How-To-Transfer-Money-Overseas

There are several alternatives available to you when seeking the best ways to transfer money overseas to business colleagues, stores, family, or friends overseas. Banks have traditionally been the preferred method for moving money between individuals because of their well-known brands and worldwide networks

However, banks are sometimes more expensive and slower than online money transfer services. Money transfer services frequently offer better and cheaper means of moving money abroad and exchange rates.

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10 Best Ways To Transfer Money Overseas

Transfer-Money-Overseas

Below, we’ve summarized the ten best ways to transfer money overseas.

1. Wise

Irrespective of the bank you use, sending money internationally online is nearly always less expensive than doing it over the phone or in person. We recommend Wise for online customers who wish to send less than US7,000 internationally. They provide incredibly competitive exchange rates for US$7,000 international money transfers.

You will feel comfortable like you’re making a bank transfer without visiting a branch, but by using a simple website and a smooth process. Also, they provide an easy-to-use mobile app and several options to contact customer care.

2. Currencies Direct

Currencies Direct is an industry leader with an excellent five-star rating on Trustpilot. The firm was created in 1996; therefore, it has a long history and is older than many other businesses on our list. It served over 250,000 consumers within that period. Currencies Direct has no transfer fees, and the exchange rates are incredibly cheap and fair. 

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One can create an account either online or via mobile devices; both are free and simple to set up. This firm has one of the finest rates on the market today.

This is the company to look into if someone is seeking the greatest price on international money transfers. However, there is a disadvantage to this firm.

It only transfers funds into slightly more than 20 other currencies. So, if you want to send money somewhere that isn’t precisely typical or “the norm,” you might not be able to use this firm.

However, as thousands of five-star reviews demonstrate, this does not appear to be a severe disadvantage to most people. 

Customers frequently commend Currencies Direct’s superb customer support, available 24 hours a day, seven days a week. In addition, the firm is well-known for working in favor of the client rather than against them.

3. WorldRemit

The World Bank estimates that 689 billion remittances were sent abroad in 2018. Cash transfers are becoming less expensive because of greater competition from money remitters who specialize in smaller amounts. Western Union, MoneyGram, and Xoom remain the most popular remitters. Also, traditional remitters are more costly. 

That is why we recommend WorldRemit. For cash transfers under US$2,000, they provide lesser costs and better exchange rates.

4. PayPal

PayPal is the quickest and one of the best ways to transfer money overseas. Here, you can transfer money from your PayPal account to the PayPal account of your receiver.

The primary perk of the entire procedure is that it is carried out digitally. You link your bank account to send payments using PayPal, and the recipient digitally transfers funds from PayPal to their bank account.

However, when sending money to friends or relatives in another country, PayPal charges a tiny portion of the transaction (up to 2%).

As regards processing time, when you transfer money from a checking account to an existing PayPal account, the transfer is quick. However, the recipient’s bank may take a few days to transfer the monies to their account.

5. Ria

Ria operates in about 150 countries and has 370,000 branches. Many Dominican Republic, Philippines, Peru, and Vietnam locations provide same-day pickup when available.

However, cash must be sent by bank account, not debit or credit card. Unless you transfer money in person, Ria only accepts transactions of up to $3,000 daily.

Note that Ria adds a markup rate to the exchange and a minor transfer fee. Its transfers normally take up to four days to process, however, certain bank account transfers take only a few minutes.

6. Citibank

Banks are nearly usually more costly than firms that specialize in international transfers. They charge higher fixed costs and provide lower conversion rates than our previous proposals.

However, we believe you must make a fair comparison. Thus we recommend Citibank as one of the best ways to transfer money overseas. This is because they have the lowest transaction costs and the best foreign exchange rates. If you transfer a reasonable sum, your money will travel further than at high-street banks. 

7. OFX

Using the same TrustPilot rating system, OFX received four out of five stars. They, too, do not charge transfer fees when moving funds through their firm, and they provide transfers straight from the buyer’s debit card or through wire transfers.

However, they are somewhat restricted in how the money may be received, requiring that it be positioned in the receiver’s bank account.

They are well-known around the world, with offices in the United States, Canada, Australia, Singapore, Hong Kong, the United Kingdom, and New Zealand. Besides that, they provide a lock-in rate tool. And this allows buyers to lock in a specific rate before transferring the money.

8. Your Bank

Verify with your bank to determine whether wire transfers are available (most do). Because you already deal with your bank and have an account there, this is typically the simplest way to transmit cash.

Begin by contacting your bank to learn more about the procedure since you will likely need to allow international transfers (most accounts are not automatically set up for it). Once you’re set up, your bank will send funds to the specified individual in another country.

Furthermore, its prices vary depending on whether you’re transferring funds to a branch of the same bank or a different bank. Most banks process wire transactions in 2 to 3 business days.

9. Currencyfair

CurrencyFair has been in operation for about a decade and has already handled the exchange of more than 8 billion euros, which is around 9 billion US dollars. It has a 4.7 out of 5-star rating on TrustPilot and is well-known and trusted worldwide.

Their headquarters are in Ireland and the United Kingdom, but they also have offices in Australia, Hong Kong, and Singapore.

Setting up an account on their website is quick, free, and simple, and it allows you to send and receive money from over 150 countries. Customers of CurrencyFair appear to use the firm more for receiving money than for transferring money. However, you can do both through the website.

Accepting funds into your CurrencyFair account directly through a bank transfer is free. But if you receive money into your account through any other method, there are fees connected with the procedure.

According to the website, there may be additional bank costs associated with the transfer procedure. And this depends on any third-party institutions that must be involved in the process.

10. Xoom

Xoom, a PayPal business, provides quick international money transfers, with receivers getting funds most times within minutes. You may send money via PayPal because it is a PayPal firm. But the funds must originate from your bank account, not your PayPal balance.

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Xoom has many’ approval tiers,’ which affect how much money you may move. You may transfer up to $50,000 straight now with a properly confirmed account. 

However, sending more than $10,000 in one transfer causes the transfer to be delayed by a few days. Xoom charges significant fees if you transfer funds using a debit or credit card rather than a direct bank transfer.

FAQs About The Best Ways To Transfer Money Overseas

How Long Does It Take To Send Money Overseas?

Most times, the mode of transfer determines the time duration. Many providers process bank transfers in minutes or within one business day. On the other hand, credit or debit card transfers might take several days to a week.

Is There A Limit To The Transaction Amount? 

Each service has its limitations. Some are greater than others, so pay heed to the restrictions if you need to transfer a considerable sum. Many providers demand you wait a few months after you first use their service before sending a larger amount.

Is There A Fee For Sending Money Internationally?

Yes, most providers charge a fee to send money abroad (it’s how they stay in business). To save the most money on your transfer, look for a firm that charges the exact exchange rates, a modest markup, and inexpensive transfer costs.

Final Thoughts

Ultimately, it’s reasonable to conclude that the best ways to transfer money overseas are through an online money transfer service rather than an existing bank. But, once again, this entirely depends on your specific transfer needs. Thus, there will never be a one-size-fits-all solution.

The various money transfer services available will help keep their fees and exchange rate margins low, saving you money and ensuring your maximum transfer reaches your intended recipient.

Though, weigh your options because of the differences in rate, speed, and other factors. 

In addition, the overall fees for each service will vary depending on where you are transferring money from/to, the currency pairing you require, and the amount you are sending.

Only when you weigh your alternatives can you determine the best ways to transfer money overseas.

By Godsfavour Ehidiamen

An Accountant, Copywriter, Baker, Content developer and marketer

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