With so many various options, it can be confusing to figure out how to best send money abroad when the need arises. Here are just a few ways that you can send money overseas and the considerations that you need to make before making a final decision about what vendor to use.
PayPal: PayPal is a widely-recognized avenue to transfer money anywhere in the world. With this service, you can send money with the simple click of a button from your computer at home. You can send money using PayPal through a traditional credit card or directly through your bank account. The recipient must also have their own PayPal account in order to receive the money. Depending on the amount that you send, the money may not be available right away. The amount of money that you send may also be restricted. The fees vary depending on how you choose to make the money available and how much cash you need to send.
Wire Transfers: There is always the traditional way of sending money overseas using a wire transfer through your bank. Using a bank to send money may take a little longer, however, you may see some financial benefits if you have a good relationship with your personal bank. You also need to ensure that the recipient will be able to access the money right away should you choose to go this route. Depending on the size and reach of your bank, they may not have the capability to make this happen quickly. Another con of a wire transfer is the fees generally associated with each transaction. Be sure to read all of the fine print before going with this option.
Western Union: While Western Union is one of the oldest ways to send money, this modern company has continued to evolve its business practices to meet current demand. For example, this powerhouse makes it easy to transfer money to India online, through a dedicated app, or by visiting one of the thousands of Western Union physical locations located throughout the world. Using Western Union is fast and reliable, making it a good option for many money transfer needs.
Questions to Ask: Before you decide on how you want to send money, you need to consider a variety of factors so that you find the best fit for your needs. Questions to ask include what are the fees to complete the transaction, how long will the transfer take, and what specific areas can you send money? Associated fees are either a flat rate or a percentage of the amount that you need to transfer. It is also important to remember that not every service is available in every corner of the world.
Understanding all of your options will empower you to choose the best vendor when you need to transfer money. Once you establish a relationship with a preferred vendor, it will be a snap to transfer money abroad when it needs to happen.