Sending money to friends, family, and other businesses abroad has become easier than before. Thanks to numerous applications available in the market. However, the time is taken to receive the amount by the recipient also varies.
We have listed out some of the best ways to send money overseas. Have a look at it:
Your Bank
Most of the banks offer an option to wire transfer to the international accounts. However, these services might be a bit expensive compared to other digital platforms that are solely focussed on international money transfers. The transfer rates are pretty high due to the exchange rate markup.
However, transferring money internationally through your bank/ euro account is one of the safest and reliable ways. This method seems to be safer when you are transferring a large sum of money internationally.
Western Union
Most of you might have already known about the western union money transfer. This is one of the oldest and reliable companies when it comes to transferring the money internationally.
You can either transfer money internationally through their website or by visiting their branch physically or even by using their mobile application for android and ios. If you are planning to transfer a huge sum of money (more than five grand), then you can also try their OnlineFx website, which has interesting features.
One of the best things about western union money transfer is that you can also use a credit card, debit card, cheque, and the money gets deposited faster in the recipient’s bank account. He or she can also collect the money from a nearby western union location.
Paypal
There might be hardly anyone who might never be heard about PayPal. Paypal is one of the easiest and fastest ways to transfer money from your account to an international recipient account. If you are using a credit card to transfer the money, then you incur lesser charges compared to using a bank account for transferring the money.
Paypal charges a relatively low fee compared to western union and your savings bank account.
Transferwise
This is one of the best alternatives to PayPal. Transferwise is a U.K company that works similarly like Paypal but has a lot to offer to its users. Unlike other applications, there is no markup fee attached to your transactions. You pay a little fee, and the money straightly gets deposited in the recipient’s account. This company also has a mobile application for android and ios users. So, you can transfer money easily with the tap of a button.
Not every service provider mentioned above serves transactions to all the countries. Check their respective websites and compare the fee involved with the transaction and accordingly signup on their platform, to transfer your money overseas.
Also, some platforms listed above might do same day money transfer while others take a couple of days to transfer the amount to the recipient’s account.
Remember to also use a money transfer comparison marketplace, like CompareRemit, to help you save on transfer fees. For example, suppose that you are from the USA and would like to send money to the Philippines. You can trust CompareRemit.com with your funds, as it allows you to compare top money transfer companies at a glance, giving you the confidence you found the best USD to PHP foreign exchange rate.