How to Transfer Money Overseas With Less Fees
We now live in a digital age, and the digital age barely recognizes any political or governmental borders. That means that companies have to adapt when it comes to numerous services, including sending money overseas with lower fees. Thankfully, there are plenty of ways you can do just that.
When you think of the good that technological advances can do and wiring money, PayPal likely comes to mind before anything else. PayPal was one of the first internet-based payment methods, becoming wildly popular when the internet was first getting up and running.
In addition to its well-known merchant payment options, you can use PayPal to send money directly from one bank account to another. PayPal brags that its international money transfer options are secure, simple, fast, and come with comparatively low speeds. It is worth noting that the electronic nature of PayPal transfers ensure that there is a record that can be shared with others, in the event that there are any problems with your financial transfer. Furthermore, since you can send money directly from one bank account to another, you may be able to completely abrogate the need to send money internationally. After all, if you are just sending money to someone’s bank account that they can access and spend anywhere, there is no need to start the additional complication of an international exchange.
Wire transfers remain an easy way of sending money directly from one person to another. They are well-established, having been around for almost as long as electronic banking has been possible. Furthermore, since they are run directly by banks, you can make an international wire transfer with confidence, knowing that the funding will certainly arrive at its intended destination.
That being said, this method is not completely without its challenges. Once a wire transfer has been sent, it is gone, and virtually irreversible. As such, if you fall victim to a scammer and realize it later, you’re out of luck.
Western Union is one of the oldest and most reliable companies in the world when it comes to sending almost anything anywhere. This absolutely applies to sending money overseas. For example, let’s say you wanted to send money to Pakistan. Thanks to Western Union’s technology and centuries of experience, there are many options: You can use their website, use their app, or visit any number of the 5,200 Western Union locations. You can send money directly from one bank account to another, or for a small fee, have the receiver pick up the transfer at a Western Union store. The transfers are lightning-fast, usually taking just minutes, as Western Union has partnered with a number of Pakistani banks. All of this can help to keep your fees to a minimum.
Sending a wire transfer seems to keep getting easier, and this can help to drive down fees and keep more money in your wallet. Fortunately, as technology evolves, the business of sending money overseas keeps on getting cheaper.