Convenient Ways to Send Money online
Whether you want to make several international money transfers, or a one-time transfer, knowing the best ways to send money online is essential. Here are some of the most effective ways to send money abroad.
When it comes to sending money only, the most convenient means depends on how and where you intend to send the cash. You need to compare the charges, speed, and other features to know the best providers for international money transfer. Banks should not be your choice number one when looking for means to send money internationally. You will pay low costs and get the cash sent to the other party faster by using any of this person-to-person services.
PayPal offers the fastest and most secure means of receiving and sending money online. You and the recipient must have a verified PayPal account. It will only take you less than 5 minutes to set up the account, and you will need a working email address, legal name, phone number, and address. Enter your debit or credit card to start sending money. You can use your bank account routing number if you don’t have a credit card.
However, there are some pros and cons associated with using this services. For instance, it is convenient, safe and secure and the firm has a strong reputation for excellent customer services. The only downside is that it has a fee structure that makes it a costly option.
Walmart International is the leading retailer in the whole world that prides itself on a strong reputation in the online money transfer business. The company has access to 200 countries around the globe and offers the fastest transfer times. Walmart allows you to send cash from one part of the universe to the other and your recipient gets the cash very quickly. As a Walmart International user, you will have access to over 330,000 MoneyGram agents across the world.
The only downside of Walmart is that the organization has strict policies on bank accounts. It does not allow the sender to deposit cash directly into the bank account of the recipient, and this can be a hassle when sending large amounts.
TransferWise is an advanced international money transfer platform that has introduced an effective means of reducing the cost of sending a large sum of money. TransferWise uses P2P technology that identifies individuals who intend to send cash in the opposite direction.
For instance, if you want to send $100,000 to the UK, TransferWise will match you will match you with an individual who wants to change the pounds into dollars. This arrangement assists you to cut down the fees. The firm charges a fixed rate of $3 for a transfer of not more than $300 and provides mid-market exchange rates to allow you send cash to any region in the world. Transferring above $5000 attracts a flat rate of 0.7%.
With TransferWise, users can send massive amounts. The maximum transfer amount is $18000000, whereby users and transfer money in one day.
Xoom Money Transfer
Managed by PayPal, Xoom Money Transfer is the business of speed. This is a web-based provider that was founded in 2001 with the aim of making global money transfer a same-day delivery affair.
The company offers faster transfer and it is available in many countries. Users can transfer money from the United States to 63 nations and delivery alternatives include deposits into bank accounts and cash to be collected at a physical location.
This is one of the largest money sending company that has access to 350,000 locations in more than 200 countries and territories. One of the benefits of this company is speed as you can send cash to their representative location in another country within minutes. You can also transfer the amount to the recipient’s bank account and this will take one day to get into different countries. However, its speed comes with a price tag. The exchange rate is available at a flat rate of 1% to 6% and the transfer charge for $1000 will vary between $0 and $95 based on how and where you are sending the cash.
This is the leading money transfer provider in the world allows you to send money online in various ways. With this provider, you can send a global money transfer in person, via phone, website or even mobile app. Western Union allows you to pay by credit/debit card, bank account or in-person transfer. Money is sent to a bank account overseas or collected as cash at over 50000 agent locations in small towns and cities in over 200 countries and territory.
OFX allows you to send money online for free irrespective of the amount gets transferred. The exchange rate is always less than 2%, and this means that you will get reasonable rates as well. You can transfer your cash to 91 nations through phone, mobile app or online. Note that OFX has some drawbacks. You can only send money between bank accounts as opposed to sending to cash collection centers abroad. It has a minimum amount transfer of $150 and delivery will take several days.
OFX allows you to step up email notifications for specific rates or lock in rates for upcoming transfers. This implies that the company will notify you to complete the cash transfer once the market rate hits the mark you specified.