Sometimes we need to send money abroad, either to someone else or to yourself. But if you’ve every tried to transfer money internationally, well, you know it’s not as simple as it might seem. There can be many factors that surface such as send money internationally forex rates, service fees, and the time required before the recipient actually gets the money. What’s the best way to send money abroad?
You can save a lot of money and time by spending a little time now on the research! And while there are a lot of different services that can be used to transfer money, there are a few standout services that are specifically better than the rest if you need to transfer money abroad or to international destinations. We’ve updated this article for with the cheapest methods of sending money in the 2017 year. For example, some services offer better terms for larger amounts of money but the higher fees make them less suitable for transferring smaller amounts of money. Keep in mind that not a single service offers the lowest cost, the fastest speed, the best convenience, and the most safety.
You will have to balance these out and find an acceptable compromise. For example, some of the cheapest transfer money abroad options are also the slowest and least convenient methods, while the most expensive options are the fastest and often, most convenient. Often the more convenient methods of sending money overseas are the most expensive to send. So you need to ask yourself what factors are the most important, then make the selection from there. These companies are ubiquitous and easy to use. With Paypal you can send money to 190 countries in 20 different currencies.
To send the money all that is needed is the recipients email address or mobile phone number. Paypal allows you to preview the conversion and exchange rates before you send the money so you know how much exactly you are spending. Remember, if you transfer money from paypal to someone else’s Paypal, they will still need to withdraw that amount to their bank account to get access. Pros: There is a large convince factor as you do not need any confusing banking information, just the recipients email or phone number. No hidden fees as Paypal lists all the fees before you make the transfer.
The fees are also reasonably priced and it’s easy to join up and send. Cons: Paypal has been known to freeze funds without first contacting you if anything looks a little bit out of the ordinary. This can cause big issues and take some time to resolve even if there was no issue in the first place. People have had their account locked when trying to access Paypal in a different country. There are different fees when transferring money internationally as compared to sending money domestically.
The fees are based on the country of the recipient so if for example you were sending money to someone in Germany the fee would be based on the European Paypal fees. Paypal always charges percentage of the amount sent. This means for BIGGER amounts, you are better off looking for another method that won’t take such a cut but only charges a fixed fee. Paypal s you to see the final currency exchange rate before agreeing to the deal, but uses the inter-bank rate on its website calculator.
For the US or Canadian dollars, Paypal tacks on a a 4. 1000 USD varies depending on which country you are sending the money to. For example the fee to sending money to the United Kingdom is 0. Paypal or bank balance so it would be 10005 USD. 1000 USD to the UK through your credit card there is a 3. Keep in mind paypal also applies their own currency exchange rate to a transaction as well.