Americans send billions of dollars abroad every year. Many of us have family or friends in other countries who need financial assistance from time to time for bills and other essentials.
If you want to know how to send money internationally, our guide is here to help you. There are many ways to send money internationally, but they weren’t created equal: some charge massive fees, which you want to avoid if at all possible.
Are you ready to learn more about sending money internationally without breaking the bank? Then read on and start saving money!
- Bank Transfers
Banks will offer international transfers as part of their services, and this is the first stop for most of us. The problem is this approach often comes with serious fees.
Bank transfers will charge a flat fee per transaction, and will also take a percentage of the money that you send.
While the fees will vary from bank to bank, the recipient will always lose out. Banks are the traditional way to send money abroad, but you should avoid them if possible.
- Mailing a Check
If you want to go very old-school, you can still send someone a check in the mail. While this approach has its obvious downsides, such as slow speed, it is an affordable choice as you will only need to pay postage.
Checks from US banks are typically accepted abroad, but it may take longer to cash a check than normal, as the recipient’s bank may need to verify the transaction with your bank.
The recipient will also normally need to pay a fee to cash the check, as well as converting the money to the local currency.
- Remitters
Western Union and other remitters are another popular way to send money abroad. However, when you wire money abroad with these companies, you’ll still need to pay fees, which can add up.
While they may be a better option than banks, there are still better options out there.
- PayPal
For many people, PayPal is the easiest way to send money abroad. All you need is the other person’s email address: no bank details or other information is required. You can log onto PayPal in seconds and have the money sent in just a few more.
However, while PayPal is very easy to use and doesn’t require much technical know-how, the recipient will still need to pay a fee if they want to withdraw their cash.
- Fintech Startups
If you want to avoid fees, you should try using fintech startups such as WireSmartly. These companies do still charge fees on transactions, but they tend to be a very low fee. What’s more, these startups will usually deposit the money directly into the recipient’s bank account within seconds or minutes.
These companies are the best option for sending money abroad for most people.
How to Send Money Internationally: Answered
We hope that you’ve enjoyed this guide on how to send money internationally. You’ve got a lot of options in the modern forex marketplace, but if you want the best service and the lowest fees, you should give startups a try!
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