You may want to send money internationally for a variety of reasons, such as paying employees, gifting relatives, buying property, or booking a vacation. Sending funds to people or businesses locally or internationally is quite easy nowadays, thanks to a myriad of web services and applications.
However, the time it takes to transfer the money and the related costs vary extensively. Take a look at the following article to learn about easy ways to transfer money internationally without hustle.
In countries with minimal traditional banking infrastructure, digital wallets are common. Good examples of digital wallet lines are Paypal and Google Wallet. These wallets store your payment details securely, which allows you to transfer funds digitally to other people overseas.
Depending on the service or application the recipient utilizes, they may only need to avail their email ID or username for money transfer. In this matter, digital wallets are extremely popular in the internet age. The only drawback to digital wallets is that they require recipients to have access to a smartphone or an internet-enabled computer.
Here, you can transfer funds from a bank account to somebody abroad who does not have access to a bank account. The receiver collects the money at a pickup center, like a Western Union branch in their nation, after the bank transfer.
Account-to-cash transfer is not possible at all banks, so check first to see whether it’s an option at your financial institution. The professionals behind https://routefusion.com/ say that account-to-cash transfers are advantageous because recipients do not require a bank account. In areas where banks are scarce, numerous people turn to this money transfer option. However, users are not protected against fraud or misplacement.
In this method, you take cash to a digital transfer service, like Western Union., and have it transferred to somebody in a different country. The money reaches the beneficiary in their currency of choice.
The cash-to-cash transfer method is common in the developing world where numerous people do not have bank accounts. It allows recipients to get the money in cash straight away without looking for a bank branch.
However, cash transfers do come with certain risks. For instance, if the money gets stolen or vanishes, there’s no possibility of getting it back.
Most banks offer the option of wiring money to other countries through their international branches or ally institutions. All you need to do is to provide the bank accounts and routing information for both parties online or through a phone call.
A bank-to-bank transfer can be very cheap or free of charge, depending on the bank’s regulations and how long the transfer takes. Three-day transfers are usually free in most banks. The downside of bank-to-bank transfers is the need for significant details, like the receiver’s account information and transit number. If you’re sending the money to a stranger rather than a relative or friend, they may hesitate to reveal this information. Moreover, the recipient should use the same bank as you.
Credit and Debit Transfers
You can also send money internationally through credit-to-credit and debit-to-debit transfers. In this method, you send money overseas from your credit or debit card to another person’s credit or debit card. Not all credit and debit card companies offer this option of money transfer.
While transferring funds with credit and debit cards are straightforward, you should always check the associated fees. The charges might be so high that another technique may prove to be a cheaper alternative. If the fees will be high for both the sender and the recipient, you might want to transfer a prepaid debit card instead.
Nowadays, the options of sending money internationally are many. Whichever route you pick, ensure that you are transferring funds to the right person, and are aware of potential frauds. Also, check how long it might take for the money to reach the recipient.
Get notified of all our new news by ringing the bell at the bottom right corner!
The Seeker Newspaper is located at 327 Second Street E., Cornwall, ON K6H 1Y8 -- All rights reserved The Seeker does not accept responsibility for errors, misprints or inaccuracies published within. The opinions and statements of our columnists are not to be presumed as the statements and opinions of The Seeker ISSN 2562-1750 (Print) ISSN 2562-1769 (Online)