The Ultimate Guide to Sending Money: Did you know that every year roughly one million people move to the United States? Even more, people seem to be leaving as well. One Gallup poll states that 6.8 million Americans are either working or studying abroad.
Besides the obvious travel document challenges, moving to a different country also presents other difficulties. For example, how do you go about sending your money to the place you’ll be living?
If you want to learn the answer to this question and more, then you’re in the right place. In this guide, we’ll teach you everything you need to know about sending money internationally. Let’s get started!
How Do You Go About Sending Money?
If you’re sending money domestically, then you can use platforms like Venmo or Paypal. However, the process gets a little more complicated when you send money internationally. Why? Because of the exchange rate.
This renders these services useless abroad. Now, you might be wondering why you can’t just use your bank to transfer money electronically. While you can do this, it isn’t recommended.
The reality is that banks often charge a variety of transfer fees that result in them taking 7% of whatever you transfer. On top of that, you aren’t likely to receive favorable currency exchange rates.
The good news is that there are a variety of services that make it both easier and more affordable to send money.
What Consideration Do You Need to Take Into Account?
Before you choose a money transfer service it’s important to take a couple of factors into consideration. This will help determine which company will work best for you. The first consideration you should take into account is the country you’re sending money to.
Next, think about the amount of money that you’re sending. Finally, consider the recipient’s bank account.
The answer to these questions will determine which company can offer you the fairest rates. As such, you should keep them in mind when you look at the money transfer services in the next section.
What Are the Best Money Transfer Services?
Want to know which services allow you to send money internationally quickly and affordably? There are five good options. They include:
- Xoom
- Wise
- OFX
- MoneyGram
- XE Money Transfers
Not sure which money transfer service to choose from? Check out this guide on www.transferly.com. It summarizes the pros and cons of each service so you can choose the one that fits your specific needs.
Want More Content? Keep Exploring
We hope this article helped you learn more about sending money, both domestically and to other countries. As you can see, the process doesn’t need to be a huge headache.
You just need to find the right money transfer service and follow the necessary steps. Then, your money will be available for use before you know it.
Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading if you want more topics that you’re sure to love.
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