Did you know that in March 2021 alone over 18 million wire transfers were performed?
Sending money internationally has been around for thousands of years. However, in 2021 there have never been more options for sending.
If you are asking yourself “what is the best way to send money internationally?” what do you need to know? What would be the best method for you?
Why not read on to find out the fastest, cheapest, and most secure methods for sending money abroad available today?
If you are looking for the cheapest way to send money internationally wise is generally your best option, especially if you are sending less than $7000.
You may remember Wise by its previous iteration “Transferwise”. It offers fast and competitively priced transfer options. It will also provide a chart with comparison prices from other major wire transfer companies to show you how much you are saving.
Of course, new companies are methods are appearing all the time. Why not take the time to compare your options from time to time?
What Wise is to transfers under US$7000, OFX is to those over this amount. This company specializes in larger amounts of money and is often the fastest way to send money internationally over US$7000.
They offer competitive exchange rates and recently have ditched their flat-rate fee policy. This can give you a very good rate and a low additional charge.
When you are sending a large amount of money you will also want to retain some control over the transaction. OFX offers excellent customer service which even gives you the opportunity to speak to a human being regarding your transaction.
There are many global remitters such as Western Union and MoneyGram. However, they tend to be expensive. If you want the same service but at a lower cost, why not check out WorldRemit?
They can help you to transfer any amount of money but specialize in transfers of less than $2000. You will find that they offer a more reasonable exchange rate and lower charges than other large remittance companies.
If you are looking to send the cheapest wire transfers, major banks are generally not the way to go. Sending money to another country is only one of a range of services that they provide and so they do not provide specialist rates in general.
However, there are exceptions to this rule. Citibank offers some of the most competitive rates available from a bank. You can generally get better rates when sending larger amounts of money. However, their exchange rates are favorable and available across the board to all transactions.
What Is the Best Way to Send Money Internationally? and Many More Questions
If you have asked yourself the question “what is the best way to send money internationally?” you now have a number of options. Of course, each has its strengths and weaknesses. you will need to pick the one that best suits your circumstances.
If you are interested in learning more about this and similar subjects, then we have good news. There is plenty more on our blog page. Why not check it out today?