Do you need to send money abroad? Well, you likely want to do it in the fastest and most economical way possible. Use one of these 5 cheap ways to send money overseas and your cash will arrive quickly, and without costing you too much.
1. Use a Money Transfer Service
One of the best ways to send money abroad is to use a service that solely deals in money transfers. Companies like Western Union, for example, are only in the business of sending and receiving money and because of this, they are often the cheapest. In addition to offering the lowest rates on money transfers, they will typically have favorable exchange rates as well. One other bonus is that you can complete your transaction in person, using cash rather than giving out your personal bank information. The receiver can usually pick up the money the same day, also getting cash upon receipt. There are thousands of locations worldwide making money transfer services convenient and cheap.
2. Smaller Online Payment Services
There is a wide variety of online services that revolve around sending and receiving money. When you send money through a site like PayPal or Venmo, you may need to pay a small percentage based fee which means these options are best for sending smaller amounts of money abroad (the less you send, the smaller the fee.) You will also need to setup an account and link your bank or credit card to make the transfer. The recipient of the money will also need to have an account. Sending money online is quite quick and the transaction should be complete within one business day. If you only need to send a little bit of money, opt to use an online service.
3. Compare Banks
Use online currency exchange websites to compare different banks to see which one can offer you the best CBA exchange rates possible. Your personal bank is one of the safest and secure ways to send money abroad, and they will charge competitive rates. It’s easy and fast to link travel cards to your personal account, instantly transferring different currencies, without any hassle.
OFX is one of the biggest money transfer platforms and they do not charge any fees to perform a currency exchange or transfer. Money is sent abroad quickly, but you can only send money between bank accounts. This means both you and the recipient need to have your bank accounts linked to an OFX account. There is no cash pick up option. However, if you are simply looking to avoid fees, this is a great option.
TransferWise is another large, online platform that you can use to send money abroad. Since the company is so large, they can provide a very low exchange rate on your currency. However, they do charge a 1% fee based on the amount of money you are sending. This means it is a good option when you are sending a smaller amount of money from one bank account to another.