Sending Money Overseas methods or options
You have a number of different options available before you for sending that money, and each of those options have their own unique set of pros and cons.
Option #1 – Your Bank
The first option that may have came to mind is simply to use your bank, where you can set up a bank wire transfer.
Wire transfers are certainly a secure option, but they can also be expensive and slow. Don’t be surprised if it takes a week for your money to be sent to your recipient, or that you may have to pay a large flat fee of $40 to $80.
Option #2 – A Remittance Service
If you need to send money quickly and cheaply, your best route will probably be to use an online remittance service.
Remittance services are incredibly fast, being able to complete transfers in a matter of minutes, and they are also much cheaper since they just charge a small percentage of the amount you’re sending (such as 1-3%) plus a small margin of the exchange rate as well.
You can easily set up an account online or download the app of any major remittance or international money transfer ervice to get yourself started.
Option #3 – Money Transfer Firm
Money transfer firms are unique in that they offer a wide range of services, including allowing you to send cash instantly to a recipient or to transfer money into a bank account within a matter of minutes.
As with bank wire transfers, however, money transfer services can charge you a large fee for sending smaller amounts of money. For example, you may need to pay a $10 to $20 fee just to send $100.
Option #4 – Foreign Exchange Broker
If you need to send an unusually large sum of money overseas, a foreign exchange broker will probably be your best bet. In fact, they most likely won’t charge you any fees at all if you need to send over three thousand or so.
The money will be converted and transferred to your recipient within a twenty four hour period, and you can easily set up regular transfers with a foreign exchange broker as well.
The only negatives are that foreign exchange brokers are not the best choice for sending smaller amount of money, plus they are sometimes not as safe or secure as the above options.
Sending Money Overseas through Paypal
No doubt PayPal is one of the best option to send money overseas.