The 5 Best Ways to Send Money in Worldwide Location

The 5 Best Ways to Send Money in Worldwide LocationSending money to friends, family or even a business is quite easy, thanks to many online applications and services, including those that specialize in sending money overseas.

money-transfer-worldwide

Unfortunately, the costs and time associated with getting your money to the recipient can vary widely. This is why we have listed some of the best services that can help you get your money where it needs to go.

  • Your Bank

Most US banks offer wire transfer services, but they tend to be more expensive than digital services focused only on money transfers. For starters, the bank charges for these transactions are relatively high and there is almost always an increase in the exchange rate. Banks also generally transfer money from a bank account held with them to another bank account. However, this can be one of the best ways to move large sums of money.

Advantages: Safe and reliable, as well as large sums of money are generally not a problem.
Cons: transfers can take several days and fees are usually higher, including exchange rate increases.

  • Western Union

Western Union may be one of the oldest ways outside of a bank to send money quickly to someone, but it has kept its time. You can send money from the website, through the Western Union app, or by going to one of their physical locations. And if you need to send more than $4,500, you can try their Online FX website. Even better, you can use cash or your debit or credit card to send money, which can be deposited directly into the recipient's bank account or picked up at a Western Union location.

Benefits: secure and flexible delivery options (store pickup or bank account transfer), low fees and low exchange rate.
Disadvantages: relatively slow delivery (usually four to five days).

  • PayPal

PayPal makes it easy to send money to people and businesses in other countries, using a credit card or a bank account linked to your PayPal account. Using a credit card means that you will pay the fees charged by your issuer. But using a bank account means you will have to pay PayPal fees, which vary depending on the country to which you are sending money. It is a good idea to compare whether your credit card or bank account is the cheapest option.

Here are the pros and cons of going digital with your money.

Advantages: quick and easy. Relatively low costs, especially for small amounts.
Disadvantages: your recipient can only receive money by creating a PayPal account, the amount you are allowed to send may be limited (you will need to check directly with PayPal).

  • TransferWise

This British company offers money transfers to many countries and does so using real exchange rates. That's right, no markup. You pay a fee for the transfer and your money goes directly to the person's bank account, usually within a few days.

Benefits: simple pricing, easy to use online and mobile platforms.
Disadvantages: not instantaneous, daily limit of $45,000 on personal funds transfers, with a maximum of $150,000 per year. Corporate cash transfers are increasing to $150,000 a day and $2 million a year.


  • OFX
Launched in Sydney, OFX now has offices worldwide. Unlike Transfer Wise, OFX takes a small margin on the exchange rate when you make a transfer, but does not charge any additional fees, making it a good option for larger amounts of money. In addition, they base the rate they charge on the frequency with which you use the service, so if you plan to make frequent transfers, this could save you money in the long run).

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Benefits: easy to use online and mobile platforms, no maximum transfer limit, same day service between certain countries and 24 hour support.
Disadvantages: not instantaneous, minimum transfer limit of $150.

Now that you have some ideas on money transfer service options, let's go over some frequently asked questions about sending money abroad.

What are the fees?
Unless you put a check in an envelope, you will likely have to pay fees to send your money, including:

Transfer fee. This is usually a percentage of the total amount sent, although it can be a lump sum for small amounts.

Exchange rate margins. This is another way for some services to make money. It is based on the particular currencies used and their exchange rate. Just as it seems, some companies will charge a surcharge on this amount, and the rate can vary widely.

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