When sending money overseas, we mostly ponder upon the number of different ways. Whether its gifting money to your stateside cousin or sending emergency funds to your grandmother, transferring funds is not that ease as it seems. So here's a complete consumer guide to help you make the process easy and hassle free:
Benefits of using money transfer companies:?
Money transfer companies are the one that has pulverized location to swiftly send money from one location to another. It is estimated that on an average, the money saved by using a money transfer company rather that any overseas bank probably lies between 2% to 4%. Two most famous money transfer companies are:
Western Union money.
It is one of the most popular services to send money around the world. With over 4,000 different branches, you can use this to transfer money using website, online banking, a location or can send hard cash to the recipient's bank account.
Buying money is best suited for?
· For the people, who need funds in an emergency.
Pros of sending money?
· You don't have to signup or create any account to transfer funds.
· Quickly buy money at the time you want.
Cons of sending money?:
· Require a lot of recipient information.
· Service charges are very high.
It works exactly like the Western Union and is best suited to transfer travel money funds anywhere around the world.
Best suited for:
· If your loved ones need hard cash rather than money transfer, you can opt this.
Pros of sending money?
· Transfer can be done same day.
· Quick and easy.
Cons of sending money?
· High target for scams and frauds.
Guide to send business funds - types and options available:
For businesses, time is more valuable than money. It's no longer the time where businesses rely on exchanging products with-in the country. Today's business regularly sends and receives money from other countries. However, for transferring money keep in mind few things:
· Compare international money transfer services (especially for businesses).
· Go through all legal documents and laws while exchanging large sum of funds.
· Check transfer fee and transfer options.
Why buy travel money online and not at the airport?
By exchanging currency online can give you best exchange rates rather than buying from airports. Airports exchange rates are extremely poor, they don't give you the best value for your currency. However to get the best money exchange rate, order it in advance or use your ATM at your destination. You can also use Paypal.
Paypal Money is used to transfer or send money online. It is convenient and easy.
· Simple to use.
· Just create account and you're done.
· Best suited for merchants and freelancers.
· It can freeze account without notifying you.
· Not suited for sending large amounts.
· Can lock account and block larger transactions.
How the currency exchange rate moves and what causes it?
Apart from interest rate and inflation, currency rate is another factor that determines country's economic growth. Some of them are:
· Differential in inflation rate.
· Difference in interest rates.
· Deficit in current account.
· Terms of trade.
· Economical performance and political stability.
If you want to transfer loads of money instantly (within 2-3 days) you can definitely opt TransferWise. It's a
global company that transfers funds from one country to another. Also, to send money instantly, you can use online transactions or other transfer agencies like Money Gram and the Western Union.
Benefits of instant transfers:
· Send money overseas ASAP.
Why using send money transfer companies?
When it comes to sending money abroad, we simply rush to banks. But bank charges heavy fees and their exchange rates are also poor. So at that time using money transfers make sense. Here are few providers who transfer money internationally:
Send Money Using OFX:
· Charge no fee.
Send Money Using Transferwise:
· Best exchange rates.
Send Money Using Moneygram:
· Same-day or next-day money transfer.
Send Money Using Xoom:
· Fastest money transfer.
Send Personal transfers:
Sending Personal transfer of money requires an agent to deliver or receive currency. And the agent can be a machine or in-person. You can send money personally using simple steps:
· Find an agent (online or money service).
· Prepare your documents (I.D, Recipient full name, their ID, location, and Amount).
· Complete your transaction.
· Money transfer sends your transaction.
· Notify recipient.
Helpful for expats when sending money:
For the expats living in other countries, sending money in-person can help them a lot. They can fulfill their needs easily and swiftly.
Moreover, if your parents are buying property overseas and they need money sending instantly, sending them personally without the hassle of going to any agent or banks can save their time and help fulfill their cash needs.
Sending Regular transfer:
You can also exchange funds from a debit card or an ATM. It is way cheaper than bank and cut no extra fee for transactions.
How to send Remittance payments:
Remittance is transferring funds by a foreign worker to his family in his home country. if you have the ease of transferring money from so many different portals, then why using paychecks, pensions and any financial broker. Jog on to any of the above mention method and make payments.