Nothing is more challenging for an overseer than sending money internationally through a reliable platform. Choosing the right way and services can take up a lot of energy and time.
Regardless of the location you are living and sending money to, we all share the same concerns related to currency fluctuations, transfer speed, safety, and security of transactions. There is also the cost and convenience that you have to think about.
Don’t worry anymore, as this guide will introduce hassle-free ways to send money from abroad. Read on to explore in this blog:
Bank-To-Bank Transfers
It is common for some banks to take some money directly from your bank account and deliver it to a recipient’s bank account. You can manage such transactions online or over the phone at the delivery bank.
They may have a fee depending on the institution. For the transaction, you will need routing numbers for both sending and receiving banks. Other than this, some banks will offer you a special remittance program for international money transfer.
While you are choosing bank-to-bank transfer, keep an eye on the exchange rates.
Wire Transfers
When it comes to sending big amounts of money from one account to another, wire transfers offer a seamless process. This type of transfer is initiated by a bank officer at the delivering bank.
While you are opting for this method, you need to be aware of the filing process and be present to fill out the information in the forms.
This service is usually costly when you are sending remittances. But the fee is worth of services and offers protection for transactions.
Automated Cleaning House Transactions
Similar to wire transfers and bank-to-bank, sending money from abroad has become easier with automated clearing house transactions.
This process is electronic but uses a computer-based clearing house, which acts as an intermediary for the exchange of transactions.
Fortunately, there is no fee for such services. But it requires both banks to link from the sender and receiver side.
Prepaid Debit Cards
When sending money from abroad, you will explore multiple options. Some can be complicated, or some can be too expensive. However, some services can send money via prepaid debit card. The sender loads a prepaid card which is owned by a receiver with cash funds.
All of the work can be done online at your ease. The receiver can withdraw funds from the card in the form of cash or simply as a debit card. The process is simple, but you will have to pay the activation fee or monthly fee for the prepaid debit card.
Cash To Cash Transfers
If you hold a large sum of money for international transfers in the form of cash, you can possibly use a domestic walk-in money transfer center.
You can visit the money transfer center near your location and get the money converted to the currency of the destination country. Once you have submitted and filled out the details, it can be picked up by the recipient at the participating money transfer center for deliveries.
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