Top -5 Ways To Send Or Transfer Funds Internationally
The wide variety of options makes the task of choosing the best international payment & transfer service complicated for you. To help you get the best deal, we have curated a list of the best ways to transfer funds you can choose from. Here they are as follows:
1. Transfer Funds Via PayPal - PayPal is a frequent and one of the easiest, cheapest, and commonly used ways to transfer money internationally being preferred in over 200 countries due to its secure payment system that filters transactions for fraud. Though it can only support around 20 different currencies, it is accessible and offers choices of payment methods. To initiate transactions via PayPal, both recipient and sender need to set up the account. The funds can be transferred to their bank accounts immediately. Another major benefit of using PayPal is that if a recipient is not willing to link his bank account, the PayPal balance can be used to spend money.
2. Prepaid Debit Cards - There are several transactional banking services like Emerio Banque that offer prepaid debit card services to enable the transfer of funds internationally. Each brand of the prepaid card will have its unique set of fees associated with its use but it can vary depending on the lenders. You can use prepaid cards to send money abroad in two ways which are either by purchasing a Visa or Mastercard with international facilities or using a card that allows you to set up an account. All you need to do is load your card with a specific amount of money that can be used until the balance is zero. Keep one thing in mind that not all the prepared cards are internationally accepted, so verify if it is accepted in the recipient’s country.
3. TransferWise - If you have frequent international dealings in different countries, it can be a little daunting to manage money across borders. Additionally, it can cause lots of charging fees. Via TransferWise - A UK company offering money transfers to several countries, you can manage your penny in multiple countries easily. It also allows you to make regular money transfers without setting up its borderless bank account. Just pay a fee for the transfer and all your money can go directly to the person’s bank account within a couple of days.
4. Credit and Debit Card Transfer - In this method of international fund transfer, you can use your credit or debit card to transfer money to an overseas recipient’s credit or debit card. For some services like Western Union and MoneyGram, using this method can speed up the time process in comparison to using a bank. This is a simple, easy and straightforward method global traders usually use for safe financial business transactions.
5. WorldRemit - Before selecting any service for sending money internationally, it is essential to pay attention to the exchange rates and fees charged by the particular services. They can vary from service to service but WorldRemit offers some of the lowest cash transfer fees and a better exchange rate than Xoom. It allows you to send money to people in over 145 countries.
These were some of the Top-5 ways to transfer international funds. Choose as per your business’s transaction’s sizes and requirements. But also, don’t forget to compare the fees and currency exchange rates.