When it comes to sending money to someone over long distances or overseas, there are many options available today, including some surprising ones you may have never even considered. Here are three of the best ways to send money abroad:
The Bank
Sending large amounts of cash is usually not an issue if you are sending money through a bank. Still, there are a few things that may concern you when using the online services offered by your bank, like how it could take days to receive your money.
Another thing you should also remember about using banks is that their fees are usually higher than other options, and they sometimes apply an exchange rate markup. And some banks only offer this service if you are planning on sending the money to another account within the same branch, which can be limiting as well.
Financial Services
Third party dedicated financial services are not necessarily banks; most of the time, they’re money wiring transfer centers that allow you to send money online. There are a number of benefits to sending money using one of these financial services, including an exchange rate markup that is oftentimes lower than what you’d get from your bank.
You should also know that sending large amounts of money abroad is possible through these types of institutions. There are three primary ways you can send money to someone in another country through these services:
Bank Deposit
One option that some folks choose is to send money to a bank account abroad. This can be done in a number of ways, like by simply visiting the company’s site, and use your bank account to send the money. Of course, the company has to be modernized enough to offer this service.
The transfer is going to take some time, but you can usually track the status of the transfer. You are going to need the receiver’s bank account information along with things like the receiver’s full name if you are going to be doing this.
Using an App
Many financial service companies have an app you can download; this will require access to the Internet, and your smartphone will need to have enough space to download this app and use it properly if your intention is to send money abroad using the app.
You will need to have the receiver’s banking information to send money using this app. You will have access to tracking, and you can also calculate fees before you make the transfer. You can always make the transfer another day if you feel like the exchange rate might be a little better at a later date.
Online
Another option you have is to send the money online using some of the aforementioned options, like an app — or just by doing it directly through the website. Established financial service companies have thousands of locations worldwide in every region, so whoever you are sending the money to is going to be able to pick up the cash using a valid ID.
The Gift Card
Using gift cards to transfer money comes with a number of limitations; there aren’t a lot of options out there, but they do exist. Look for an international pre-paid cash card online that you can purchase and load with your own money; there is also typically a variable fee that depends on the amount you’re sending. These cards are usually only available online, and the number of places where they are accepted may be limited — so before you buy one, speak with the person you’re thinking of sending this gift card to, and determine which type of card would be most helpful. Ask him or her to find out what card brands are accepted before you send the gift card.
Photo Credit: Don Hankins
