Your Guide to Transferring Money Internationally
When you need to get money from one place to another place that’s far away, you’ve got some helpful options. Whether you’re transferring money to Australia or someplace a little closer to home, explore how to transfer money worldwide with several different services.
Transfer Money Worldwide
The method you use to transfer money worldwide depends on why you’re sending it, how much you’re sending and how fast it needs to get there. While safety is an obvious concern, you’ll also want to consider fees, convenience and speed as you explore your options for moving money around. While no service promises to transfer money instantly, from the time the money leaves your possession, it can be on its way electronically to your recipient.
Online Transfer Money Options
The internet makes it not only possible but easy to transfer money internationally using an online payment service. Companies such as PayPal enable you to send money from your account to someone else who also has an account, regardless of the physical location of both parties. As you set up the transfer, you’ll need to enter your recipient’s email address associated with their account. You can then check exchange rates so you know the difference between what you send and what your recipient receives. The time it takes for the transfer to complete will vary and could be up to one week. When your recipient gets the funds, it’s simply a matter of using it in the account or transferring it to a connected bank account.
Transfer Money From a Bank
You can transfer money from bank account to bank account with a wire transfer. To execute this type of transfer, you will need the full name of the recipient, the bank branch number, the bank account number and the transit number. This method of transfer is ideal when you want to make sure that the money lands in a bank account, and it’s a secure way to send large amounts of cash. The downside involves timing, as it might take up to five business days for the process to finish. Expect to pay both fees and exchange rates for this type of money transfer.
If you have bank accounts in the same bank operating in two countries, you might be able to transfer money internationally without fees.
Services for Transferring Money
A number of companies offer services to help you move money abroad. You can engage these services by visiting a brick-and-mortar place of business, or you can execute the process online.
Western Union and MoneyGram may be the two most well-known companies providing money transfer services. Both services have locations around the world, and the services are designed to be fast and simple. Fees can be sizable, depending on speed and exchange rates involved.
Additional Tips for Safety and Success
Always research any company and method you use to make sure you understand the process and the risks. Use only a reputable company with transfer methods that are secure and insured. If possible, explore a couple of options so you can compare services and pricing.