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Features to look for when You Send Money Abroad
- How old is the service provider?
- Is the service provider regulated in the country of incorporation?
- Is the service provider reliable and trustworthy?
- How quickly can the money be transferred to the recipient?
- Is the service provider transparent about the fees being charged?
- How easy and convenient it is to transfer money abroad?
- What is the minimum amount that can be transferred?
- Is the exchange rate guaranteed?
- Overall experience.
Popular Ways of Send Money Abroad
Below options vary from country to country.
- ACH (Automated Clearing House)
- Debit Card
- Credit Card
- Wire Transfer
- Bank Draft
- Cashiers Cheque
- Money Order
Recommended Service Providers to Send Money Abroad
- Transferwise
- Paypal
- Western Union
- Xoom
- Remitly
- MoneyGram
- WorldRemit
- Money2India
Send Money Abroad through Local Banks
- Money can be transferred from one bank account to another bank account only.
- They charge service fees, exchange conversion fees plus any taxes.
- They are generally considered to be costlier.
- Banks are trustworthy.
- Money transfer take days.
Xoom
- Founded in 2001.
- A Paypal service.
- Allows you to send money, reload talk time, and pay bills.
- Money can be deposited to receivers bank account, delivered to doorstep, or can be picked up from a location.
- Most transfers are completed within minutes or 1 business day.
- Funds can be sent through Paypal balance, bank account, credit card or debit card.
- Charges transaction fee and or currency conversion fee.
- If money is not received, full amount is refunded.
Transferwise
- Founded in 2011.
- Peer-to-peer platform for money transfer.
- Guarantees exchange rates for few hours which varies from country to country.
- Provides real mid-market exchange rates.
- Send money from 24 currencies to 55 other currencies.
- Money can be sent through ACH, wire transfer, credit and debit card.
- Transfer money using Facebook Messenger also.
- Money can be received only in bank account.
- Most transfers are completed within 2 business days.
- Transparent fees.
Western Union
- Founded in 1851.
- Oldest international remittance company in the world.
- 5,50,000 agent locations worldwide.
- Money can be sent online from bank account, credit or debit card as well as offline through Western Union agents.
- Money can also be sent over phone.
- Receiver can get funds directly in their bank account or can pick up cash from Western Union locations.
- Most transfers are completed within 5 business days.
Paypal
- Founded in 1998.
- Send money from more than 200 countries to 75 other countries in 25 currencies..
- Money transfer happens instantly if you send to other Paypal users.
- Money can be sent from bank account, credit or debit card.
- Fees are less if you are sending money from United States to other countries.
- Zero fees if you transfer money within US.
- Great option to pay online, or domestic transfers in the same currency.
- Exchange rates are usually below mid-market rates.
- For international transfers, use their other service Xoom.
Money2India
- Owned by ICICI Bank.
- Also has a mobile app.
- You can send money only to India from USA, Canada, UK, Australia, Singapore and UAE.
- Very useful for Non Resident Indians.
- Send money directly to receivers bank account.
- Most transfers are completed on the same day at zero service charge.
- You can also setup recurring transfers.
- No need to have account with ICICI Bank for money transfer.
- Get rewarded with loyalty programme when you send money.
Remitly
- Founded in 2012.
- You can send money to 58 countries.
- Send $30,000 in a single transfer.
- Fixed exchange rate for any amount.
- Zero transfer fees when you send more than $1,000.
- Money can be deposited in bank account or UPI.
- Provides two options to send money, express and economy.
- Express is faster compared to economy.
MoneyGram
- Founded in 1940.
- Send money from 3,34,000 agent locations.
- Also pay bills.
- Money can be send from card, cash or bank account.
- Receiver can get money in bank account, wallets or cash pickup.
- Schedule and send recurring payments.
- Enroll in loyalty program.
WorldRemit
- Founded in 2010.
- Send from 50+ countries in 90 currencies to more than 150 countries.
- Send money from bank account, debit/credit card, SOFORT, INTERAC, POLI and iDEAL (web).
- Recipient can get money in bank account, airtime topup, WorldRemit Wallet, mobile money and cash pickup.
- Mobile money arrives in recipient’s mobile wallet instantly.
Best Ways to Send Money Abroad
- There is no best way to send money abroad.
- Ways and options vary from country to country.
- So all that matters is from which sender country to which receiver country you are making the fund transfer.
Which money transfer service do you use to send money abroad?
