Sending money internationally has become quite common with the ever expanding globalisation which has enabled individuals to pursue careers abroad. This basically happens as these individuals need to either send money to their family or friends in their home country. More importantly, these international transfers have also begged the question of safe and cheap options of transferring money overseas online. To transfer money overseasonline is one of the best ways to transfer your money. However, there are other options like bank to bank transfers, FX, etc. All of these options give different options in terms of service charge, speed of transfer and other value added services. We will be covering the top 5 options to transfer money overseas online. Let’s have a look at them.
1)Online Payment services: This is one of the most convenient option to transfer money overseas online as you can do it from your own desktop at home in only a couple of minutes. If you use an online payment service such as Paypal,there is no need to worry about the extra hidden charges as there are none. Only the exchange rates and the initial fee is charged. Paypal makes it easy to transfer money overseas online in 190 countries in 20 different currencies. All that is needed is the recipient email address or mobile number. It is usually used for small sums and when both parties have a Paypal account. However, in order to transfer your money from paypal to bank account still takes 5-7 days.
2)Money transfer operators: Money Transfer Operators are private companies that specialize in quickly transferring money from one location to another internationally or locally for their clients. It is ideal if the transfer of money needs to be done quickly. These usually offer both online and offline services at their ground locations. Transferring money abroad with these services can be performed both online and offline and hence, if the recipient does not have a Paypal account, it is really helpful.Fewof the money transfer service providers are Western Union, Instaremand MoneyGram.
3) International bank wire transfers: If you need to transfer money overseas online, another option to go for is a bank wire. This can be done online or offline. A bank wire is basically an electronic money transfer from one bank to another. To send a wire transfer,details such as the recipient’s full name, branch number and bank account number are required. You have to fill a form in order to do it regardless of whether you go for an online or offline transfer method.
4)Money orders: Sometimes a money order can be a handy method of transferring money overseas online.A money order is a pre-set amount of money already paid at a bank or post office. Money orders can also be done online. However, companies are hesitant in providing online money order services. It is recommended that money orders are done in person at a bank or a post office.When you send a money order, you pay in advance and the funds are guaranteed to reach the recipient.
5)Foreign exchange broker:It helps save a lot on exchange rates.FX’s brokers are on average 3-4% cheaper than a bank transfer/wire. So for large sums and for better exchange this is a good option. A popular site for this is Travelex.com