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Compare Money Transfer Overseas to Choose the Best Method

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Transferring money overseas is easier to do today than it has ever been before. In fact, it's possible to do this from the comfort of your own home, something that was impossible just 15 years ago. Before you transfer money overseas, however, you need to compare money transfer overseas options to ensure that you pick the best option for you. Bank Account to Bank Account One of the easiest ways to transfer money overseas is directly from your bank account to the recipients bank account. If you happen to share the same managing bank, then this will be free. If you don't, you may have to pay a fee to do the transfer. Brokers Brokers are specialists when it comes to money handling. There are always fees when you transfer money this way, but if you compare money transfer overseas, you can find a broker with the lowest money exchange fees and the lowest additional fees.

Send a Check Sending a check won't provide the recipient with instant access to the money, but sending a check is free and all the recipient has to do is deposit the check into their account. Keep in mind that if you're sending a large check, typically one over $1000, the bank may put a hold on the check until it clears from your account.

Card to Card Transfers You can transfer money from a debit card to another debit card, particularly if both cards are held by the same bank or credit card company. Again, there are typically fees for this type of transfer, often around 2% of the total transfer amount.

Money Transfer Services Companies like Western Union specialise in sending money from state to state and overseas. The fees for this type of service can often be very high, which goes right back to comparing prices before you make this selection. When you compare money transfer overseas there are a number of fees you may be subject to. There is the currency exchange fee, the commission of the broker (if you use this method) and potentially there will be a basic transfer fee. The costs will range between facilities so shopping around is the best way to get the best deal.

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