Because traveling abroad has become so common, people often visit or even move to different countries. Many travelers move to different countries to pursue job opportunities and need to send money back to their families. Other travelers find that they need more money for their trip and request friends or family members to send it. The process of sending money to someone else is called remittance and there are several ways to do it. Here are four methods you can use to send money internationally.
There are several online transfer services to choose from. PayPal is one of the most common and is a useful option for transferring funds domestically. However, it comes with high convenience fees when used to transfer money abroad because of exchange rates. If you’re looking for a remittance payment analysis, you may find that other online transfer options such as TransferWire offer fewer fees so you can save money when you send it abroad.
Cash or Check
You can choose to send cash through the mail, but this option has several drawbacks. Not only do you have to worry about the money getting lost in the mail, but you also have to wait a while for it to arrive at its destination. You can send checks through the mail since they are generally safer than cash, but it is important to remember that several countries no longer accept checks as a form of payment so they may not be valid tender at their destinations.
Debit or Credit Card
Most debit and credit cards allow you to send money internationally but they often come with high fees. The cards advertise these fees so you know exactly how much you’ll have to pay if you choose to go this route. This option is great for sending money when you don’t have the cash up front to make a wire transfer. The money arrives at its destination quickly with this method.
Wire transfers are the most common way to send money abroad to another account. You can send money directly from your bank account to someone else’s using the SWIFT network. The money is available quickly but this type of remittance usually comes with high fees because multiple banks are involved.
If you need to send money abroad for any reason, you have several options. Each of these four methods has its own benefits and disadvantages so choose the one that works best for your individual needs.