Ever get stuck while traveling abroad with no access to cash or credit cards? Or, have a loved one in a different country who needs emergency care right away but can’t afford it? There are many times in life when sending money abroad to family, friends, or even a business becomes necessary, and it is easier than ever now to find numerous apps and online services that can make the process quick and convenient.
Of course, as with all things in life, each option has its pros and cons, whether in terms of money or time.
The following is a list of the most popular services and their potential drawbacks to help you figure out which course of action works best for you.
If you happen to have a bank account in the U.S., then you know that it will most likely offer international wire transfers. They are the safest and most secure way to send money, especially if you need to move a large sum from one account to another. Unfortunately, they also come with high fees, and there’s usually an exchange rate markup, which can put a dent in your finances.
Another old-fashioned solution that remains convenient is the international transfer behemoth, Western Union. You can either send money from their website or through the app or just go to the brick and mortar store. Unfortunately, sending large sums is typically out of the question, and it can take some time to be received.
The quick and easiest solution to sending money is doing it online. There are plenty of apps that make it quick, safe, and secure, so the process is less hectic than usual. If you need to send a small amount, then PayPal is usually a safe option since it works instantly and is safe and secure, and the fees are relatively low. You can also use a credit card or your bank account, but beware that you might end up paying a lot in terms of fees.
However, there are other, more reliable and affordable apps available that have taken over this particular service. The financial leaders over at Ria Money Transfer have become especially keen on providing services in more countries than ever, eradicating the limited options for you. Furthermore, new apps roll out every day with lower fees, less red tape, and quicker turnaround time than ever, ensuring a smoother process.
Points to Remember
While there are indeed easier ways to send money abroad nowadays, there are a few things you need to be on the lookout for. First and foremost, always ask, “what are the fees?” since you don’t want to get bamboozled too quickly. Also, are there exchange rate markups, and how long will the transfer take?
Finally – and perhaps a fairly obvious point – see which service actually works in the country you’d like to send the money to. While the internet has made the world feel a lot smaller, there are still plenty of apps and services that don’t work in other countries, so do your homework first.