Sending money internationally is crucial for businesses and OFWs, but what is the best way to do so? Here is a quick look at some of the best ways you can send money abroad.
Wire Transfers
A wire transfer is an electronic transfer of money through networks that connect the world’s banking system. There are many reliable companies, like NationalPayCorp, that offer a variety of payment methods, including wire transfers. Wire transfers are generally safe, and they are reliable and quick. You can find wire transfers in places like banks and transfer agencies. While wire transfers are traditionally found in financial institutions and physical establishments, many companies offer wire transfers online.
Wire transfers are ideal if you want to send somewhat large sums of cash, but the range limit will depend on the payment service that you choose. For instance, some banks have a limit as much as $100,000, while others have a limit of $10,000. As for the fees, it will depend on the payment service itself, the country that you are sending it to, how much money you are sending, how fast you want to send it, etc.
OFX
OFX is a good option that can transfer cash to over 80 countries. Surprisingly, there is no transfer fee, even for very large transfers. However, there is an exchange rate. Luckily, the exchange rate is still very affordable (especially since there is no transfer fee), and the exchange rate markups are usually less than 1%.
Keep in mind that there is a minimum sending amount of $1,000, but there is no maximum sending amount. Therefore, OFX is an excellent option if you want to send large sums of cash abroad, but you cannot use it if you want to send less than $1,000. Additionally, there is no method to pick up the money at cash pickup locations internationally; the transfers can only be done between bank accounts.
MoneyGram
MoneyGram offers transfer services with 350,000 locations in over 200 countries. The offer same day delivery, no matter what payment choice you choose. However, other factors like banking hours can make the transfers longer than one day.
However, the cost for the fees are on the more expensive side. The upfront costs for transfers funded by a bank account are low. However, other payment methods (including MoneyGram rate’s markups) for other payment methods are high, and they can go over 3%.
Western Union
One of the more popular ways to send money abroad is Western Union, which boasts over half a million locations in over 200 countries. Transfers that are up to $1,000 usually have fees that are under $5. However, the costs still varies depending on where the destination is. For instance, it can be less than 1%, but it can also go over 6%.
Knowing the various payment methods to send money internationally is crucial. By looking at your options, you can find the most efficient and safest way to send cash abroad.