Many people think that a traditional bank is the only safe and convenient way to send money overseas. It is true that banks have best reputation of securing wire transfers all over the globe. Unfortunately, sometimes their services come at a steep price. Additionally, banks are notorious for lower exchange rates, higher processing fees, and fewer options to send or receive cash.
Thankfully, since the revolution of the internet, there are now many other alternatives when it comes to how we can send money to recipients who are far from us. How we send the money and how it is received depends on the delivery mode. Because of this, it can take from minutes to several business days to access those funds.
But, if you know this, its easy to get the money to where it needs to go when it needs to be there. You just have to plan ahead a little bit.
Here are the best ways to send money to people for whatever purpose it may serve.
Utilize Reliable Bank Transfers
Banks may get a bad rap for being expensive, but they are and they will always be the most secure way to wire our precious funds to many countries around the globe. Banks are dependent on the links they have with their own regional branches and other banking operations worldwide. In spite of the downside of higher fees and potentially weaker exchange rates, wire transferring with a bank comes with the peace of mind that our recipient will be able to access the funds in a secure and convenient location.
Consider Services that Offer Online Money Transfer
These companies are transfer specialists that should be considered because they offer a more affordable rate when compared to banks. They facilitate a quick and easy money transfer, that can easily and conveniently be transacted from home. They offer lower fees and more reasonable exchange rates, too. You can send the funds easily from our own bank account.
On top of that, many of these transfer companies also allow us to pay securely online with our credit or debit card.
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Go for Providers with Cash Pick Up
There are many trusted providers with branches all over the world that offer cash pick ups. The primary advantage of these providers is they give the recipient fast access to the cash that is sent. Sometimes that can even happen in a matter of minutes. There are two ways to get this done: pay online or go to a brick-and-mortar location and transact with an agent of the cash pick up company.
Keep in mind that these services cost more than an online transfer. Rates can also vary depending on where our money is going and it is being paid for. It is also important to note to spell the name of the recipient correctly and make sure they have a corresponding ID with the exact name to be able to claim the money.
Pay a Premium for Sending Checks and Money Orders
Finally, you can pay a premium and use money orders to send funds. This is another secure way that guarantees the money will get to the intended recipient. However, choosing this route can take quite a bit of time due to the processing time.
A money order is a certificate, typically issued by a post office, banking institution, or a company which permits only the declared payee to accept the cash on demand. This certificate functions a lot like a personal check. So if you purchase it, you also have the power to stop the payment at any time. This route is the most expensive because you have to purchase the check. On top of that, the recipient may be charged a fee by their own bank when they come to cash the certificate.
Clearly, there are many ways to send money to people who are far away. If time is not of the essence, we can still do our research and compare the various options out there. You should always go for the cheaper route that has the least amount of fees, along with the best exchange rates. It is vital to ask questions when you are feeling unsure, so that we can avoid any hidden charges. However, in times of emergencies, sending the money ASAP is necessary. Knowing you can pay a premium for a quick and almost instantaneous money transfer is comforting because any delays in times of trouble can have detrimental consequences.
Questions for Discussion Below: What is your preferred method of sending money to someone who lives far away from you? Have you ever tried an online service like Paypal or Venmo? What has your experience been with those forms of payment?
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