Whether you’ve got elderly relatives retired abroad, your kids are taking a gap year in Asia, or you’ve got family spread across the world, there are many reasons why you might need to send money overseas. With the increase of social media and technology making us better connected, there are plenty of ways you can do this – from P2P services to bank transfers. Throughout this article, we will look at some of the ways you can send money overseas in the blink of an eye to bail out your loved ones… or whatever it is you do.
You’ve Probably Heard of PayPal
The chances are that you’ve got a PayPal account. As well as being an accepted payment method for around 75% of online retailers, PayPal has numerous options for sending money to people both domestically and internationally. It might be useful bearing in mind that PayPal works best for transfers of up to $500 – they have fixed charges which are relatively small. However, be careful not to send too much because the fees can soon add up.
No PayPal… No Bother
Fortunately, PayPal isn’t the only way you can send money overseas. There are countless digital wallets and apps, like Ria Money Transfer App, that are designed to be user-friendly and come with relatively low fees. Again, these options tend to be best for lower transfers. Be sure to look out for any hidden fees and be sure to pick an app that is upfront about their costs. You can also consider using the RemitFinder comparison engine to look for the best remittance service providers that offer, for example, the best exchange rate to send money from Canada to India.
Big Money… But Not Too Big
Sending a larger amount of money, up to $7000, means using some different services, like Transferwise (Wise). This option works by offering extremely transparent fees and rates meaning you know exactly what you are going to pay ahead of time. You can also lock in their great rates for up to 48 hours while you manage to fund the payment – the overall process tends to work out cheaper than banks. Further, with the increased value of the transfers, there is a little bit more security involved and payments can be frozen while you pass these checks.
The Big Bucks
If for some reason you need to send your relatives over $7000, then OFX or TorFX might be the way forwards. Depending on the service, they can be very customer service driven and tend to cost less the more you send. So, if your kid is stranded abroad with no money and in need of a leg up, this would work perfectly. Just make sure like previously stated, you check through all of the fees involved to avoid unsightly hidden costs.
With that, you now know where to look when you need to send money to relatives overseas for whatever reason. Whatever method you choose, any option above will work out cheaper than going directly through your bank. Remember, don’t be stung by extortionate hidden fees – do your homework and read all the terms and conditions before you commit to a transfer.
