Tuesday, September 26, 2023

How to Transfer Money Abroad: What You Need to Know

Picture this: Your loved one is heading away to live in a foreign country for an extended period. However, after living in the new destination for a few weeks, they’ve run into some money troubles.

You can go to the bank and do a global wire transfer. But they take too long, and the money is needed urgently.

However, there’s no need to panic. There are various methods to transfer money abroad without a waiting period. We’ll break down all you need to know in our guide below.

1. Wise

Wise is a well-known money exchange company which boasts excellent rates and customer service. Its upfront fees also seem to be the lowest when you use a bank account instead of a debit card.

Bank transfers can take up to three days to arrive in another account, depending on the destination. However, same-day transactions will come in minutes.

2. Xoom

Xoom is a PayPal affiliate that you can use for domestic or international cash transfers. When you sign up with them, you’ll be able to take advantage of low upfront fees.

Exchange rate markups may be higher than other services, but they are still lower than what banks charge. If you use a debit card or bank account, transfers can arrive in minutes.

However, in some cases, the money may arrive in one or two days. It will depend on your location’s time zone and bank operating hours.

3. Western Union

What if you have to send money to someone in an area where certain money transfer companies aren’t available? You can also send money through a service like Western Union.

It’s available in over 200 countries and has varying rates, depending on your location. When wiring money, same-day delivery is possible when transfers are sent to cash pick-up locations, but there will be an extra fee.

4. PayPal

PayPal is mainly known for its ability to send domestic transfers quickly. However, you can also use the service to send international money transfers.

All PayPal transfers are subject to a transaction fee of 2.9%, no matter the payment method. But international transfers will have that fee plus a fixed cost for sending in another currency.

5. WorldRemit

WorldRemit has some of the lowest transfer fees and international exchange rates compared to a service like Xoom. It’s also available in 145 countries.

Fees will vary depending on where you send money, but it will always arrive the same day unless you specify otherwise. However, if you want to double-check the rates of competitors, you can check out transferly.com.

This online money transfer service will help you find the cheapest rate to send money internationally.

Transfer Money Abroad Using These Services

It’s important to know which services you can use to transfer money abroad. If you need to send money internationally, review our guide to see which transfer service can provide you with the best options.

To learn more about domestic and international banking, feel free to visit our blog.