There are many reasons to transfer money abroad, including sending money to friends and family or paying for goods and services. Consumers now have a great choice when it comes to international transfers, including traditional bank payments and more modern alternatives, helping people find cheaper, faster, and more efficient ways of sending money.
Things to Consider When Sending Money Abroad
When sending money, there are a few factors to consider that will help you find the most suitable way of carrying out an international transfer.
Cost
Sending money abroad will typically accrue some kind of cost, with transaction fees and exchange rates eating into the amount being sent.
Speed
Transaction speed can play an unimportant part in deciding how to send money, with some transfers taking days to complete, and others being almost immediate.
Security
Reducing the risk when carrying out a financial transaction is important for the immediate and long-term security of the sender and recipient.
Limits
The amount you plan to sell could have a bearing on which options are available to you, with some limiting how much can be sent in a limited time frame.
Crypto Transfers
Cryptocurrencies are enjoying a massive surge in popularity and value, with more businesses accepting this payment method than ever before. Crypto can be a great choice for people sending or spending money on sites in other countries with low fees, fast transaction times, and no need for costly exchange rates to be implemented on the decentralized currencies.
An example of how crypto can benefit consumers includes popular non-Gamstop casino sites, which offer bettors an alternative to domestic sites. These online casino operators can offer a wider variety of games and enticing deals, with crypto transfers helping customers save money and enjoy quicker payouts. They also accept players who have signed up for the Gamstop self-exclusion scheme.
Crypto payments can offer great levels of security, with consumers able to process payments without sending personal or banking information, helping to maintain a level of anonymity. Blockchain technology also facilitates immutable transactions, meaning details would be very difficult to manipulate after a transaction goes through.
Bank Transfers
Bank transfers are a more traditional way of sending money abroad and can be done in a branch, by phone, or online. Senders will need quite a lot of information from the recipient for a bank transfer, with the name, address, bank details, IBAN, and SWIFT Code all required.
International bank transfers can offer a good level of security; however, they can be an expensive option with fees and exchange rates differing by bank.
Online Money Transfers
Other online money transfer services can provide users with more flexibility when it comes to fees and exchange rates. Consumers will be able to compare different services, but will be limited by the countries certain operators are active.
PayPal
PayPal is one of the most widely used payment systems that has a global reach and is used by the majority of online businesses. As well as being able to pay for products and services securely through PayPal, users can send money directly to other users, with exchange rates provided.
International Money Order
International money orders can be from banks and post offices and work like a cheque that can be sent directly to the recipient. It is a safer option than sending cash by mail, and is an excellent alternative for people without bank accounts. It can then be cashed at banks or post offices around the world, but there can be fees, limits, and exchange rates associated with this option.
Conclusion
International transactions are more common than ever before, and the wide selection of ways to send money makes it easy for people to find the solution that best suits their needs.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
