Last updated 1 August 2016

The Best Methods in Transferring Money Abroad

Nowadays, it’s easy to send money to any location in the world. All you need is to have a means to transact and send your money, and you’ll have it sent in a few minutes. However, it can get overwhelming when you consider all the international money transfer options. To help you find out which method is the best for you, here are some of the best methods that can move your money abroad:

The Best Methods in Transferring Money Abroad

 

Offshore bank accounts

Opening an offshore bank account is a handy-dandy way to settle your money in another country, rather than have it shuffle through other money transfer options. There are plenty of perks that come with offshore saving accounts, and it’s easy to open and manage one online. Offshore banking is a great option if you’re someone who frequently travels, deals with international business, or have plans in moving to another country in the near future. Keep in mind that if you’re looking for the best offshore accounts, you’ll need to pick the right bank.

The Best Methods in Transferring Money Abroad

PayPal. PayPal offers a hassle-free way to transfer funds electronically, but it can get costly. For international transfers, the fees are about 1% higher than non-international ones. PayPal allows users to send money via a checking account, a debit card or a credit card account. The transfers are done online, however your recipient will need to have a PayPal account to receive the money, and will also be charged a fee once he/she receives it.

Western Union or MoneyGram

The Best Methods in Transferring Money Abroad                                                   These money transfer options work in a similar manner, and are convenient and reliable. They allow customers to transfer money from one city or country to another. There is a flat rate for transfers, which are based on a number of factors, such as the location, speed and amount of money that is being sent. Keep in mind that if you are making overseas transactions, you’ll be charged with an exchange rate.

The Best Methods in Transferring Money Abroad                                                   Through a foreign currency broker. Foreign exchange brokers (FX) focus on currency transactions, making them another way to transfer money overseas. These brokers usually handle large transactions, and usually don’t charge fees—rather, they make money through their exchange rate. In order to make a transfer, you’ll need to relocate money to an account with your broker. It’s advisable that you do your research on the foreign currency exchange firm first before settling for a broker.

All these methods vary and offer different rates and deals. 

The Best Methods in Transferring Money Abroad                                                   It’s best that you do some additional research if you want to learn more about these options. By considering the amount of money that needs to be transferred, the speed of the transaction and any additional fees that you’ll need to pay for, you’ll be able to find the right money transfer method that best suits you!

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