Sending Money Overseas
There are many reasons why consumers may need to transfer money overseas. When transferring money to friends, family, or businesses, consumers want to know that their money will go where they send it without having to pay exorbitant and unnecessary fees. When sending money to other countries, such as to the Philippines or to Mexico, it is essential for people to find financial institutions that they can trust. Legitimate financial institutions offer simple ways to send money overseas without bankrupting the person who is sending it. Here are the top 3 options for sending money to other countries.
The first place for consumers to consider when sending money overseas is their trusted local bank. These financial institutions have already proven their trustworthiness to their clients, and are happy to help customers figure out the best ways to transfer money overseas. Banks can already transfer money between accounts within the same institution, and they can also help set up additional kinds of money transfers, including to other banks, states, and countries. For those who want to transfer funds to a specific account, the routing number to the bank and account number to which the money should be sent. If these accounts are overseas, bankers to need include more information, such as the recipient’s name, address, and bank account number. Working with banks to send money overseas can cost between $35 and $50 per transaction.
Sometimes banks will allow overseas money transfers using a SWIFT or IBAN number to complete the transactions. For those who do not have this information, Paypal may be an ideal substitute for sending money overseas. Done conveniently online, Paypal allows individuals to send funds to one another; usually the sender does not have to pay any fees, but the recipient pays a transaction fee of less than a dollar plus a one time charge of around three percent. It is important for consumers to know that international fees can be about one percent higher per transaction, which may be a small price to pay when compared with other options for transferring money overseas.
Long considered a reputable and convenient way to transfer money, wiring services like Moneygram and Western Union allow individuals to send money overseas. There is a nominal fee charged based on how fast consumers want the money transferred to other countries like the Phillipines or Mexico, and there are exchange rates that must be factored into the overall cost. For example, Western Union charges between five and fifteen dollars to send money during the same day or the next day, as well as the exchange rate that depends on the recipient’s country and current rates. Using these dependable services, consumers can send money overseas both in person and online. If individuals transfer money online, the charges for doing so tend to be less in the long run, and it proves to be more convenient for both the sender and recipient.
Additional - and less dependable - ways of sending money overseas include the more old-fashioned methods. While mailing cash is not recommended, physically withdrawing it and taking it to a bank to send is usually free. Other options for sending money overseas include personal checks, cashier’s checks, and money orders. These often also include nominal charges for those transferring money overseas.