How To Transfer Money Internationally?



How to transfer money internationally?

Working in a foreign country, you need to send some money to a friend or a family member so he can buy a gift for a birthday party. Or, traveling abroad, you need to get some money quickly in order to pay a skydive. Here are the solutions for you.

  TransferWise international money transfer
Transfer money internationally
Transfer money internationally 

1- Use your bank services

This section will depend a lot on your bank. Indeed, some banks will refuse every single international transaction. On the other hand, some will let you do what you want with your money. Lastly, some will not give you this possibility on the first hand, but, if you negotiate properly, they will allow you to make international transactions.

So, if you want to do transactions through your bank, you simply have to contact it and ask.

Be careful, your bank may keep a part of the money. Also, make sure that your online transfer limit allows you to do transfer the amount of money to want to send. After having checked this and entered the recipient's bank details, you will be able to choose the amount of money you want to send and you will be able to send it straight away. Note that it may take a few days to arrive.

2- Use an alternative transfer service

This option is often the cheapest option. It can also be the fastest (it depends on your bank once again).

It can also be less safe: some attractive services will attract you saying they do not have any commission, but your money may also never arrive. Make sure to choose a serious alternative service.

If you agree to use an alternative transfer service, you may be asking which one to choose. To help you, here are the top three best alternative transfer services that you can find on the internet.

Transfer money internationally
Transfer money internationally 

3- Transfer money with Paypal

Paypal is one of them. Founded in 1998, it is now the leader for making online transactions and receiving payments. To make a transaction with Paypal, you first have to create an account.

Once the account is created, you can pretty much do what you want. The commission Paypal takes is around three percent (probably less than your bank).

PayPal money transfer website

4- Transfer money with Western Union


Western Union is another alternative service. Very old, this was created in the 19th century. It was first a telegram sender and receiver, but it now switched to the wire transfer market.

Available in every country, it is another serious service. They will take up to ten dollars on your wire transfers. Be careful, Western Union may have some hidden fees, up to six percent.

Western Union money transfer website

5- Transfer money with TransferWise

Banks can sometimes offer you great fees for transfers. If it is the case, they will probably get money with poor exchange rates. On the other hand, if the fees are high, the exchange rates will be lower. If this is not the case, consider changing banks.

TransferWise‌ is a good way to avoid fees and still use the bank system. They will send out the money locally, using local bank systems, to avoid fees. TransferWise‌ uses the real exchange rate that you will find by checking on Google.

TransferWise international money transfer service
Transfer money internationally
Transfer money internationally 

Example: transfer from Euro to dollar

The best way to transfer from Euro to dollar is with the TransferWise‌ service, as a 100€ transfer from Euro to dollar will get you $107.46 with TransferWise‌ money transfer service, higher than the $105.03 with Paypal or the $104.01 with Western Union.

How To Transfer Money Internationally? : transfer from Euro to dollar with Paypal
transfer from Euro to dollar with Paypal  
How To Transfer Money Internationally? : transfer from Euro to dollar with Western Union
transfer from Euro to dollar with Western Union  
How To Transfer Money Internationally? : transfer from Euro to dollar with TransferWise
transfer from Euro to dollar with TransferWise  

Example: transfer USD to GBP

The best way to transfer USD to GBP is using TransferWise‌ as the recipient will get 75.22GBP for a 100USD money transfer, instead of 74.09 with PayPal, and 61.9 with Western Union.

How To Transfer Money Internationally? : Transfer USD to GBP with Paypal
Transfer USD to GBP with Paypal  
How To Transfer Money Internationally? : Transfer USD to GBP with Western Union
Transfer USD to GBP with Western Union  
Admin
About the author - Admin
I am a 34y.o. man, passionate about travel. With 5+ years on the road, 55+ countries visited on all continents, 650+ flights, 1000+ hotel nights, and a year long world tour, all self organized, travelling is a way of life. I have created this site to share my experience, and get you the best information and deals.
 




Comments (0)

Leave a comment