Today, there are around 9 million Americans living abroad. So there’s a very good chance that either you’re residing overseas or someone you know is.
While moving to a new country can be fun, dealing with various currencies can be a hassle. But thankfully, there are several ways to transfer money overseas without legal troubles!
Here’s a quick guide on transferring money internationally.
Bank Transfer
Bank transfers are one of the easiest ways to send your money internationally since you don’t have to set up an account and online banking is commonplace nowadays. All you have to do is log in, put in the recipient’s details, and then make the transfer.
However, bank transfers tend to have higher fees and lower exchange rates. It might not be worth it if you’re only transferring a small amount of money.
Wire Transfer
A wire transfer is similar to a bank transfer. The main drawback to this method is you have to go to the bank in person. Also, the fees are not cheap.
However, there’s protection for both banks involved, so if you want extra security, wire transfers are good. Also, if you make a money transfer before 5:00 pm EST, the money will arrive in the recipient’s account on the same day.
Money Transfer Services
Western Union is one of the oldest money transfer networks around; you’ve probably heard of it. It’s convenient to use since there are plenty of agents worldwide and the recipient doesn’t even need a bank account to get your money.
However, like with bank transfers, Western Union doesn’t have great exchange rates and fees are high. Click for more about Western Union.
It’s best if you use another money transfer service, such as Wise (formerly TransferWise). This is the best way to transfer money internationally since they have the highest exchange rates around. Not to mention, their fees are very low too.
The only downside to using Wise is if you’re transferring over $10,000, you’ll get better deals elsewhere. But what’s great is you can pay with a debit card, credit card, Google Pay, or Apple Pay.
Cryptocurrency Transfer
This is a new way to transfer money internationally, but if both parties have some stock, this can be the best way to transfer money overseas. Crypto transaction fees are usually pretty low and if you time it right, you can end up profiting from the transaction.
You don’t even have to transfer from crypto to crypto either. You can convert into fiat currency and the fees are still pretty low in this case! There are also no minimum or maximum limits on how much money you transfer.
Transfer Money Overseas With No Problems
If you need to transfer money overseas, now you have a list of several methods you can try. By giving these transfer choices a go, you’ll be able to get money to and from your loved ones with little trouble!
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