At times, we all have someone to send money to, especially, family members and loved ones. But how do you send money to them? Are you looking for the cheapest ways to it?
Whether you’re sending money overseas regularly, or just paying a few expenses while traveling, it’s important to find the cheapest way to do it.
There are so many so-called money transfer companies out there today. However,
beware of fraudsters and be very careful so as not to end up losing your money.
Also, you have to make sure that the money transfer company you want to use is registered and vetted by a relevant government agency.
Ways to send money internationally
Also, you have to be mindful of the fact that exchange and transfer fees can add up quickly. This usually depends on where you are sending the money to and it varies from one company to another.
So, do you want to send money to your loved ones abroad? Below are some of the best ways to transfer international remittances. You can also use these platforms for other overseas payments at the lowest possible cost.
#1]. Western Union
Western Union service can be affordable depending on the destination you’re sending the funds. NerdWallet reports that fees for transfers up to $1,000 can be under $5. Bear in mind, however, that their markups can range from less than 1% to over 6%, depending on the destination. You can transfer funds with credit or debit cards, directly from your bank account, or via Apple Pay. If you want to pay cash, just visit a Western Union agent.
#2]. The SiguePay mobile money transfer app
SiguePay lets you send money to over 50 countries for bank deposit or cash pick up. It charges a flat fee for each transaction; you’ll see the fee, exchange rate, how much you’ll pay, and how much your recipient is getting. However, SiguePay only accepts US-issued Visa or MasterCard debit cards linked to your bank account. For first-time customers, the company offers special exchange rates to selected countries.
#3]. TransferWise
With TransferWise, upfront fees tend to be low when you use a bank account to make the transfer (rather than a credit card). The company uses “inter-bank” exchange rates and low upfront fees – typically less than 1% of the transfer amount. With this rate, if you’re transferring dollars to Philippine pesos, for instance, your recipient gets the best deal possible. Note that for high-value transfers, however, a service that offers a flat fee may be a better option.
#4]. OFX
This is an Australian online foreign exchange company that offers money transfer services. OFX charges no transfer fees regardless of how much gets sent. However, note that there’s a minimum amount you can send: your transfer must be at least $1,000. There’s no maximum. Likewise, transfers through OFX can only be made between bank accounts. OFX isn’t the right service for you if you want your money to be picked up in person.
#5]. Xoom
For an online money transfer service provider, Xoom is less affordable than many of these other options. However, it can still be a cheaper and better option than a bank account transfer. Xoom’s upfront fees are typically under $5 when you use a bank account instead of a credit or debit card. Beware of their exchange rate markups, which can run over 3% per transfer. Send money to almost any bank account or cash pickup at thousands of partner locations around the world.
#6]. WorldRemit
WorldRemit is another low-cost way to send money to over 150 countries using five different transfer methods. It uses bank transfer, cash pickup, mobile money, WorldRemit Wallet, and airtime top-up. No matter how you choose to send money, WorldRemit will show you the fees associated with your transaction upfront. On average, making a transfer through WorldRemit is 22% cheaper than Ria, Western Union, and Moneygram.
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