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What’s the Best Way to Send Money Overseas?

(Photo Credit: kryzhov / 123RF Stock Photo)

The world of money transfer has changed beyond recognition. There was a time when it was not easy to send money overseas when it was necessary.  You would have to go to a bank and have to put up with the frustration of bureaucracy, delays, and exorbitant fees to send the money.

These costs and delays caused all sorts of problems. The sender would have to pay a variety of costs and the recipient would have to wait a few days before they got the money. This, as you can imagine, could be problematic if the money was being sent to take care of a financial emergency.

All that has changed. It’s now relatively easy to send and receive money from one country to another without the hassle you would get from banks or other financial institutions.

While there are many ways to send money overseas nowadays, one practical solution to legally send money from one country to another is through an international money transfer service. Not only can this be done quickly and easily, but it can also be done conveniently and at fair rates.

Sending Money in a Financial Emergency

If, for example, you needed to send money from the UK to someone in Myanmar who had gone there for business or personal reasons, an international money transfer could be done quickly, effectively, and cost-effectively.

If the other person was in dire straits, say, their wallet had been stolen and they were without any money at all, an emergency cash transfer could be sent fast. A money transfer company like Ria Money Transfer UK would make sure that the recipient got the money in as little as 15 minutes.

Let’s take a closer look at the benefits of using an international money transfer service if you needed to send someone money when they were overseas:

Benefits of an International Money Transfer

Three primary benefits of using an international money transfer over most other ways of sending money from one country to another are that there are many ways to send and receive money, the rates are fair and reasonable, and you can decide how fast the money should be sent.

Let’s quickly review these three factors:

  1. You can use many ways to send and receive money

An international money transfer service is useful for an emergency cash transfer, a flexible payment option, a cash delivery, or an in-person transfer.

If you needed to make an emergency cash transfer, the recipient could receive the money in less than an hour, and often in less than half-an-hour.

If you needed a flexible payment option, you could use your debit card, your credit card, or your bank account details to pay for the money transfer.

If you needed cash delivered directly to the recipient, you would ask them to pick up the money at an agent location in the country they were visiting. In some countries, the money could even be delivered to their hotel room, home, or office.

Finally, if you needed an in-person transfer, the money would be sent to an agent location.

  1. The service fees are fair and reasonable.

There are no hidden fees and costs are assessed in a fair way. You would be able to review all your costs before you submitted a money transfer.

There are a number of factors that affect rates:

  • It would depend on the amount being sent. The more money you send, the lower the fees.
  • It would depend on the country you are sending it to and their foreign exchange rates.
  • It would depend on how quickly you needed the money to be delivered to the recipient.
  1. You can decide how quickly the money is sent.

Your method of payment will determine how fast the money will be sent.

  • If you paid with your debit or credit card, it would take less than a half-hour.
  • If you paid via a bank transfer, it could take up to four days.

In conclusion, it’s no longer a big deal to send money to someone for a one-off payment if they live overseas or are visiting another country. Our technological advances and modern infrastructure have made money transfer a routine process.

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Jeff - July 25, 2018 - 9:39 pm

Had to do this a few times already since I didn’t have a bank account in the country I was moving to. I’ve heard good things about TransferWise and their fees are lower than your standard wire, but there is a limit to how much you can transfer (might not be enough for a deposit on an apartment, for example) and not all countries/currencies are on their list. Other than that, I’d probably go check the international wire transfer fees from your local bank or credit union before heading to services like Western Union.

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