 Menu 

All You Need to Know About Sending Money Overseas

July 27, 2019 by Grokking Money

Disclosure: Bear in mind that some of the links in this post may contain af liate links (either directly or on the pages
linked here) and if you go through them to use the service, this blog doesn’t get any commission for that. The decision
is yours, and whether or not you decide to use the services recommended in this post.

The international money transfer industry, like many others, has transformed signi cantly since the turn of the last
century. While this eld was the domain of banks and a handful of high-street forex brokers in the past, it has
witnessed a FinTech explosion of sorts in recent times. However, now that people have scores of options from which to
choose, deciding which service provider to select might seem daunting. It does not have to be – provided you pay
attention to a few simple aspects.

The Cost of Your Transfer

The exchange rate that applies on your transfer along with the fees you end up paying have a bearing on the overall
cost-effectiveness. For instance, paying no fees but getting a less-than-favorable exchange rate will do you little good.
An easy way to address this aspect is to compare how much money the recipient stands to receive for the same amount
through different service providers. Fortunately, most overseas money transfer companies give you this information in
advance.

Transfer Methods and Speed

If the recipient is in a hurry to receive the money, turning to companies that have agent networks still remains your
best bet. If you carry out your transfer during business hours, the recipient may receive the funds in near real time.
Some overseas money transfer companies that provide this service include WorldRemit, Ria, MoneyGram, and Western
Union.

Bank account transfers may take one to ve working days, depending on the currencies involved, the company you
select, and the recipient bank’s processing time. Some of the leading companies that facilitate overseas bank account
transfers include TransferWise, XE Money Transfer, WorldFirst, and OFX.

What works in favor of bank account transfers is cost-effectiveness,

because transfers to cash pickup locations tend to attract higher fees.
CLICK TO TWEET

Payment Methods

Related:  Personal Finance - Why Simplicity Is The Ultimate Sophistication

The payment method you choose might also have a bearing on how much your transfer costs. Paying directly through
your bank account is typically the most affordable alternative. Debit card payments tend to attract higher fees. The
most expensive way to pay for your transfer is usually through a credit card.

Depending on where you live and the company you select, you might get to choose from one or more payment
methods. These include bank account transfers, debit cards, credit cards, Apple Pay, Google Pay, ACH, CHAPS, BACS,
SOFORT, POLi, and FPX.

Hedging Tools

Some companies such as OFX, WorldFirst, and TorFX give their customers access to hedging tools so they may make
the most of uctuations in exchange rates. These can come in the form of forwarding contracts and market/limit
orders. If you wish to lock in the existing rate for transfers you wish to carry out in the future, you may go the forward
contract way. Market orders, on the other hand, work as a safeguard against negative exchange rate uctuations.

Customer Service
 Paying attention to customer service levels before selecting a service
provider is crucial because you might end up needing assistance at any
time. CLICK TO TWEET

Trustpilot, an online review-based platform, gives you an easy way to nd out what customers of the world’s top
overseas money transfer companies are saying about their services.

Conclusion

Sending money from one country to another is no longer complicated or time-consuming. All you need to do in
selecting the right service provider is pay attention to aspects such as the cost of your transfer, how to wish to send
money, your desired payment method, and customer support.

About the Author

Jon works with iCompareFX. His job as a researcher has him delving into the functioning of the world’s leading
overseas money transfer companies. When he’s not working, he likes discovering new music.

6 2 3
Shares

Share this:

     More

Related

Immigrant Finances #9: Little Seeds Of Why You Should Open A Health Savings Immigrant Finances #11: Sergio A
Wealth Account July 10, 2019
June 26, 2019 December 18, 2018 In "Immigrant Finances"
In "Immigrant Finances" In "Personal Finance"

 Personal Finance
 Immigrant Finances #13: Brenda
 Immigrant Finances #14: LaToya Forrester

Leave a comment
 Enter your comment here...

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Follow Grokking Money

Categories

Budgeting (7)
Career Advice (5)
Debt Freedom (5)
Financial Independence (5)
Financial Literacy (6)
Immigrant Finances (18)
Personal Finance (17)
Retirement (4)

Recent Posts

Immigrant Finances #20: A Journey to FI

Immigrant Finances #19: Dr. Breathe Easy Finance
Immigrant Finances #18: The Frugal Physician
Immigrant Finances #17: Bald Money Guy
Immigrant Finances #16: Jarek From Time In The Market

As Featured On
Top Posts & Pages

Immigrant Finances #20: A Journey to FI

How To Deal With A Boss Who Doesn't Support You

Immigrant Finances #14: LaToya Forrester

All You Need to Know About Sending Money Overseas

Is Financial Independence Really Worth It?

5 Things That Can Ruin Your FI Plans

5 Ways You Can Double Your Net Worth In 12 Months

Tags
Budgeting Career Advice Financial Independence Financial Literacy Immigrant Finances Personal
Finance Retirement Planning

Follow On Facebook

Grokking Money
107 likes

Like Page Sign Up

Be the first of your friends to like this

Let's Grok Money

No spam, just interesting articles that will help you
build better money habits!

Email

Subscribe

© 2019 Grokking Money • Powered by GeneratePress