The best way to transfer money internationally is a question worth considering. After all, it has implications for your finances and the success or failure of an international business deal.
And while there are many options available, some better than others, you need to know what’s out there before deciding which one will work best for you.
This article will explore the different methods of transferring money internationally and help you decide which is the best option for your needs. Let’s get started!
Related: Money Transfer Companies
What are the Best Ways to Transfer Money Internationally?
How to choose a money transfer service
When it comes to transferring money internationally, there are many options to choose from. But which one is the best? And more importantly, which one is the safest?
The best way to choose a service is to research the market closely. Figure out what you are trying to accomplish with your transfer and how much it will cost you. Then, compare your options and see which offers the best value for money.
Most money transfer services offer their version of an online calculator, which can help you estimate exactly what each service will cost you in fees.
Make sure to read through all of the information carefully before submitting your request and compare several different money transfer services before choosing one.
Before using any money transfer service, research the company to ensure trustworthiness and reliability. Many fraudulent companies out there will take your money and run.
How Safe Are Money Transfer Services?
There is always some risk involved in using a money transfer service. That being said, it is possible to take some precautions that will help you remain safe when using any service.
Verify the company’s name before sending them any money by checking their website for official business licensing and registration information.
Financial institutions must have all of this information publicly available, so this is a safe option for verifying a company’s legitimacy.
Read also How to Send a Large Amount of Money to Someone.
10 Best Ways to Transfer Money Internationally
Here are the top 10 ways to transfer money internationally:
1. Wire transfer
A wire transfer sends money directly from one account to another, usually in the same country or internatioYouer. You need to know both parties’ routing numbers and account numbers (the sender and re to send a wired transceiver).
This bank-to-bank transfer is quick, easy, and secure. However, receiving funds can be costly and slow since they only include the money sent and not the sending bank’s additional fee.
You will also need an account with enough funds to cover any fees incurred and the transfer amount.
Wise formally TransferWise is a money transfer service that offers fast, low-cost international transfers.
Based out of London and Estonia, TransferWise uses peer-to-peer technology to cut out large financial institutions’ costly middleman and exchange rates.
You can choose from 300+ currencies and 50+ countries when you send money internationally.
Wise is an excellent alternative to banks and other transfer services, but it may not offer the same level of support that some may be looking for.
With this method, you can send money overseas using the destination country’s currency instead of your own country’s currency.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an international payment service that works similarly to a wire transfer.
However, instead of using your bank account, you can send an international payment through a SWIFT system by either referencing an account held at the destination country’s bank or simply by entering payee and beneficiary details.
It is less costly than wire transfers because it does not use intermediary banks. However, the biggest downside to this method is that it takes significantly longer to send and receive funds.
This online payment processing company offers a fast and secure way to send money internationally.
PayPal lets you transfer funds either by using your account balance or by linking a bank account and card so the money can be sent directly from there, but this method may take a while due to the processing time.
5. Western Union
Western Union is a popular choice for many when sending money internationally because it’s accessible, reliable, and available in over 200 countries.
You have the option to send money through an account or by using cash at a physical location. The transfer takes just minutes, and it’s quick to receive funds at the site you choose.
6. Cash pickup
Cash pickup is one of the most convenient ways to send money internationally. You can have your funds delivered directly to a third-party or physical location where they will be available for immediate pickup.
This method might not be ideal if you don’t want anyone else knowing who sent the money or where it’s going since you have to provide both the sender and receiver information.
7. Bitcoin [cryptocurrency]
A form of digital currency that can be exchanged internationally without a third party involved.
It’s decentralized, which means any financial institutions do not control it.
The transfer of funds is verified through a peer-to-peer computer system, and the payments are irreversible, making them safe for both sender and receiver.
However, one drawback to using Bitcoin is that fees tend to be higher because there are no third parties to help with the process, and cryptocurrency is a relatively new form of digital currency.
OFX is a global provider of online financial services that lets you send money around the world quickly and easily. Fees are transparent, so you’ll know exactly how much it will cost to send funds.
You can access your OFX account online or through an app on your phone to send funds, or you can use one of the more than 35,000 global branches that accept cash deposits and withdrawals.
WorldRemit is a mobile-friendly money transfer service that lets you send money to over 140 countries using your smartphone.
You can send your funds through a bank account or card and pick them up in cash from one of the 300,000 locations available worldwide.
Their low fees and comprehensive tracking options make this a secure, quick, and reliable choice for sending money internationally.
Remitly is a convenient online service that lets you send money internationally using your smartphone, tablet, or computer.
You can choose to use the funds in your wallet, send from a linked bank account, or even request the cash from a supported retailer near you for a fee.
Their low fees and quick delivery times are an efficient way to send money abroad.
Related: Tips for Transferring Money Internationally Between Banks.
There you have it! Now that you know the different methods available for transferring money internationally.
Hopefully, you find one that suits your needs perfectly. If not, don’t be afraid to dig a little deeper until you find what works best for both you and your receiver.