How to Send Money Internationally: Explore Your Options
People have several reasons for sending money to other countries. Some people have family members in other countries. Others may have offshore bank accounts for foreign investments.
Whatever the reason, it benefits you to know how to send money internationally. Sending money internationally can be a time-consuming process without the correct method.
When you choose a way to send money abroad, there are a few things to consider. Do you want speed, security, or value? Maybe you’d like a mix of all three.
Fortunately, there are several money transfer options available to you now. We’ll explore some of the best methods in the guide below!
Bank-to-Bank Transfers to Send Money Internationally
A bank-to-bank transfer is a ground-level method for sending money abroad. This approach entails sending money from your local bank to the recipient’s bank account.
To do this, first, find the wire transfer section of your bank’s website. Then, double-check the online transfer limit. Most banks set their limits at $5,000.
If you must transfer higher volumes of money, call your bank. Calling the bank and explaining your situation helps you get approval faster.
Then, you can use these services to enter the recipient’s bank details. Next, you’ll enter the amount and currency you’re transferring. Finally, pay the transfer processing fee.
International Transfer Service
You can also send money overseas with an international transfer service. This system offers a specialized method for sending money abroad.
With this system, you pay your local currency to the service. You’ll do this in your home country and your fiat currency.
Next, the money transfer company deposits that agreed amount to the local account of the recipient. This approach is often a much more streamlined method with higher transfer speeds. This way, you can ensure your desired account gets the money quickly.
Digital Banking Services
This approach is similar to bank-to-bank transfers. The difference between the two is that digital banks are entirely online.
Making your transfer operates like a regular bank. You’ll choose the option from its website or app and select the amount you want to transfer.
Many of these digital options compete with regular banks by offering special perks. One example is that they offer low-cost FX or free international withdrawals.
Multi-Currency Debit Cards
Multi-currency debit cards usually come from either Visa or Mastercard. These services allow you to load a card with your home currency through a bank transfer. You can then withdraw forex through an ATM abroad.
Cryptocurrency Transfers
Finally, you can also make international transfers with cryptocurrency. When you do this, you convert crypto-assets into fiat currency. This currency is the local money in your destination country, such as the Euro or the pound.
Cryptocurrencies are an international system, making them easy to transfer across national borders. Your location may also have a Bitcoin ATM to withdraw funds.
Find a Way to Send Money Internationally
There are several ways to send money internationally. All you have to do is find the best method for your needs.
So, investigate your options to see what suits your purposes. Eventually, you’ll find a method that works for you.
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Trevor Anderson wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
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