Whether you’re doing business abroad or you need to send funds to support family and friends in your home country, you may look for the best way to send money overseas.
The right option might depend on your needs, the amount of money you are sending overseas, and how quickly you need the funds to arrive at your destination. There are many different providers offering services to different companies, but here are three of the best-known and most popular ways to send money abroad.
Online money transfer services like PayPal can be quick, effective ways to send money overseas. Using your PayPal account, you can send money between 25 currencies and over 200 countries. However, like other forms of international money transfer, PayPal transfers are not free. In most cases, you will pay a specified, limited fee sending the transfer from your PayPal balance or bank account. However, if you are using a debit or credit card, you will pay an unrestricted 5% of the transfer amount in fees in addition to a 2.9% funding fee. Other fees and conditions may apply; PayPal should make this clear during the transfer process.
In order to send money with PayPal, your recipient also must have a PayPal account. If they do not, you can use a PayPal subsidiary service called Xoom to make your money transfer. Xoom offers several options for recipients to collect their funds. Of course, PayPal is only available in a limited range of countries, so this may not work for all money transfers.
Wire transfers are a time-tested way of sending money internationally. If you need to send large amounts overseas or are doing business with large purchase orders, wire transfers may be a logical option. Most banks have fees associated with international wire transfers, although domestic transfers or those to certain countries may be free. Depending on your bank and the amount involved, these can be substantial. Wire transfers are typically sent to a recipient bank account, prepaid card or credit card. However, only some banks allow you to complete international wire transfers online. In many cases, you will need to go into a branch and meet with a customer service representative to complete the transfer.
Western Union is another quick and efficient way to send money abroad. You can send online, use a mobile app or send from an agent location, which are often found inside convenience stores, grocery shops and other local businesses. Because Western Union offers immediate cash pickup, it can often be the fastest way to send money overseas and ensure the recipient has cash on hand immediately. There are fees involved, which vary by country; often, you may pay lower fees by sending to a bank account rather than opting for the immediate cash “money in minutes” feature.
Western Union is an excellent choice to send money quickly to people you know; make sure you are fully aware of your recipient before sending the funds. Western Union has offices in almost every country, including many nations where PayPal is not accepted and wire transfers may face difficulties.
There is a wide range of excellent choices for international money transfer, and the right choice may depend on your needs for each transaction. Make sure you read the detailed information before completing your transfer in order to ensure you are sending the correct amount to your recipient.