What Is the Best Way to Send Money Abroad?

More money is being sent overseas than ever before. Need proof?

People transfer around $690 billion across national boundaries every single year!

However, with harsh exchange rates and bank fees to consider, not all methods of moving money between countries are made equal. Trying to transfer money internationally but unsure which method to use?

Let us help! Keep reading to discover the best ways to send money abroad.

Wise

Once known as TransferWise, this company has skyrocketed to prominence in the world of overseas money transfers in recent years. For good reason, too! As trusted sites like www.transferly.com report, it offers fast, intuitive, and affordable transfers with impressive transfer limits to boot.

Unlike banks, Wise uses what’s called the “mid-market rate” when exchanging money from one currency to another. The result? Not only are there are no hidden fees, but it’s also the fairest possible exchange rate.

With added incentives like a multi-currency account, numerous payment options, and minimal fees (versus banks), you’ll struggle to find a better way to send money abroad. The only slight downside is that you’re unable to collect money as cash. It’s only delivered to the recipient’s bank account.

OFX

Sick and tired of banks charging exorbitant fees every time you need to send money internationally? OFX could be the perfect solution. Charging zero (yes, zero!) transfer fees no matter how much money you’re transferring, this company offers a cheap alternative. Better still, the exchange rates remain fair and cost-effective too.

As for cons, the customer experience of OFX could be improved upon and the lack of same-day delivery could prove troublesome. There’s no maximum transfer in place but there is a minimum! Set at $1,000, this service would be unsuitable for anyone wishing to send smaller sums of money overseas.

Western Union

People have used Western Union to wire money overseas forever and a day. Aside from the reliability and trustworthiness of the service, though, its primary advantage is its enormous network. You can send money to more than 200 countries with 550,000 locations!

Likewise, Western Union offers a cash pickup delivery option, which is ideal if you wish/need to send money in person. There’s also a useful phone support service and live chat system in operation to facilitate the customer experience.

The man disadvantage comes down to cost. It’s true that the transfer fees can be as little as $5 when you’re sending up to $1000. But they can mark up the rates by over 6% for certain countries!

Remember the Best Ways to Send Money Abroad

With more people transferring money internationally than ever, there is now a multitude of services available that serve this purpose! As a result, deciding which one to use can be a challenge. With any luck, though, our insights on the best ways to send money abroad will help you choose.

Keep them in mind and you’ll be one step closer to transferring cash in a fast, easy, and affordable manner. Would you like to read more articles on similar topics? Search “money” on the website now.