Wednesday, May 18 , 2022

Smart Ways to Transfer Money Abroad

When you need to send money abroad, you want to be sure you do it in a smart, economical way. You don’t want to be paying high rates and fees when they can easily be avoided! Take a look at these smart ways to transfer money overseas and when it comes time to send that money, you will be glad you read these tips!

Use Online Payment Services

One of the most convenient ways to send money abroad is to use an online payment service such as Transwap, Paypal, etc. You can set up an account with most of these companies for free, connect your bank account or your credit card and then send money right from your computer. These are great options when you are sending small amounts of money and you have time to wait a day or two for the transaction to process. The receiver will also need to set up an account and link their bank account as well in order to withdraw the funds. Most of the time, you will not have to pay a transaction fee (when sending small amounts) and only be subject to the exchange rate which is quite convenient.

Cash to Cash Options

When you want to send cash instantly to someone abroad, it is best to look for money transfer companies, like Western Union. You can head to a storefront location, bring the cash you would like to send, pay a fee and the exchange rate and then the money will be automatically sent abroad. The recipient can pick up the cash right away and the transaction is complete! There is no need to link your bank account or wait when you choose this option. When you want to send cash and want it there fast, a money transfer company is a great option.

Check Exchange Rates

Before you send any money abroad, you will want to check the exchange rate of your currency to the foreign currency. It is best to look at a reliable source, like the CBA exchange rates, and track them for a few days or weeks before you send your money (if you have time!). Send your money abroad when the rates are favorable to save cash and make your money worth more. If you do not have time to track the rates, it is still a good idea to look at the CBA exchange rates before you make a transfer to ensure you are getting a fair and competitive rate in general.

Bank Wire Transfers

Bank transfers are great for sending large amounts of money, as they are very secure and quick. The money will be sent from your account into the recipient’s account pretty much immediately. However, banks charge high fees and may not be the most economical choice. Only use a bank to send money when you need to spend a lot of money or if you are wary of other money transfer institutions.

Don’t Use Your Credit Card

When you need to send money abroad, it is best to send either cash or use your bank account to send the money. When you send money and pay using your credit card, charging the cash to your card, you will likely be subject to numerous fees. Your credit card company may charge you an additional percentage and the money transfer company may impose a fee as well. Save money by using your bank account or just cash!