You may want to send money to the United States for different reasons such as paying your child’s tuition fees, taking care of bills while overseas, or helping a friend or a family member. In any such scenario, think twice before you decide to turn to your bank. There are, after all, a number of specialist money transfer companies that tend to fare better than banks across different parameters.
Transfer Money to the USA
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The United States dollar (USD) has been the country’s official currency since 1792. A dollar is divided into 100 cents. The American dollar is the most commonly used currency in international transactions, making it the world’s primary currency reserve.
To send money to a bank account in the USA from overseas, you need to provide the receiving bank’s SWIFT code. The table below lists SWIFT codes of some popular American banks.
|JPMorgan Chase||New York||CHASUS33XXX|
|Bank of America||New York||BOFAUS3NXXX|
|Wells Fargo||New York||PNBPUS3NNYC|
Popular Currency Corridors
More than U.S. $6.5 billion was sent to the USA from other countries as remittances in 2016. During the same period, more than U.S. $138 billion was sent by migrants in the USA to other countries. The following tables give you an indication of the popular currency corridors as well as how much money flowed in and out of the country in 2016.
How Do I Compare Companies When Transferring Money to the USA?
No matter whether you want to transfer money from Russia to the USA, from the UK to the USA, from Jamaica to the USA, or from any other country to the USA, selecting the right company requires that you pay attention to the following aspects. These pointers remain the same even if you plan to send money from the USA to another country.
- Fee and exchange rates. While overseas money transfer companies follow different fee structures, they also offer varied exchange rates. Looking at how much money the recipient stands to receive at the end of the transfer gives you easy means to select the most cost effective service provider.
- Turnaround time. When you send money to a bank account in the USA the turnaround time may vary from one to five or more business days. If you want a quick turnaround, consider getting the recipient to collect money from a cash pickup location.
- Mode of payment. Paying using your bank account is typically easy. You may have the option of paying using a debit or credit card depending on the company you select. Some companies even accept payments through region-specific methods such as POLi, iDEAL, and SOFORT.
- Customer support. This aspect is important especially if you plan to send money to the USA frequently. While some of the top players provide over the phone support in different countries, finding companies that provide support via chat and email is easier. If you turn to websites such as Trustpilot and Feefo you get to find out what customers of these companies have to say about their services.
How to Send Money to the USA?
You may initiate your money transfer to the USA in different ways.
- Online. Most banks that let their customers transfer money to the USA let them carry out the process online. However, turning to a specialist money transfer company might be a better idea, because of cost effectiveness and speed. Besides, several money transfer companies provide apps for devices that run on Android and iOS.
- Over the phone. Depending on the company you choose, you may be able to initiate your transfer over the phone. You might even get access to a dedicated currency broker.
- In-person. One way to send money in person is to turn to your local bank. Another is to look for money transfer companies that have physical locations near where you live or work.
Josh had to relocate to the UK on a long-term work assignment, and his wife and daughter continued to live in the USA. During his stay in the UK, he had to keep sending money back home every month to take care of his family’s everyday expenses as well as mortgage and bill payments. He used a popular bank in the UK for his first few transfers, after which, upon the suggestion of a friend, he decided to compare his alternatives. The table below shows you the results of his comparison.
|Bank||Money Transfer Service|
|Exchange Rate||GBP 1 = $1.3167||GBP 1 = $1.3733|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 4,500||$5,898.81||$6,180.02|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
By selecting the money transfer company over the bank, Josh made sure that his subsequent transfers became more cost-effective. In addition, he longer needed to go through the entire process each month because the company he chose let him schedule his transfers according to his needs.
Cash Pickup Locations in the USA
If you want to send money to the USA quickly, consider getting the recipient to collect it from a physical location. Popular money transfer companies such as Ria, Western Union, and MoneyGram have extensive agent networks in the USA.
|Ria in the USA|
|New York 7 Eleven, 295 3rd Ave, New York City, NY||Health Max Pharmacy, 2749 Pitkin Ave, Brooklyn Heights, NY|
|Los Angeles Buu Dien French Sandwiches, 642 N Broadway Blvd 5, Los Angeles, CA||Color Check Cashing, 227 W 7th Street, Los Angeles, CA|
|Western Union in the USA|
|New York Downtown Pharmacy, 165 William St., New York, NY||Travelex Currency, 30 Vesey St., New York, NY|
|Los Angeles The Redwood Shop, 304 W 2nd St., Los Angeles, CA||Rite Aid, 500 S Broadway, Los Angeles, CA|
Safety Tips for Picking up Cash in the USA
Instances of petty crimes such as pick pocketing and bag snatching in urban areas and tourist locations are not uncommon. If you plan to collect a large amount of cash or visit a cash pickup location after dark, consider taking someone along.
Do not leave your wallet, handbag, passport, or any other valuable in your car, either in plain sight or in its boot, because gangs are known to target vehicles rented by tourists. Avoid walking through lonely areas after dark.
What Information Do I Need to Transfer Money to the USA?
The transfer method you choose has a bearing on the information you need to provide.
- Bank account. You will need the recipient’s name, his or her bank account number, the name of the bank, and the bank’s SWIFT code.
- Cash pickup center. All you need is the recipient’s name and the location of a cash pickup center. The recipient may collect the transferred money by presenting a reference number and an acceptable form of ID.
Regulations When Transferring Money To and From the USA
Foreign exchange regulations in the USA are set at state levels. The Federal Reserve System divides the country into 12 territories or districts, with each one having its own Federal Reserve Bank. While there are no restrictions in place surrounding money flowing in and out or the country, each territory has its own set of regulations. This also means that overseas money transfer companies need to be registered with relevant governing bodies of different territories.
When you want to transfer money to the USA the next time, take some time to compare your options across different parameters. Look for promotional offers too as they can lead to even more savings.
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