroad, every person wants the fastest way possible. If you have sent money to someone abroad, you realize that there are factors that contribute to the model choice you make. For instance, the exchange rates, service fees, the duration before the recipient gets the money, etc.
There are various ways that you can use to send cash abroad and in order to have a proper choice, WireCompare allows you to compare different modes, their durations, service fees, etc. below are 7 major ways that are cheap and fast to send money internationally.
This is one of the most common means of sending money. It is most preferred for instant send outs as well as it has strong security. PayPal is free to send money and the recipient is charged an affordable fee of just 3.9%+ $0.30 per transactions of up to $3000. As the transfer increases, the transaction fees decrease. The exchange rates charged are dependent on the current rate in the international markets. PayPal is quite an economical way of transferring money.
2. Use of Western Union or MoneyGram.
These two methods have been in existence from way back before there were technological advancements. They are quite similar as they use the same model of transferring money. The service fees for these two modes are flat and dependent on the preferred transfer speed, the location where you are sending the money and the amount of money that you are sending. These two methods have been preferred by many people due to their convenience and they are reliable.
3. Use of personal checks.
This could be one of the best and most reliable modes of transfer if your bank allows free checking. The biggest disadvantage of this mode is that if you are sending a check in a foreign currency, it may be delayed in cashing in the check because they have to verify the deposit and other banks may actually reject the check. Amidst all this, this method is safer as you can cancel the check at any time in case something arises before it is cashed in.
4. Bank wire transfers.
This can be done either online or in person. Both the sender and the recipient need to have a bank account, all you need is to fill out your personal details and a form. This method would be the best for a person that needs the money to go directly to their bank account. It is a great method if you are sending out money for the business purposes. As much as this method is very convenient and safe, it would be a problem in the transfer fees as well as it may take up to 5 days for the money to reflect your account.
5. Money Orders.
A money order is ideal if there is a need for the transfer to be guaranteed. If you sell something online, you are assured to get the money as it is usually prepaid. The only problem with this method is that it may take quite a while for the recipient to receive the money, in addition, there are some locations that are limited to the amount of money that you can send or receive.
6. International bank to bank transfer.
There are banks that offer free international bank transfers so long as the sender has at least two accounts with the bank and they ought to be at a good standing. Also, the recipient ought to have the bank with the same bank with the sender. This method is really affordable as it is completely free to transfer cash from one account to another.
7. Use of Transferwise.
This is a great method for instant transfers and you can be assured of exciting exchange rates. While using this method, you need wait for a certain number of days especially if you are transferring large sums of money. This mode of transfer is accepted in many countries across the globe.
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