5 Best Ways To Send Money Internationally

In 2017 alone, people in the United States sent out more than $68 billion to low-income countries across the world. In the years since, people have been remitting more and more money to these countries, and the methods of sending the money have increased. 

Digital Wallet Transfers

You can send money between digital wallets instead of bank accounts. Digital wallets provide an alternative option and can be done in developing countries without traditional banking.

Usually, the sender and receiver should have the same app for digital wallet transfers to work. They should also have a way to access the digital wallet to spend or invest the money.

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Western Union

Exchange rates are the backbone of international transfers, and Western Union pays close attention to this. In international transfers, exchange rates differ from one service chosen to the other and Western Union is committed to offering the lowest transfer fees and the best exchange rates in the market.

Western Union operates in 145 countries worldwide, making it one of the most connected methods of sending money. It is free to sign up, and you can use anything from your bank account to Poli and Apple Pay as payment options. The transfers are instant unless it's home delivery, which takes anything from 24 hours to 7 days, depending on the address.

There are numerous to send across the world, and these are some of the best. Go through each to help you make the most informed decision.

Direct Bank-to-Bank Transfers

Usually, banks provide international wire transfers that are fast and secure but can sometimes be expensive. Some banks offer cheaper but slower transfers to international recipients within the same bank or partner bank.

Typically, bank-to-bank typically requires providing the account and routing numbers of both parties — An IBAN (international bank account number) usually works for foreign accounts.

Prepaid Debit Cards

One more option is to load funds onto your recipient’s prepaid debit card. The recipient can spend the money directly by using their card.

However, not all prepaid debit cards work in the same way and the cards that do likely charge a high currency exchange fee.

It's pretty important to read the fine print closely prior to pursuing this option, as the fees can add up to be very expensive.

Cash Transfers

These are the best ways to transfer money to Mexico. Additionally, you can send money from your bank account to people overseas who don't have a bank account. In those cases, the sender doesn’t require a bank account. You can simply take the cash to a money transfer location, like a Western Union counter, and have the money sent to someone internationally. The receiver just needs to pick up the cash in their local currency. It’s a quick and convenient way to send money when one or both parties involved don’t have a bank account.

Although easy access comes with certain risks, so it's important to carry and show both a photo ID and your transaction number so as to avoid any fraud.

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