There is no dearth of people who wish to send money from one country to another for a variety of reasons. Fortunately, you can find a money transfer company based on your desired transfer method rather easily.
If you wish to send money overseas, selecting the right method and service provider requires that you pay attention to different aspects such as convenience, cost effectiveness, and speed. So, how do you compare your alternatives?
Depending on where you and the recipient live, you might be able to send money overseas in one or all of these ways.
If you want the recipient to receive money in a hurry, or if the recipient does not have a bank account, you may consider sending money to a cash pickup location. The recipient will need to identify a suitable cash pickup center ahead of time. To collect the money, the recipient will need to provide a valid form of photo ID along with a transaction or reference number. Some of the leading companies that offer this service include WorldRemit, Azimo, Ria, Western Union, and MoneyGram.
Bank Account Transfer
Sending money to an overseas bank account is fairly simple. The information you need to provide include the recipient’s complete name, a bank account number, the receiving bank’s name, and the receiving bank’s SWIFT code. Depending on the destination country, you might need to provide an IBAN as well. Some of the top companies that facilitate transfers to bank accounts include TransferWise, WorldFirst, OFX, TorFX, HiFX, CurrencyFair, and Currencies Direct.
To an Email Address
In the absence of a recipient’s bank account details, you may choose to send money using no more than an email address. PayPal has offered this service for quite some time, and TransferWise also lets its users use this method to send and receive funds now. The latter is typically more cost effective than the former.
Transfer to Mobile Wallets and Airtime
Some overseas money transfer companies such as WorldRemit and Azimo give their customers the ability to transfer money to mobile wallets and airtime from different countries. One drawback with this method is typically low maximum limits.
Now that you know how to select the right method and service provider for your next overseas money transfer, take some time to compare your options well. Feel free to share why you choose one over the other, so our other readers may benefit as well.