Every day, there are people who need to transfer money abroad. Some of them may be doing it for personal reasons while others may be doing it for their business. Whatever the reason or the entity sending the money, there’s no doubt that there are large amounts of money being sent abroad.
There are multiple services that can help you send money abroad. You may need to use one or another, depending on the amount, the currency or even the reason for sending that money. Money transfer services are the most popular. They can send the money directly to the individual. This may happen through a deposit into a bank account, via a check or by picking up the cash at a local office. The recipient will need to show a personal ID document. Most of the time, the money arrives to the destination the same day, once the transfer is ordered.
Wire transfers are also quite popular. These transfers work by moving money from one bank account to another one. They are considered secure and they can be safely used for sending money abroad. As wire transfers don’t imply cash changing hands, they are extremely secure.
Wire transfers make use of the routing number of the bank and of the bank account number. This sensitive information is kept secure by transmitting it only via highly encrypted networks. This is how banks prevent theft and fraud.
These services are great, but they have a big downside, which is that the money doesn’t get to the recipient instantly. It usually takes minimum four days, and in some cases it may take much longer. This is why you have to check with your bank beforehand, in order to be aware of the time needed for the money to reach the recipient.
In addition, wire transfers come with relatively high fees. Since the security has to be assured, the fee is relatively high, as the maintenance of these secure networks doesn’t come cheap. It may vary with the amount being sent, but you can expect to pay at least $25 for such a transaction. Despite the fairly high fee, wire transfer is still considered better than sending cash overseas or using a money order.
People who research various methods of sending money overseas tend top choose the safest option. This makes sense, as everybody wants their money to reach their destination, so safety is very high on their priority list. However, before using wire transfers, you need to make sure the international bank of the recipient can accept them. If it doesn’t, your money is going to return into your bank account, but your fees are going to be lost for good. Moreover, if the recipient doesn’t need the money urgently, you may be better off using another type of service. The choice depends on your specific situation and on your personal priorities. You and the other party should agree upon the best method of sending money overseas, as you are the only ones involved in this transaction.