Transferring money between people in different countries can be a complicated process. It can be expensive, time consuming, and insecure. Moreover, many forms of payment in one country will not work in another. Even if the transfer does work, much of the money might be lost in a currency exchange due to the dollar or euro rate. An ordinary person with a pressing need to send funds across the border might be lost as to which of the many options is the best. Your choice of method will be dependent on your budget, timeline, and the needs of the person on the other end. However, there a several practical ways to make an international transfer. Here are some methods to send international transfers.
Bank Wire Transfer
The simplest and safest choice for an international transfer is a bank wire transfer. This is a process by which you transfer money from your bank account into the recipient’s bank account. The banks use a very secure line that uses several numbers to confirm the recipient. If anything seems problematic, your bank will stop the transfer, protecting your money. Transferring large sums is also not a problem this way. This process is expensive though. You may pay as much as $50 or $60 dollars even for a small transfer. The exchange rate is also likely to be bad. This is also a very slow process, it might take weeks for the recipient to get the money. None the less, a bank transfer is secure and reliable.
In-Person Money Transfer Services
A popular alternative to banks is an in-person money transfer. You take the money to transfer in cash to a transfer company, such as Western Union. You then send it to your recipient directly at the company branch closest to them. They then go to the branch and pick up the money by showing an ID. Your recipient can pick up the money in cash within minutes of sending. This process is also expensive and relies on your recipient being near a company branch. They must also be able to prove their identity. This can still be a good way to get money across a border fast.
Online Money Transfer Services
An increasingly used alternative is online money transfers. These operate like their in-person counterparts, except that the money is transferred between online accounts. These services offer much lower fees and fast transfer times. Their exchange rates can often be padded though. There are also some countries that make such international transfers very difficult or add additional fees onto them. Additionally, these companies have less safeguards then other services and shouldn’t be trusted for very large sums of money. For everyday transactions, these services have proven an effective way to dodge high fees.
If your worried about a long wait time before fund become available, the best solution is to send a cashier’s check. A cashier’s check is a secured check written by the bank itself. This means that the recipient can take it to a bank and can get cash for it immediately. Cashier’s checks also have low fees, usually one charged by your bank for writing it. There are security concerns with a cashier’s check though. Since the check must be mailed to your recipient there’s always the chance it will get lost. There are also some countries where banks will not honor your county’s checks. This can be a good alternative if you don’t have the money for a wire transfer and need money quick.
Prepaid Debit Card
An alternative for repeated cash payments is a prepaid debit card. You open the international debit card and send a card to the recipient. You then put cash into the account and they can withdraw it at an ATM on the other side. Once they have the card, this is an easy way to provide more funds instantly over time. The problem is these cards come with steep fees, including several hidden fees on you and your recipient. Although, you might be able to save if you have business credit with the same bank. Some charge for both adding money and withdrawing it. None the less, this might be a good option if you need to make multiple payments to the same person.
There’s a wide range of options for international transfers depending on your needs. Bank wire transfers are safe but expensive and take a long time. You can use an in-person money transfer to send your recipient cash quickly. Online money transfers offer the fast, cheap service for less security. A cashier’s check is a cheap, if uncertain option. Prepaid debit cards can let you send multiple payments to the same recipient for steep fees. Additionally, you could always travel directly with your priority pass and deliver the cash yourself. These options can ensure your money crosses the border with ease.