Wiring money to loved ones who live overseas is never an easy task, but there are ways to make it easier and cheaper, too. Whether you’re sending money home or wiring cash to another country for travel expenses, the right method can help you save time and money. Read on to learn about the top five ways to send money internationally.
Money orders can be a good option if you need to send cash internationally. These pre-paid orders are only redeemable for cash and have no fees attached. But keep in mind that they’re not as secure as sending actual cash, so be sure that you won’t lose access to your funds if your recipient ends up losing or misplacing their money order.
If you’re wondering where to get a money order, the answer’s simple: Western Union. Sending money via Western Union is convenient and cheap – with a number of options for you to choose from. If you live near a Western Union agent, you can send money by making an in-person payment. However, if that’s not possible, they also offer a few other ways to get your money where it needs to go. For example, you can choose between pre-paid cards or mobile wallets – as well as sending your funds via text message or email.
A bank wire transfer is your best bet if you need to send $1,000 or more. But be prepared for a wait: Transactions can take 1-2 business days. Also, keep in mind that fees can range from $10-$40 or more on both ends of the transaction.
Wire transfers can also be free if you’re transferring money between accounts at your own bank. But beware that it can take 2-3 business days for funds to be available in a recipient’s account, and some banks charge their own fees on top of any transfer fees charged by your bank. U.S. dollars might not always be an option, either: Some banks charge more for wire transfers involving other currencies, so check before sending.
To move funds outside of your country, you’ll likely need an IBAN. This is a number used by banks around Europe that you can use in place of a SWIFT code when transferring money across international borders. Your business will need to apply for an IBAN directly with its bank, which is usually a fairly simple process that takes less than 24 hours. Once you have one assigned, it remains in effect until you decide to change it or close your account.
Using a money transfer company like TransferWise can be a cheap and convenient way to send money internationally. It uses interbank exchange rates and charges lower fees than traditional banks or services, meaning you get more bang for your buck.
While sending money internationally is a simple process, you need to make sure that you have everything you need for it to go smoothly. So whether you’re using your bank, PayPal, or Western Union, make sure to follow these tips and avoid any problems with lost checks or stolen funds.