How to send money to family overseas

Sending money abroad can be expensive, particularly if you are unaware of the additional expenses involved. Banks and money transfer providers make money by charging you a transfer charge as well as, frequently, a covert mark-up on the exchange rate.

When deciding how to send money overseas with the fewest and lowest fees, several things must be taken into account. Don’t assume that your preferred app is always the best choice for transfers. It is advisable to compare prices for each new transfer destination because they vary depending on the delivery or payment method, speed, and location.

However, sending money online has never been simpler, faster, or more secure. You can transfer money locally and worldwide to other people, businesses, banks, retailers, and more with a few mouse clicks or finger touches. Due to its simplicity, international money transfers online are becoming more and more popular. Unlike in the past, when you needed to visit a bank or wiring office to send money, today all you need is access to a computer or smartphone.

Bank-to-Bank transfers

Some banks enable customers to transfer money straight from one bank account to another. Depending on the institution, there can be a cost, and the account and routing numbers from the sending and receiving banks are needed.

For sending significantly lower amounts, some institutions might have unique remittance systems. However, in situations like these, it’s crucial to consider the currency rates because, even if no fee is assessed, the institution might still profit from the spread on transaction fees.

Wire transfers

A wire transfer can also be used to move substantial sums of money from one bank account to another. Most wire transactions must be carried out in person. There is a price associated with this type of service as well, but wire transfers provide protection from both banks, so the fee is worthwhile.

Wire transfers must be completed by 17:00 EST for recipients who live in the United States in order for the money to register the same day.

Cash-to-Cash transfers

It is feasible to use domestic walk-in money transfer facilities to transfer big amounts of cash to an international money transfer centre if you need to send money abroad. Western Union, MoneyGram, and Ria are some of the more well-known companies that provide this kind of service. Many fintech businesses have begun offering international money transfers during the past few years such as Wise, Payoneer, PayPal, and WorldRemit.

Prepaid debit cards

Some providers allow you to send money using a prepaid debit card. When utilising this method to transmit a big sum of money, the sender can load cash funds onto a prepaid debit card, and the recipient can withdraw the funds using the prepaid debit card. The prepaid card may occasionally be used to make purchases much like a regular debit card. There are typically activation or monthly fees, though.

Online transfers

Online money transfers services make sending money to family overseas easy, secure, and fast. However, don’t assume your preferred transfer app is best. Delivery or payment method, speed, and location affect fees, so compare before each transfer.

After registering for an account, you can transfer money directly to the recipient. Transfers are secure and take 1-2 business days. You won’t need cash, credit cards, debit cards, checks, or bank drafts with an online transfer.

Using the greatest exchange rate software guarantees your receiver receives nearly all the money you send. Some providers may save you money if your transfer is huge.

Conclusion

There isn’t a method that will fit everyone’s requirements. Depending on where you’re sending the money and how you want to pay, there are various methods for sending money overseas.

While expediency is frequently the main goal, costs and security when transferring money abroad should also be taken into account.

Bank-to-bank transfers may be more expensive than using wire, ACH, or cash-to-cash transactions. Even after settling on a preferred transfer service, occasionally evaluate costs to be sure you’re still getting the greatest bargain. And As a last resort, only pay with a credit card.