Gone are the days when banks used to be the only option for sending money overseas. With the huge advances in technology, there are various options for sending money online. Moreover, with the increase in smartphone usage and access to the internet, people can send money at lucrative exchange rates. While sending money overseas, certain factors should be kept in mind. These are:
- Current exchange rates for the desired currency pair
- The amount of money that needs to be transferred
- The number of the transaction. Whether it’s one time or recurring
- The time period of transaction completion
Based on these factors, we have put together some of the best ways to send money oversees!
Bitcoin and Cryptocurrencies
Bitcoin and cryptocurrencies are the latest and greatest technology for sending money anywhere in the world! This new technology allows for money to be sent almost instantly to anywhere in the world for the same low fees! Some cryptocurrencies as fees as low as pennies too!
Online Payment Service Providers
There are various online payment service providers who facilitate sending money overseas at attractive exchange rates. You just need to set up an account with these sites, approve your identity, and link a bank account or card. When you complete this process, you are all set to send money overseas with the help of your smartphone.
Paypal is the top service providers that have a wide reach and transparent procedure. Currently, Paypal transfers money to more than 200 countries in 25 currencies. It may take a few days to receive money based on your country because you need to withdraw the amount in your bank account, however they do offer a debit card as well. Paypal charges 0.5-4% of the total amount as the transaction fees. Besides this, the exchange rates are applicable.
In addition to Paypal, you can consider these services for sending money overseas:
- Amazon Pay
- Google Wallet
Money Transfer Services
If you don’t have a Paypal account and if you want to send money as soon as possible, you can consider money transfer services for sending money overseas. The best aspect of money transfer agents is that they provide services both in online and offline mode. You can use your laptop or smartphone for the transfer or you can visit the location yourself.
Money transfer service providers, such as Instarem, Western Union and Moneygram, provide quick and reliable services. They have a presence in most of the countries. However, their processing fees in much higher than that of online service providers. In addition to this, the foreign exchange rate is also applicable.