How to Send Money Abroad at the Best Exchange Rates

Among the most popular are the four methods mentioned above: wire transfers, MoneyGram, Xoom, and Wise. Among the variables that differ between them are transfer speed, fees, available countries, and acceptable payment methods. 

Consider into account of the following when selecting one of these several transfer methods: 

What is the Deadline for Sending the Money? 

Given their quicker delivery times, wire transfers or Xoom can be preferable choices if the transfer is necessary. 

Is the Transfer Amount Substantial? 

Certain services have stricter limitations on the amount of money you can transfer abroad. For instance, your bank may only permit international wire payments up to $1,000. 

To Which Country are you Sending? 

Not every country offers a transfer service. For instance, Western Union, a wire transfer provider, is accessible in practically every country, whereas MoneyGram only permits online international transactions to 36 countries. 

Which Form of Payment do you Use?

The fees you pay may change according to the method you choose. For instance, using a debit card to make a transfer through Xoom incurs a larger cost, whereas using MoneyGram to make a debit card payment is comparatively inexpensive. Furthermore, not all service providers, including Wise, accept cash. 

Does the Recipient Require Cash Payment? 

You will need to use a service like MoneyGram or Xoom, which offer an international cash collection option, if the money is required in cash. 

2. Enter the Sender and Recipient's Information

You must first give the transfer service some essential information to start the overseas transfer. Most services ask for the recipient's name, account number, and routing number. For services outside of your bank to connect to your bank account, you will additionally need to supply your personal banking details. To transfer bigger amounts, some firms, like Xoom, could ask you to provide further proof of identity. 

3. Select the Currency and Amount to Transfer

Verify that you are sending to the appropriate country and that the currency conversion is accurate. Depending on the location you are sending money to, conversion fees can change. The fees you pay for the conversion and the service are frequently deducted from the total amount you send. Sending enough money will ensure that, after deducting costs, the amount that appears in the recipient's account is accurate 

4. Finish and Track your Purchase

The time it takes for the specified transfer amount to show up in the recipient's account can range from a few minutes to several days after you send it. Make sure the recipient is aware of the time and location of the cash pickup if you are sending money for one. Keep track of your account history to make sure the transfer was completed and keep an eye out for any other costs that might have been assessed in case they need to be challenged. 

Tips for Sending Money Abroad 

Here are the tips for sending money abroad as follows: 

1. Make sure you are receiving the greatest bargain by doing some research before using a wire transfer service or downloading an app 

1. Checking a company's flat rate cost and whether it charges an additional percentage is particularly helpful 

1. You can compare the prices of other businesses once you have these numbers. Remember to inquire about any credit card surcharges or use your debit card instead 

1. Even if you have no control over exchange rates, you might wish to look at what each money transfer provider is offering 

1. It could be worthwhile doing research because the rates can change depending on how much they mark up the currency.