The Best Ways to Send International Money Transfers

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Traditionally, when in need of international money transfers, customers often went to banks. However, in the modern era, there are many more options available to users of this type of service. Fees, foreign currency rates offered, speed and efficiency of delivery are all factors which come into play when making a decision about the best way to make an international money transfer. Banks are no longer the obvious choice, with money transfer providers offering an improvement in some areas over the banks’ capabilities.

Cheapest

OFX is an online provider which charges no fees and has a very favorable rate in its main order of business: currency exchange. Available online and by phone, users can exchange money with over 91 countries.

However, OFX does not cater to cash pickups and transfers between accounts only, which can take up to several business days to process.

TRANSFERWISE is a UK-based money transfer company which also uses currency exchange as a means to reduce fees for international money transfers, although a 1% fee is charged on transfers which can be costly, as the amount being sent increases. Can be cheap for sending small sums.

Fastest

XOOM is an online money transfer company owned by PayPal which uses its speed as a selling point to drive its business. Transfers can be done through bank account or by debit/credit card and delivery is slowed only where banks operating hours hinder the process. Xoom is not cheap to use, with fees ranging up to 3% and an unfavorable mark up on currency exchange makes the service expensive if quick.
MONEYGRAM also uses speed of service as a means to drive its use throughout the 200 countries it operates. With over 350,000 locations within those countries and a service which allows for an almost instant pickup upon transfer, MoneyGrams popularity is well understood. However, like Xoom the cost of speed is to be found in the high fees charged and the unfavorable exchange rates offered by the provider.

Trusted

WESTERN UNION. If the banking institutes are not up for use, then the most trusted and well-known of the international money transfer providers is western union. Founded in 1851 with locations in over 500,000 places all throughout the globe, western union has been a trusted way of moving any and all amounts of money from one place to another. With western union, international money transfers can be made between bank accounts, by debit/credit card, delivered to a bank abroad or as a cash pick up at the many and widespread locations available. As with most providers, there is a sharp increase in costs such as fees when the amount being sent increases.

Online providers also offer convenience above that offered by the banks. Most providers require account setup at initial stages but after doing so can make as many international money transfers at no more than a few clicks all from the comfort of their own home. Mobile technology allows this same convenience of use to travel within our pockets. Banks are no longer the automatic and immediate choice when moving money with online providers able to offer more options.

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