What are the Popular Ways to Send Money Internationally?

The world is getting smaller. Within seconds you can communicate to other end of the world. But years back there were very less options. For sending money overseas there was only one insured method ‘Money Order’.

But now you have so many options. For a small fee, you can transfer money overseas. But you need to check some details before sending money. Like the currency exchange rates, and whether any charges on the receiving end. Even check if the company provides Insurance for the money.

Here are some popular ways of Money Transfer Overseas

Wire Transfer - It is the most popular way to transfer money worldwide. Most of the banks have this service available. You can transfer your fund directly to any foreign bank account. It is a quick and easy service. Service charges will be less if the amount is higher. Shop around with different banks to get the best deal.

Prepaid Debit Cards - Another option is Prepaid Debit cards. There are companies that offer this service. There is a fee to purchase the card that is then sent with the recipient's name to them. Because a card is physically sent, it is wisest to purchase the card with a minimum balance. After it is received, you can add funds to the card anytime you wish. The person can immediately access the money at any ATM.

PayPal - Paypal service is the fastest and almost instantaneous. All you need is a Paypal account. Now with valid email address of the recipient, you can send money through Paypal account. If the recipient is not having a Paypal account, he will be prompted to open an account to make the transfer complete. And soon he does it; he can access the money from his account.

Cheques/Drafts - Your bank will prepare a foreign currency draft.This can take from a few days to a week. The bank will charge you a corresponding fee for the draft. You then mail draft to the recipient. And then the recipient can withdraw the amount. You can also send local currency cheques to other countries from some countires. (INR cheques are not permitted.)

Money Orders - This is one good, safe, inexpensive, and fast method, as in this case if it gets lost, full money with a very little deduction is recoverable. Service charge is also very low.

Through Regular Mail - Definitely not recommended. But if the amount is small and you want to get rid of the charges, it is worthwhile to give it a try. Just send cash, rapped in a solid 8.5 x 11 piece of paper, stuffed in a letter envelope, Registered through Postal Service. Registered Mail is a secure method of sending items over seas, for every person that handles it must sign for it. Be cautious and please do not send coins and please note that it is surely not the quickest.

We all want to get the best value for money transfer. It is a good idea to remember that the cheapest option may not always be the best option. With that in mind choose which the best for you.