Today’s technology allows anyone to transfer any sum of money quickly and securely around the globe. There are quite a few services you can use to do this. The smart thing to do is to compare money transfer options to see which one fits your needs best.
Online Money Transfer Company
The quickest and cheapest way to send money to another country, but first you’ll need to become familiar with the idea of making financial transactions on the web. It’s relatively easy- you just need to create an account, load it up with money and send the currency using an app or using your phone or computer’s web browser.
Transfers from your balance can be sent to a nominated bank account by electronic means. You’ll also have the option to have your recipient pick up the cash on any affiliated shop in their locality. Some providers require a minimum amount while others charge a per-transaction fee. Some peer-to-peer currency transfer services may offer your first transfer free of charge while others may not charge a transfer fee at all.
Electronic Funds Transfer
You can transfer money from your bank account to an overseas account using EFT. This method is also known as a SWIFT, a wire transfer, telegraphic transfer or international money transfer. EFTs are quick and very convenient but they do take several days to process. Plus, you could be losing money while your currency undergoes a transfer to the local currency you’re sending it to. Moreover, both sending and receiving banks may charge fees each time you do the transfer.
Some companies offer money transfer options across the globe via EFTPOS or cash. They will have several locations and 3rd party convenience store counters where the recipient can get the money that you send via money transfer offices in their locality. Good examples of reputable money transfer companies include MoneyGram, Xpress Money and Western Union. Money transfers are lightning-quick but they tend to come at a steep cost. You’ll be paying fees depending on the amount of money and where you’d like to have it picked up.
Online money transfer companies can send your money quickly and you’ll likely pay for lower fees compared to others. Try out the ones who offer low exchange rates or promotional transfer fees to save up.