What is the best way to send money overseas?
If you want to send money to someone outside of the US, you may be tempted to just go straight to your bank. The thing is that this is generally not the fastest or most affordable option. The good news is that you do have other choices. Which one you choose will depend on what your priorities are.
The aim of this article is to discuss some of the different money transfer solutions when it comes to affordability, speed and range of options. We are going to take a look at three choices you may want to consider. You may also want to research further options at sites such as Shop Clearly which provide you with details of companies that provide the service you are looking for.
If you want a money transfer option that is cost effective then OFX may be a good choice for you. You will not be charged a transaction fee, no matter how much cash you transfer. You generally also get good exchange rates. You can immediately see the positives with this option. But it’s not all good news; you have to transfer at least $150 and your only option is to transfer to a bank account. This means that the person you are transferring to does not have the convenience of using a cash pick up point. If you need the recipient to have the money quickly then you may be disappointed by this choice as it usually takes a few business days for the transfer to be completed.
There is no doubt that the MoneyGram system is fast. You can transfer money to an agent in any of over two hundred countries and it arrives in just minutes. You can fund the transfer using a bank account or a debit or credit card, up to a maximum of $2,999. The problem with this service is that it’s not cheap. Although, you are able to estimate fees at the website before you send any money, so at least you are not in for a nasty shock. Be prepared to encounter high exchange rates too.
The best thing when it comes to using Western Union is that there are a lot of options when it comes to transferring money. This is the biggest money transfer operation globally and it shows. You can transfer money to agent locations in far flung regions in a matter of minutes. Of course, you pay a pretty hefty fee for the privilege. It’s cheaper if you choose an option such as transferring from and to a bank account. The downside to this is it can take several days. The choice is yours to make. The point is that at Western Union you have different choices in one place.
As you can see, there are different options when it comes to transferring money overseas. We have mentioned three of the most prominent. You need to do your research and choose the best option, based on your needs.