Consumers who are There are many options for sending money to your family or friends in another country, but the expense and length that it takes to complete a transfer are important factors when considering a method.
Although consumers can choose from many banks and fintech companies to complete wire transfers, they should keep these things in mind:
A fee is what a bank or company like Western Union or PayPal charges you for sending money outside the US. The fee is usually a percentage of the amount. Another factor to remember is that the company will likely give you a markup charge currency exchange do the Evolution. Consumers should not expect the best exchange rate when sending US dollars to another country such as Mexico or China.
Another factor to consider is limits on amounts. Depending on the bank or company you choose, there will be a minimum amount that you can remit to foreign and maximum amounts to comply with various international banking regulations. The limit may apply to each transaction or may be a cumulative amount over a set period of time.
A major factor is the length of time it takes to travel to another country. It may take several days or longer for the funds to become available in your family member’s bank account. Other options are available if the money transfer should be basically instant. If your recipient is in need of money soon, plan to pay another fee for the facility.
Some services will transfer money to a bank account, but others will require that the recipient have an account with the service. Determine which option is most convenient before transferring funds. Other companies, such as Western Union, allow people to take real cash at various physical locations.
Shop around and compare different services since you focus on some countries and are not available everywhere. In some countries, receiving funds from the US may not be an option.
What are the best ways to send money internationally?
You can use a bank where you have a checking or savings account to transfer your international money or can open an account with various companies that specializes in sending money, such as Western Union, MoneyGram, PayPal, Zoom , TransferWise or Pesend.
Money transfer fees can be added quickly. For example, Pittsburgh-based PNC Bank A $ 45 fee for international wire transfers or when you send money to another country, said spokesman Alan Aldinger. The minimum amount is $ 100.
Here are some top services for sending money internationally.
Western Union. Western Union is the best bet if your family member or friend wants to receive money through cash. The company is located in more than 200 countries and 500,000 locations. Western Union’s fees are comparable to its competitors, and exchange rate markups range from less than 1% to over 6% depending on currency and destination. Zodiac limits vary by country. If you send money by cash, debit or credit card, then money transfer is possible on the same day.
Money Gram. MoneyGram is the second largest money transfer provider and competes with the Western Union. It operates in over 200 countries and has approximately 350,000 retail locations, which is convenient if you want to get cash to the recipient. Transfers from bank accounts are low-cost, but with MoneyGram’s exchange rates, fees through other methods, which run up to more than 3%, are more expensive. Same day money transfer is an option.
PayPal If you are sending money to someone who has a PayPal account, use PayPal. If you need to send money to a person’s bank account, consider Xoom, which was acquired by PayPal. If you send money from your PayPal balance or bank account, the fee is 5%, with a minimum charge of 99 cents and a maximum of $ 4.99. When you use a debit or credit card, the fee is 5%, 2.9%, and a currency-based fixed fee.
Xoom. Xoom is owned by PayPal, the same company that owns Venmo, and you can send money to about 160 countries through Xoom. The fee for transfer through bank accounts is $ 5.99 for all amounts. The exchange rate markup is 1% to 3% higher than the midmarket rate.
TransferWise. The exchange rate seems to be one of the highest, and you can send money from US banks to more than 20 currencies and more than 70 countries. Transfers using a debit or credit card can occur in a few minutes, but bank transfers take one to three business days.
OFX. OFX does not charge any fees, and the exchange rate is less than 1%, but all transfers must take place within bank accounts, and it usually takes two to four days for your recipient to receive the money. The company can transfer money to 197 countries or 55 currencies. The minimum amount for a transfer is $ 1,000.
Paysend. American customers can send money to more than 70 countries from their website or mobile app. Paysend offers a flat-fee structure of $ 2 per transaction. Paysend entered the US market in September.
“With hundreds of US banks and financial institutions closing physical branches or limiting access due to COVID-19, it is now possible for millions of US immigrants, migrants and foreign exchange students to be sent back home via traditional transfer methods Even harder, ”says Matt Montes, American General Manager of Paysend.