You’re hoping to make an international money transfer, but you aren’t sure where to start. Good thing you are here because you’ll find out five of the most reliable ways to make this kind of money transfer.
1. Digital Wallets
Those who work with digital wallets might find it easy to make the transfer using this option. You don’t need too much information from the recipient, which makes this much easier. Everyone knows how scary it feels to share banking information or account numbers when transferring money. You don’t have to worry about that with this option, but keep in mind that the recipient must have internet access to access the cash.
This is another option that requires both parties to have internet access to make the transfer and to receive. This could present a challenge if one person doesn’t have internet access. If you both do, then this is a good option that won’t cost that much since Paypal’s fees are affordable compared to other options. It may be a good idea to link your bank account to Paypal’s account to make transfers easier.
3. Money Transfer Services
Some people automatically think of a money transfer company when it comes to sending money. If you aren’t sure how to transfer money, then this is a good place to start since companies like Western Union have been in business for a long time. Here, you’ll get the opportunity to transfer cash in person if you go to one of the many worldwide locations. You’ll also get the opportunity to transfer cash using their app or by using their site. Their fees are exceptional compared to other options, and they are reliable.
4. Bank Transfers
If you are transferring money to an account within the same bank, then a bank transfer is a good option. The transfer is secured, fast, and hassle-free, but there are a few drawbacks worth mentioning, like how you’ll have to ask for the recipient’s bank account number. No one loves to share that kind of information. On top of that, this option is not available with all banks. For example, there are several small banks or community banks that don’t offer this perk.
5. Prepaid Cards
Prepaid cards are a good way to transfer cash. All you have to do is buy a prepaid card and share the card’s information with the recipient. Now, there are a few things to keep in mind like making sure the card can be used in the recipient’s country. You should also remember that a prepaid card could only be used in specific locations, so it’s not as versatile as cash. Still, if the recipient doesn’t have a bank account and doesn’t use any of the other online money transferring services, then this is a good way to go.
Hopefully, you find the right money transfer option from this list. Talk to the recipient to find out which option will work best.