The world runs on currency. Every day, millions of transactions are made globally, both for business and personal purposes. These individual money transfers are what keep the world moving, bit by bit. However, when it comes to transferring money overseas, things can get more complicated. If you need to send funds internationally, here are three of the best ways to do it.
The first way to transfer money overseas is by using an international money transfer app. These apps save you from having to worry about exchange rates, as they do it all for you in the palm of your hand. Before you make a transfer, be sure to verify that the country you’re sending to has its currency covered. If it is covered, you can simply enter the amount and recipient of the transfer and get the money sent to the proper destination.
Third-party apps are best for peer-to-peer transfers, or sending money to people rather than businesses. Many of these apps don’t have transfer fees for smaller transactions, so you can get your money moving without unnecessary stress. If you’re sending money to family or friends outside the country, your best bet will probably be a third-party app.
The second common way to transfer money overseas is with a bank-to-bank transfer. These transactions don’t involve a third party, rather they simply move money from one bank account to another. These transfers are great for business transactions or larger payments, as they aren’t as readily available as third-party app transfers. With a bank-to-bank transfer, you’ll most likely need to know the other party’s account number beforehand. This can make things inconvenient if you don’t have an established method of communication.
If you run a business or need to transfer large amounts of funds overseas for living expenses or tuition costs, setting up bank-to-bank transfers can make your life easier. Depending on the bank you use, you can either do it in-house or with an outside carrier to link your and your recipient’s banks.
Cash or Money Order
The final way to transfer money internationally is with cash or money order. This method has been used for years, but it can be inconvenient when compared to more modern solutions. Sending cash overseas can be risky, plus you’ll have to deal with an exchange office when you get to your destination. While it’s good if you don’t have access to a bank account, sending cash isn’t necessarily recommended in today’s financial climate.
Money orders are similar. While there’s no cash involved in transferring a money order, it’s not the most convenient way to send funds overseas. With a money order, you go to a registered location like a bank or specified storefront, fill out your paperwork, pay at the counter, and let them handle it. Because you prepay, there’s no risk of the order bouncing due to the delay of shipment, but there is risk of loss or theft.
Overall, transferring money internationally can be a difficult task. While there are multiple options for you to get your money overseas, you shouldn’t shy away from shopping around to find the one that works best for you.